So, you’ve finally jumped on board and implemented a system to track the data flowing through your online marketing tactics and are beginning to bring in information.
The next step is deciphering it and pulling out useful material hidden somewhere in this sea of facts and figures. You may be wondering, “Where do I even begin?” Well, we’re here to help.
- First, do NOT try to analyze every bit of information you have gathered through your analytics tools. This will only overwhelm you and lead to confusion rather than clarity. Before you begin to analyze anything, you will want to set clear objectives, or Key Performance Indicators, and focus on information pertaining to those. By having a clear strategy, it is easier to focus on certain elements that you have implemented and see if any of those are proving effective.
- Once you find some aspects that seem to be proving favorable it is important that you ask not only what is working, but why. You may see that a certain channel is performing well or that a specific campaign is leading to higher conversion rates than others. It is good to see certain aspects are working, but you have to remember to decipher why they are working. Why is one out-performing the other? Can you use those factors in other campaigns or posts to help boost performance in other areas of your marketing plan?
- In addition to why some aspects are working, you can next look at who it is working for. Group your visitors into segments and compare the segments against each other. Decipher which groups are high-performing and deserve a higher percentage of the budget, versus groups that are not performing as well and should attract less of the budget. Comparing different metrics is also helpful, rather than just analyzing everything separately. Analyzing a metric by itself may lead to a different conclusion than if it were analyzed in tandem with others.
- Lastly, do not fall victim to confirmation bias. This happens when you look only at the evidence that supports your goal and ignore any information that contradicts its success. It is vital to your success that you absorb everything, not just the favorable outcomes.
Hopefully, these tips will help you get your feet wet and manage the mountains of information becoming available through your marketing analytics. Please check out our other posts related to this topic to dive deeper.
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