When it comes to analytics, there aren’t many teams in your business that are so well versed in the numbers and the graphs as your marketing team!
Data and digital marketing analytics go hand in hand, and the clever people on the team are the ones who know how to interpret all that data into something meaningful.
Understanding the Skills
It is your marketing department that really needs to understand the ins and outs of analytics because they are the ones who will use this data to make informed decisions about how their digital marketing campaigns can be improved.
If you haven’t already, now would be a good time for you or someone you know on your marketing team to brush up on statistics! It really is so important for them to be able to read these graphs and have a solid understanding of what they mean. You can learn digital marketing analytics online to ensure that you understand everything you need to know.
Here is a brief overview of some of the key digital analytics which every marketer should know about.
Traffic
Website traffic is one of the most important aspects of digital marketing, which is why it’s essential for your team to know ways to increase website traffic. It is important to measure this data because if you don’t understand how it can be improved, you will definitely see a decline in the number of visitors.
There are many different ways that you can be aware of whether your website traffic is increasing or decreasing. It depends on what your goals are and what kind of strategy you’re implementing for your business.
Cost Per Click (CPC)
You need to be tracking your cost per click at all times. This very important metric tells you how much money you’re spending for a single visit from a potential customer.
If the number is higher than it should be, then your videos, adverts, or social media posts may need to be improved so that they are more effective at bringing in traffic from users who may buy from you.
Conversion Rates
Don’t know what your conversion rate is? Your business is missing out on an opportunity to benchmark and identify any weaknesses in your digital marketing strategy.
5-10% percent is considered pretty good, depending on your industry and the value of the products or services you’re offering.
Knowing your conversion rate lets you know what percentage of website visitors have made a purchase or converted in some way that may relate to your marketing efforts! It is useful because it shows ways that you can improve on these numbers and increase the conversion rate.
Site Load Speed
How long it takes your website to load is another important indicator of the success of your digital marketing efforts. Many businesses have very slow loading times, but you can usually improve this by optimizing your videos or images.
Be wary, though, if the time it takes to load is over five seconds, this is a red flag! Businesses are losing tons of potential customers because their website takes too long to load, so it is crucial for you to know how much time your site takes to load!
Social Media Engagement
Your social media engagement numbers are also really important for you to understand. It’s about knowing how many users are engaging with your social media accounts, which channels are performing best and why, and if there are any changes that need to be made.
This is where your marketing analytics can help you create better content for social media, target specific demographics more effectively, and come up with new strategies to reach the market you want to sell to.
There is so much information out there that your team can use for insight.
Click-Through Rate (CTR)
Your click-through rate is the percentage of people who click on an advert when an ad is displayed. It can be used to show you which part of your digital marketing strategy is performing the best.
You want to know how much attention your ads are getting but also whether that number is affected by what kind of device someone is using. If you’re using mobile devices, it will be different than if you use desktop computers.
Social Media Engagement
Tracking how engaging your social channels are is essential for your marketing team. It’s specific to each channel and gives you an in-depth understanding of what audiences and demographics interact with and the way they do.
This is where you can gather data to help you understand how well your ads are performing, whether they’re effective, and which ones need to be changed.
Conversions By Device Type
You should also be tracking conversions by device type because this will tell you which channels are most effective when it comes to selling products or services.
You might see that people on desktop devices convert more than mobile ones, but mobile ads generate the most revenue for your business! Knowing this information can let your team focus their efforts more effectively.
A/B Testing
This is another really important skill that your marketing department should be aware of. If you want to outdo yourself and make sure you’re constantly improving, A/B testing is the way to go.
It’s a great way to test two different versions of a campaign and determine which one works better. This is applied whether you’re comparing different landing pages or if it’s about choosing between an image and video with your ad copy.
A/B testing can help determine how to best reach your audience. Just remember that you have to have an understanding of the audience you’re targeting before you start testing, as it can be very biased.
Many different types of testing can be done with digital marketing analytics, so it’s important for your team to understand how they work and how they can benefit your business!
Customer Retention Rate
Customer retention is always an important issue for any business.
This measurement will help show what percentage of your customers are repeat purchasers. You can use this information to develop strategies that improve your retention rates as you want as many people as possible to continue buying from you over and over again!
