How to Use Analytics to Make Your Marketing Strategy Better
Analytics is one of the most important aspects of any marketing strategy. You wouldn’t go to war without knowing how many soldiers you had, and you wouldn’t build a house without knowing what materials you were going to use.
So why would you spend your marketing budget without knowing what it will do for your business? Utilizing analytics is a great way to measure your marketing strategy’s success and help inform future decisions. This post looks at some ways data can help your marketing strategy.
Contents
Access To KPIs
Today, it’s not enough to know how many people saw your Facebook ad. You need to know the specific number of people it reached, what percentage of those people clicked on the ad, and how many bought a product. Social media analytics tools, like Sotrender, give you access to key performance indicators (KPIs) that can help you better understand your marketing strategies’ success.
You’ll know what campaigns are working and which ones are not by accessing this data. This will allow you to spend more money on suitable ads and less cash on ineffective ones. If you are working with a marketing agency, you will need to know how to share google analytics access to maximize your campaigns,
Additionally, knowing these KPIs will help inform future decisions. You can use analytics to see if something in your strategy isn’t working or if there is an element of your company that needs improvement. For example, you’re spending too much money on one campaign and not getting any leads from it – whereas another one is doing well but costing more than expected. Knowing this information will help you make better decisions about your campaign budget for the future.
Identify Your Audience and Channels
The first thing you need to do is figure out your audience. Who are you marketing to? What channels will work best for them? You need to know this information if you want analytics to help your marketing strategy.
Data can give you insights into what channels better reach your target audience. For example, if you’re trying to get millennial women, Facebook might not be the best platform for that group. If someone in your target audience doesn’t have a Facebook account, there’s no point targeting them on Facebook. Your channel choice should be based on the demographics of your ideal customer and the type of content they enjoy.
When choosing a channel, it must align with the demographics and interests of your desired audience.
If they aren’t interested in or familiar with a channel, they may not make it their default venue for their entertainment needs. You also want to consider how much time people spend on each channel. Suppose you’re targeting users who spend most of their time on Instagram but don’t use Twitter. In that case, Twitter is not a good option for that demographic’s marketing strategy because they won’t be engaging as often or spending as much time there.
More Effective Keyword Targeting
An important aspect of any marketing strategy is keyword targeting. When you create your digital marketing campaign, you want to be as specific as possible to target keywords. You want your ads to be shown to people searching for what you have to offer.
A great way to do this is with Google Adwords’ Keyword Tool. It allows you to track the number of times a keyword was searched for and find related keywords. This can help you determine which keywords will help your business the most and which may not be worth your time or money.
Identify ROI
Data can tell you how successful your marketing strategy is, so you know what to spend more money on and what needs to change. You should constantly evaluate each marketing campaign’s return on investment (ROI).
The ROI for marketing campaigns is typically a cost-per-lead or profit-per-click. For example, if a campaign costs $5 per lead but only generates ten leads, that’s a lousy ROI. But if it costs $2 per lead and generates 1,000 leads, that’s a great ROI! By measuring ROIs, you’ll see which strategies are giving you the best results and which ones aren’t worth the time and investment. This will help you make informed decisions about future marketing campaigns.
Eliminate Non-Viable Leads
One of the most important things analytics can do for your marketing strategy helps you eliminate non-viable leads. This is one of the easiest and most cost-effective ways to improve your marketing strategy. When someone comes to your website, they’re sorted into a specific group. For example, if someone visits your site from Facebook, they’ll be labeled “Facebook.” You can also group them by website traffic sources or IP address.
This data can help you determine which channels bring traffic that converts into leads. So if you realize that Facebook is bringing in people interested and converting into leads, other social media channels aren’t converting well. It would be worth investing more of your budget on Facebook ads instead of other tracks that aren’t performing well. The knowledge gained from this data will ensure that you’re spending money where it counts most!
Streamline your Marketing Approach
One of the most important things analytics can do for you is help streamline your marketing approach. You may have a successful marketing strategy in one specific industry but not in another. Analytics will show you which elements of your campaign are working and which are not.
For example, if you’re running an online sale on swimwear, analytics would tell you which areas of your campaign are succeeding (i.e., people shopping online) and which areas need improvement (i.e., people visiting brick-and-mortar stores). This data will allow you to focus your efforts where they need to be and avoid spending too much money on unsuccessful campaigns.
Analytics can also make it easier to measure how successful a single campaign has been by identifying the critical components of success (i.e., conversions, social shares, etc.). This data can inform future decisions and make improvements to bring more success with the same campaign or with future campaigns.
Conclusion
You don’t have to go it alone in marketing analytics. The most successful marketers know how and when to use analytics to better their marketing strategy.
