Many entrepreneurs wish to start their dream business, see it grow, and make a handsome profit out of it. However, changing your small business into a large enterprise is no walk in the park. The whole startup process is exciting yet daunting.
Regardless of the company’s size, incorporating a unique digital marketing strategy is a necessity. Digital marketing is the best way to make your business presence known worldwide. Startups employing digital marketing can generate considerable revenue as compared to the traditional marketing approaches. Each day, every single minute, a significant number of users interact on various social media platforms.
According to Forbes, around 4.39 billion internet users were recorded alone in January 2019. The statistics showed a 9% increase than the previous year. Due to the rise in digital platforms, it is no surprise that every business needs to promote its services through digital media platforms. Whether startups or established companies, both may stumble when competing with thousands of marketing campaigns if not done right.
Undoubtedly, established companies have their consumer base, whereas startups need to attract them to their product range. Although it may seem like a daunting task, perhaps with the help of technology and analytics, startups can figure out a way to grow their business strategically.
Analyzing digital marketing analytics data is one of the most challenging tasks for any business. It is simply because several metrics and data can overwhelm them over time. However, data accuracy plays a crucial role in providing better outcomes of digital marketing analytics.
Giving much value to the analytical side of marketing, you might be thinking about what precisely digital marketing analytics is? Digital marketing analytics refers to converting customers’ behavior into actionable insights. Businesses can measure the performance and streamline their objectives accordingly by employing digital marketing analytics.
Today, more companies seek professionals who have extensive knowledge of analyzing data to ensure maximum ROI. Thus, professionals can upskill themselves by enrolling in online short courses which will aid them in developing a skillset to assess marketing campaigns and improve revenue.
BENEFITS OF DIGITAL MARKETING ANALYTICS
Carrying out analysis is imperative to generate leads, expand the business, and compete with rivals. Without it, companies will be doing a bit further than shooting the arrow in the dark and waiting for things to get better. The following are some of the benefits of digital marketing analytics:
- Understanding Customer Behavior
Obtaining data from the marketing analyst will help businesses to understand customer behavior and their psyche. Besides, extracting customer’s demographic data provides a better understanding of the intended audience’s age range, preferences, and locations.
With such data, businesses can draw results about the best-selling products and factors that influence consumer purchase decisions. Studying consumer characteristics and purchasing trends can help companies to customize their offerings accordingly.
- Foreseeing the Future and Making Strategic Decisions
Not only does analytics help in understanding customers, but also predicting the future. Marketing analytics has shifted its role, as the contributions are not limited to track the success or failure of the marketing strategy but also to predict future events. Companies can then strategize the products they need to launch and the best time for their execution.
Besides, businesses can determine consumers’ expectations regarding a product by tracking the number of likes and shares received on social media posts or pages. This type of analysis helps marketers in predicting future trends and needs as per consumer requirements.
- Improving Marketing Campaigns
Businesses can identify the areas of improvement in marketing strategies and decide which one has been the most effective communication channel. For example, analyzing consumer responsiveness on different social media posts can help marketers to understand their audience. In this way, marketers can save a great deal of money by investing only in digital channels that prove worthwhile, resulting in a reduction in overall marketing costs.
METRICS TO ANALYZE
After discussing the benefits of digital marketing analytics, it’s essential to learn what metrics should be measured and analyzed to track the effectiveness of marketing strategy. Below is the list of few crucial metrics every marketing professional needs to know:
- Website Traffic
The number of times a visitor comes to the web page of any business is known as traffic. The visitors usually visit the website either because they are seeking information or because they wish to purchase a product. If the traffic is low, that means the business isn’t offering value to its customers therefore, companies must deliver high-quality content that lures users to visit their page. A marketing analyst must track all four types of traffic, i.e., organic, referral paid, and social.
Once businesses monitor the traffic, the next important metric is conversion. Conversion refers to the steps users are taking on a web page. Most companies overlook the importance of micro-conversions while focusing on macro-conversions. However, the truth is, both are equally vital for any business. Micro-conversions include a subscription to email or blog, whereas macro-conversion involves downloading any offer. Monitoring conversion behavior can help enterprises identify their customer base’s actions and the strategies they need to implement to improve conversion rate.
When it comes to social media posts, getting maximum reach is not the only point to consider. Admittedly, attracting maximum traffic to the social media post or ad matters. However, it does not pay heed to such people who have either not seen the post or brushed it off or have a genuine interest. Having said that, the engagement of the audience plays a vital role in digital marketing analytics.
Here, engagement refers to the likes, shares, and comments on a specific post. The increased engagement increases the chances of the audience converting into your loyal customers. Therefore, startup companies should focus on social media strategies to drive more traffic and engagement.
- Website Load Speed
No person likes to visit a website that takes a lifetime to load. Most people find the slow loading speed of a site so annoying that they immediately leave it. That is why startups need to ensure that their marketing efforts are not going in vain. Businesses can make the use of Google PageSpeed Insights tool to keep track of website performance. It further lets users know various factors hampering the site speed. Although it is almost impossible to get a 100 score for loading speed; however, marketers should emphasize improving the users’ experiences.
Implementing digital marketing strategies and expecting results suddenly is quite challenging, especially for startup businesses. However, the setup requires rigorous effort and time, considering the intense competition on social media platforms. Nonetheless, in no way it implies that startup businesses cannot stand out in the market.
By choosing the right strategies and data analytics tools, startups can drive better results. Before launching marketing campaigns, it is essential to decide the metrics and keep tabs on them. These metrics will give businesses a clear picture to strategize their content accordingly.