There are billions of people using internet today and it accounts to more than half of the world’s population. It is critical to have an online presence to reach the target audience. And in order to understand this presence, you must understand importance of digital marketing analytics.
While there is increase in the number of internet and social media users, there is also rise in the amount of digital data. Understanding this data is critical, but this is all you need to know about your target customers.Now, the customer wants a personalized experience and you cannot deliver it unless you get to know the customer. This is why having access to customer data is extremely important.
Importance of Analytics
• Understand your Customers
Data is essential to understand what your target audience thinks. Data from their demographics can help you figure out what your customers will do and what eventually will help us to get them converted. Demographic data can give you a good picture of your target buyer’s persona, including their ages, locations, and interests.
This data is extremely valuable for your company as it can help you decide the steps that you need to take to personalize your offerings.
• Improvement/ Optimizing your Results
When you’re able to understand your customers better, you’ll be able to improve your methods of marketing to them. You can analyse the data behind all of your campaigns and try to pinpoint why and how your audience interacted with your content the way they did.
This analysis can help you improve your campaigns by changing your messaging, channels, frequency, etc.
The data will be able to show you if your marketing campaigns performed better on social media or emails. Based on this data, you’ll be able to decide where to invest more to get higher returns.
Once you start analysing your data, you get to know the behaviour of your audience and this helps you determine a predictive analysis that can make you more insightful and data driven decisions. This gives an idea of when to post and what to post so that it gets maximum attention of the audience.
Such analytics help you figure out when your product will be the most in demand.Data can also help in figuring out future trends in your industry. Using this data, you can quickly make necessary changes to your products and offerings and make the most of your digital marketing campaigns.
Consumers want to be fed personalized content, and this means that you need to know a lot about them. Knowing more about your audience will help you understand how to market to them. For this, you need to look at some of the advanced digital marketing analytics such as:
a) Conversion Rates
The conversion rate tells you how targeted your traffic is. A higher conversion rate suggests that your traffic is very relevant and that a good percentage of your leads are finding what they’re looking for. On the other hand, a lower rate means that your traffic isn’t as targeted as it should be.
Your conversion rate can be measured via Google Analytics. All you need to do is set your goal and track how many of your visitors are completing that goal. The goal could be something as simple as filling out a form.
b) Frequency and Recency
It’s important to know how frequently visitors visit the website. This helps you understand what percentage of them are loyal to you. This analytical data allows you to figure out the quality of your audience. At the same time, it can be used to optimize your website.
If people return and visit to your website whenever you publish high-quality content, your website may be performing well.
However, if this doesn’t happen, you might have lesser quality content, some problem areas, some bugs that you need to fix. Remember, loyalty is crucial to ensure the endurance of your business.
Google Analytics provides the frequency and recency report, where one can figure out how loyal visitors are. Ideally, to get more accurate figures remove the new users from the report.
As long as your business is committed to succeeding, you will need to take advantage of precise digital marketing analytics. The more you know about where your business stands, the easier it will be to make objectively beneficial decisions.