The role of analytics in digital media is the analysis of qualitative and quantitative information from your business and using it to understand your customers’ behavior.
The main goal of analyzing your digital media is to measure the performance of the properties and report the information in such a way that actionable insights can be found from those reports. To better understand this you need to analyze your varied requirements at a different level.
The objective of analyzing digital media include the following phases:
Introducing the media is the first stage when launching a new product. The goal is to create an effortless and efficient product. In the initiation phase, it’s wise to see how the users are reacting to the media before investing a large amount.
At this stage, you will have data around the reactions to your digital media. Your goal is to use the profits made during the first stage and grow the media’s reach. It is especially important to understand which marketing channels worked well. The best way to find this data is through extensive testing. It is important to understand your return of investment for every marketing channel you have chosen.
At this stage, you are receiving sales from your existing customers and at the same time trying to gain new customers. You can keep your customer reach growing by exploring other marketing channels and finding ways to be innovative to keep your customer engaged.
Using Key Performance Indicators to Monitor Your Results
Use measurable key performance indicators to gauge what your customers are doing. Key Performance Indicators (KPI) are measurements that show performance and create the data needed to generate a report. There are a few items you should look at to measure key elements of your report.
Your product is the first thing you will want to look at when using analytics. As an example, when you improve your product, user engagements can be measured. It’s effective to track all the movements that users are making on your website. An example of product analytics would be tracking the average time users have spent on various touchpoints on your website, such as wish lists, reviews, referrals, and ratings. This way you can determine if your product is reaching its goals.
Knowing Your Marketing Channels
Social media is a great way to track your audience and get an idea of their patterns and attitude. For example, using email is a wonderful tool to reach a broad audience, increase sales, and improve service for your business. In order to effectively use this tool, you need to measure your results to improve. Knowing what marketing efforts are more effective in meeting your business goals is crucial. Determine what customers are responding to and what they are not responding to. Here are a few items to look for when sending marketing emails:
- Delivery rate: The number of emails sent from your inbox compared to the number of emails that have not been delivered.
- Open rate: Sent emails that were opened or viewed compared to the total amount sent.
- Click through rate: The total number of people who saw your email compared to the number of people who have clicked on a specific link.
Certain measurements are critical to the user experience online such as:
- Website downtime: Websites are down at times such as server maintenance and bugs. Your website is not always available. You could potentially lose 10% of your customers if your website is down 10% of the time.
- Page load times: If a page takes more than 4 seconds to load, customers may leave your page. Most customers expect your page to load in 2 seconds. You could potentially lose hundreds of thousands to over a million dollars per year depending on your revenue.
Analyzing your best-selling products is the best practice for any operation. When looking at popular products, use these measurements:
- Lead flow: The leads you have, compared to your conversion rate. The total customers compared to leads. This information tells you what percentage of leads become customers.
- The average revenue per transaction: Analyze sales to find patterns with your customers. For example, track a specific customer’s previous purchase patterns and offer another product frequently bought with their recent purchase.
Today, almost 4.388 billion people use the internet, which accounts for about 57% of the world’s population. It’s vital to have a sufficient online presence to reach your target audience. Knowing the importance of digital content has made it impossible to overlook digital marketing for brands. You need to know the importance of analytics in digital marketing to achieve this presence. Digital content without analytical research will not likely be ineffective.
While the number of internet and social media users is increasing, so is the amount of digital marketing information. Tools can be used in social media and digital marketing to give you insight to this data. It is critical to understand this information as it can help you figure out all you need to know about your target customers.
The Key Player in Analytics For Your Digital Media
Now you have an in-depth understanding of analytics and how measuring its performance will give you a greater understanding of your customers and how to best position your product. There are several tools available that track tons of data. These programs will give insight, but they are not perfect. How do you interpret these numbers and put them into perspective? Technology alone will not help you interpret your data. You will need a subject matter expert or a digital analyst.
A digital analyst will manage, understand and inform digital marketing programs and technologies.
- Develop, audit, and test campaigns to perfect key performance indicators.
- Translate complicated data into easy-to-read reports.
- Communicate those insights across the organization.
Digital analysts are the individuals who are tasked with ensuring that reports, analyses, and dashboards accurately reflect vital information on the digital assets of their companies. Often, during their data analysis work, they use customer relationship management (CRM) software and robust intelligence tools. This type of position involves examining both qualitative and quantitative properties, with the goal being to provide the best digital experience for customers.
You need to recognize the value of analytics in digital marketing to succeed in promoting your brand online. Analytics can help you access truckloads of customer information and promote the online presence of your brand. You can make more informed decisions and enhance your marketing efforts by making sense of this information. All the basic metrics of your company’s digital marketing media should be tracked.