We cannot deny the fact that the role of analytics in online marketing is expanded across different functional areas. Fromassignment help portals to E-commerce giants, analytics play a significant role in every virtual domain of business. New-age marketers, aiming to make it large by climbing the ladders of success, are bound to embrace analytics as a key tool to support their honest endeavors. Talking of data and analytics in business, the MicroStrategy 2018 Global State of Enterprise Analytics Report brings forth an interesting revelation. The study suggests 90% of enterprise analytics and business professionals are currently of the opinion that data and analytics are key to their incorporation’s digital transformation initiatives. You can learn applied business analytics to clear your concepts.
This is a clear indication of the fact that the analytics trend in the domain of digital business is here to stay. Learn how to determine success with data and analytics fuelling your progress while ensuring the coveted Return on Investment at the end of this financial year. Here you go!Step 1: Spot the bug and fix it First things first, you need to identify the problem or any potential loophole that you may think is ruining your digital marketing efforts. If you find your business is failing to generate the coveted Return on Investment, then it could be due to a lot of factors such as:
High bounce rates
Low rate of conversions
Inaccurate sales funnel
Problem with social monetization
Disorganized digital marketing strategies
In case, any of the factors as mentioned above proves to be an alarming factor for a downward sales graph of your online business, then take note of the following remedies. Actionable Points
Try regression analytics which is a statistical tool used in investigating the relationship between two variables. For example, it can help you to track and analyze if there is a casual relationship between demand and price.
In case you find the price is affecting the demand for your product, or vice versa, then this particular strategy will help you to come up with actionable ideas.
Try data mining in order to look for commercially relevant insights, patterns, or relationships between variables that can improve your business graph in the long run.
Step 2: Shoot a few questions prior to examining new analyticsOnce you are done identifying the problem with your online business, its time to ask a few questions before examining new analytics. The idea is to focus on a few key pointers prior to implementing analytics to gauge business performance. Here’s what you should ask yourself. Actionable Points:
Can the issue be addressed internally or in a simpler way?
Is the detected issue persistent in a particular domain of your sales funnel or is it impacting your business on a wider scale?
Can your business firm adequately observe and find out where the issue is affecting your sales?
Do you think there is a sufficient amount of data available with your team to establish a rational hypothesis about resolving the detected issue?
Step 3: Put an effort to create high-converting websitesThis is one of the most significant steps one must take in order to achieve great milestones with his/her digital marketing efforts. There is no substitute for a business website with the ability to ensure high conversions. Many experts are of the opinion that one must be sure that the website is all geared for generating conversions prior to investigating significant resources in generating traffic. Actionable Points:
Set up a website that is capable of driving the coveted rate of traffic.
Focus on making your site absolutely seamless and user-friendly in terms of navigation and performing searches.
Analyze and examine your site’s checkout process length. Consumers don’t like to wait for long or navigate through too many pages during the time of purchase or checkout.
Work on your mobile website texts and graphics. Just so you know, 57% of internet users say they won’t recommend a business with a poorly designed website on mobile.
Add more values to your business website. For example, you may choose to modify your site with informative client-focused blogs and business news.
The idea is to optimize your business website from every aspect. Tools such as GT Metrix, Google Search Console, and Moz can help you optimize your site’s performance better. Step 4: Harness the potential of Analytics to track your competitors’ progressIf you wish to see your business website generating the desired ROI, then you should analyze, track, and take note of what your competitors are doing. This, as a result, will allow you to develop an idea regarding the latest industry trends, saleable sales strategy, loopholes one must avoid, and the likes. Actionable Points:
Are you aware of the fact that 71% of businesses use social media in order to engage with their potential customers? Social media monitoring tools such as Social Mention might come into play in this matter.
It is equally important for you to track your competitors’ backlinks. It will help you to gain consistent insights into the nitty-gritty of creating quality backlinks.
Digital tools such as Monitor Backlinks might prove to be crucial to your competitive data tracking initiatives.
Also, consider monitoring the keywords your competitors have bought on Adwords. For your information, tools like SpyFu and SEMRush will allow you to keep track of the keywords and research strategies adopted by your competitors.
One must take this aspect of tracking competitors’ progress seriously. After all, the only shortcut to ensure business prosperity is to acquire as much knowledge and industry insights as you can. Step 5: Embrace the practice of email automation to nurture leadsThe moment you will start getting new leads via landing page campaigns initiate the task of nurturing them. And when it comes to nurturing leads, email automation is one strategy that can prove to be beneficial. According to a statistical report, 75% of Email revenue is generated from personalized campaigns. So, you must prioritize the aspect of introducing email automation to your business. Actionable Points:
You may use email marketing tools such as MailChimp and Salesforce to generate personalized subject lines and mail body.
For each lead-generating campaign you run, make sure to send personalized automated emails along with them.
Focus on creating compelling Call to Actions (CTA). Use words such as “order”, “buy” “get” and the likes to create an impression of excellence.
Consider using the highest converting emails to send out to your group of prospective subscribers.
Lastly, never miss out on using plain language to write your email text. Remember, using too many complicated jargons, words, and phrases might make things difficult for your clients to understand. Step 6: Retarget Ads to bring back all lost leadsRetargeted ads are those that keep following you around the internet. The purpose of ad retargeting is to entice your potential customers and bring them back to your site while they are busy checking out other stores. With proper analytics and marketing strategy one can retarget advertisements in an endeavor to bring back all lost leads. Actionable Points:
Re-engage audience that is likely to convert with ads carrying messages such as “slashed price”, “freebies”, “limited stock” and the likes.
Create remarketing lists based on analytics data. The idea is to build your audiences from Analytics metrics. For example, Goal Completions, Location, Purchase Behaviour, Session Duration, and the likes.
If you are using the existing Analytics tracking code, the enable ad retargeting directly from the Analytics property settings.
Step 7: A/B Test your Ad Campaigns for increased conversion ratesA/B testing your ad campaigns will only improve your digital business by benefitting it with the coveted exposure. Using tools like HubSpot and Kissmetrics’ A/B Testing Kit and AB Tasty will help you acquire sufficient knowledge about people clicking through your online ads. This calls for a few strategic initiatives for optimum results. Actionable Points:
First things first, do qualitative analysis in order to get the hang of what your audience wants.
Do not stop a test early unless you reach the predetermined parameter you have set for the analysis.
Focus on multivariate testing. Once you are done analyzing CTA buttons and headlines, test the combinations of each of these variables.
In case you need further references, you may choose to refer to some of the popular A/B test case studywhich has produced incredible outcomes in the past. In Conclusion,Now that you know about the seven crucial steps of determining online marketing success through various analytics and industry practices, let’s take a look at the key takeaway points.
Spot and fix the issue affecting your digital business growth.
Ask a few questions prior to trying out new analytics.
Focus on establishing high-converting websites.
Track your competitors’ journey and activities with the help analytics tools.
Embrace Email automation as a strategy to nurture leads.
Bring back your lost leads by retargeting ads.
Last but certainly not the least; do not forget to A/B test your campaigns.
Cheers! Author Bio: Shirley Brown is an online marketer and digital advertising strategist associated with a leading analytics firm in Birmingham, United Kingdom. In addition to it, she is a CPM Homework Helper, working on behalf of the digital brand MyAssignmenthelp.