A Data Driven Approach to Marketing
Far too frequently companies fail to see the enormous asset they have available in their own data. A study by Adobe revealed that companies that take a data-driven approach to marketing had a conversion rate that was almost 10 times higher than less data-driven companies.
The opportunity to use your site’s data for making data-driven decisions can be accomplished by taking steps to formulate a web analytics strategy.
Five Steps to Meaningful Data:
1. Decide what goals are meaningful to your business. Although there is an exhaustive list of things to track on a website, narrow it down to the information needed to make future marketing decisions. This may include brainstorming a list of assets or engagement opportunities and the corresponding list of actions users may perform with those assets. Try to include members of various teams who bring a variety of perspectives.
2. Map out the way you will track these goals in your analytics platform. Put your goals into an analytics measurement plan that includes naming conventions and implementation instructions.
Here’s a simple measurement plan without the implementation details:
3. Implement and test the measurement plan. This step is where all of the technical “stuff” happens and a point where you will probably want to pull in your team members that are involved in developing your site.
4. View the results regularly. Take a few minutes (or more) every day to log in and check for red flags and successes. Doing so will make you less likely to miss opportunities such as fixing user experience issues on your site and building momentum on successful marketing campaigns.
5. Don’t keep the data to yourself. Tools such as dashboards and automated reports make it easy for you to keep your team informed about web performance. Actionable insights only happen when someone digests the data, distributes it to the appropriate parties and dynamically changes actions to meet the business’ intended goals.
When to Reconsider Your Analytics Strategy:
New site – There is no more ideal scenario than to plan your analytics strategy while your site is in development. Integrate your analytics strategy with the design process to avoid headaches later.
New campaign – Launching a new campaign can often mean that new metrics and conversions need to be tracked. Take the time to consider the performance metrics that matter and ensure that everything is in place to record that data.
Analytics epiphany – Sometimes you don’t know what you don’t know. But once you realize that actionable insights are yours for the taking, it’s time for an analytics strategy.
Building an analytics strategy to achieve meaningful data is a big step toward reaching data-driven marketing nirvana. So sit down with your team, decide on objectives and map out the processes you will use to capture, interpret and share the data your organization needs to make informed marketing decisions.