Data Standardization Worksheet
This worksheet begins with the standardization of your performance data. We’ll walk you through how to combine these mismatched data sets in a step-by-step process so that every metric is speaking the same, common language. With all of your data standardized, it’s easier to locate the strengths of each platform and hone in on ways to optimize campaign performance.
Digital Marketing Analytics
What is digital marketing analytics? Digital marketing analytics is easy to conceptualize, but it can take an entire career to master.
Let’s say you start a digital marketing campaign. It’s a simple campaign: a paid advertising campaign through Google. You’re paying $0.02 cents for each click. You spend $20.00. How far did that $20 go?
To know that, you need to look at your analytics — your digital marketing analytics. These are the stats and the metrics that tell you how the campaign performed.
Digging into your analytic data, you see that out of the people who clicked, most of them bounced from your page. You didn’t get any sales. Why not? Well, often, if you’re getting people clicking your links, it’s because they’re interested in your ad. If they bounce from the page, that means that they didn’t get what they expected.
Data -> analysis -> conclusion.
Through marketing analytics, you’re able to make informed decisions regarding what you should do next. You know exactly how your campaign is doing and what it can do next to improve. While not every scenario may be as clear-cut, it is still going to be more obvious than not having that data at all.
But that was the marketing analytics within a single campaign (paid advertising) and a single platform (Google Ads). Most marketers are going to have a lot of campaigns and a lot of platforms to track. That creates a problem: marketers are so inundated with their data that they can’t analyze it as accurately as they should.
Many marketers have reams of data that they aren’t currently analyzing. This data might as well not exist. And when data is misleading, it’s actually worse than it not being there at all.
Digital Marketing Analytics Tools
What are some of the tools that you use for digital marketing analytics?
Marketing analytics is extremely complex. To that end, there are digital marketing analytics tools. For instance, Google Analytics helps you track the performance of your website. How frequently trafficked is it? What do people do on it? What content do they like most? How often do they commit to a purchase?
Google can also help you track your ad campaigns, if you have paid ad campaigns that you’re running on Google. But you’ll need a different platform for Facebook, Instagram, Bing, etc. Facebook Insights provides key information regarding your Facebook campaigns, but your Facebook campaigns aren’t going to tie into, say, your Bing campaigns.
You can still draw some information. For instance, on Google Analytics, you’ll be able to see who is coming through Facebook and who is coming through Twitter. But what you won’t be able to do is reliably track all that information at once in a single, easy to display dashboard.
This is why many companies invest in more complicated digital analytics software. More complex digital analytics software suites give companies exactly what they need to consolidate all their marketing information and reference it all at once. The more automated the process is, the better; the less work it will take for the company to develop out their marketing strategies.
Companies should invest in digital marketing analytics tools if they want to be able to optimize and improve their marketing strategies. Without these tools, it’s impossible to improve — because it’s impossible to know exactly what you’re doing and what impact it’s having. But this is also why many digital marketing strategies fail. It’s very easy to spend too much money on a marketing strategy if you don’t really know what the affects of that spending could be.
Types Of Marketing Analytics
What are some types of marketing analytics? Let’s take a look at some key digital marketing analytics examples.
Let’s start with the one that many people understand the best: ROI. Return on Investment shows you how much money you’ve made. If you’ve spent $1,000 and received $10,000 in revenue, then your ROI is 1,000%. That’s a good ROI! But it’s not enough to know the ROI. A lot of marketing analytics is comparative.
First, you’d want to know the ROI in your industry. If the traditional ROI for email marketing is 500%, you’re doing very good. If the ROI for email marketing is usually 5,000%, you’re not doing good at all. That’s something that you want to explore.
Second, you’d want to know about the ROI in the past. If your ROI used to be 2,000% but now it’s 500%, then you know that your ROI is going down. You’re slowly getting more effective. It could be that your marketing campaign has reached saturation. You might need to create a new campaign altogether or focus on a new platform.
So, it’s not just about the metrics that you’re tracking. It’s also about what you’re comparing these metrics to, as well. As long as you’re improving over your previous numbers, you’re going in a good direction.
You might also be comparing the revenue between platforms or comparing your advertising spend between platforms. You might be comparing your traffic and engagement with your actual sales. It’s always possible to start developing engagement but not sales. Regardless, you choose what metrics you track and how it compares to other things.
There are a lot of types of marketing analytics, especially when it comes to digital marketing. Digital marketing is very robust and extremely broad. And it’s part of that broadness that makes it so difficult for many to figure out the appropriate marketing strategies.
Online Marketing Analytics
Businesses are increasingly turning toward digital channels to engage with their audiences and their customers. Online marketing analytics are more important than ever. But there’s also a lot more data to analyze.
Let’s say someone clicks on a paid ad on Google and then makes a purchase on your website. What information do you actually get? More than you think.
Not only will you get demographic information (age, gender, location), but you’ll also get information about their hobbies and interests. Google knows what other sites they visit and what they search for. And with that information, you can derive other information. Based on their location, you can figure out how much money they likely make and even what the weather is like.
You could create something very complex; you could even figure out if pet owners are more interested in your products, if people are more likely to buy things when it’s raining, or if people who are interested in someone else’s product are more likely to be interested in your products.
That’s a lot of data to analyze. And it’s often difficult for an individual marketer to determine what information is actually useful and what information is extraneous. This is especially true because marketers today might be tracking a dozen channels and campaigns. There are a lot of channels out there, including social media, content marketing, websites, and more.
Because marketing analytics is so complicated, it’s important to have some type of dashboard or consolidation system. Some marketers consolidate their online marketing data in an excel sheet, while others consolidate their online marketing data in a proprietary, paid system. Paid systems are usually better than free systems because they can bring in multiple platforms at once. Free systems store in-depth information, but generally only about a single channel.
How To Analyze Digital Marketing Data
You have all your data. Now you just need to know how to analyze digital marketing data. There’s not always a right answer. Many companies will analyze their data differently from others.
Analysis depends on the having the right marketing program. Lumenad is one type of digital marketing analytics software that can deal specifically with paid advertising and provide comprehensive Advertising Intelligence.
When consolidating data, it’s important that you be drawing a one-to-one comparison. And Advertising Intelligence ensures that data ported from multiple platforms is sanitized, so that it’s correctly compared.
Analysis also requires that you know what metrics are most important to you. Are you looking for growth? Or do you just want sales? Do you want recurring clients? Or do you want aggressive expansion?
Finally, there’s the way the data is actually displayed. Some use spreadsheets, but that makes it harder to recognize patterns visually. It’s better to use a visual charting system, such as Lumenad. Lumenad makes it much easier for you to see what’s going on with your data, because you can clearly see how things are performing at different times.
Analyzing marketing data will start to become more natural for a marketer the more they do it. There’s a lot of data to look at and not all of it will be applicable to every industry or every business. Companies can download marketing analytics templates and slot their numbers in, but there’s no way of knowing whether it’s going to be useful.
More than that, it’s important that the data be accurate. When data is being consolidated without Advertising Intelligence, or when it’s being manually entered and manually analyzed, it’s always possible that errors could occur and the data might be incorrect.