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.
Marketing Data Analysis
What is marketing analytics? Marketing analytics is the discipline of collecting and analyzing marketing-related data for the purposes of optimization and improvement. Any marketing campaign requires marketing data analysis — but some marketers (and some companies) are more rigorous about it than others.
The field of marketing data analysis is a broad one, incorporating such things as buyer personas, major demographics, key performance indicators, and market research. Today, it can include channels such as paid advertising, social media, physical mailers, television, and radio.
Many business owners perform basic marketing analysis already — such as sending out customer satisfaction surveys to identify potential areas of improvement. But marketing is so complex that it can be very difficult for companies to reliably consolidate and analyze all their marketing data. This is especially true of primarily online companies, which may have a multitude of online marketing channels.
There are many marketing data analysis platforms out there. Some are specific: They provide marketing data analysis for a single marketing channel. Others are more diverse: They provide marketing data analysis for multiple marketing channels. Either way, there will be reports and dashboards that the marketer can use to improve marketing campaigns.
The better data analysis is, the better the marketing will perform; companies will be able to build up traffic and client bases faster, ensure that clients are satisfied, and reduce their overall advertising spend. But because marketing is so broad in scope, marketers will often need to develop a process or infrastructure to ensure that they are analyzing the right data, that they have the correct key performance indicators, and that the data has been correctly consolidated.
Marketing Analytics Techniques
Marketing analytics techniques can be quite complex. Let’s take a look at one of the most common marketing tools: landing pages. A quick look at a buyer’s journey will show how marketing analytics works when using landing pages.
A customer receives a newsletter. They click through the newsletter to a landing page. They bookmark the site. A month later, they see the bookmark and they directly visit the website. They make a purchase.
The buyer’s journey was newsletter, landing page, website, commitment.
Without any form of marketing tracking or analytics, all the company would see would be a direct hit to the website and then a sales purchase. They may make a decision based on that: to cancel their newsletters and focus only on building out their website. They would be wrong because it was really the newsletter and landing page that initially gained the customer’s interest.
With a “tracking pixel” or “tracking tags,” a marketer would instead collect analytic data that tracked the buyer’s entire journey. The sale would be attributed not just to the website, but the specific newsletter and the specific landing page. Through this, the marketer would know that their newsletter was successful at securing a sale and that the landing page was likely a major part.
Digital Marketing Analytics
Digital marketing analytics is critical to improving and optimizing any marketing strategy. Without the right analytics, it’s difficult to determine which advertising decisions are the most successful. Today, multiple channels are interacting with each other. Without analytics, you can’t see how they’re interacting, or which channels are most greatly contributing to ultimate success.
But despite the importance of analytics in digital marketing, many companies aren’t using it to their ultimate advantage. This is because there’s just so much data out there. Many companies can’t consolidate all their data, so they are looking at siloed analytics from each channel. That doesn’t give them a full picture of their advertising campaigns.
If companies want to be able to see the forest for trees, they need a consolidated dashboard system. A consolidated dashboard system makes it possible for a company to fully leverage the data they have collected, by seeing how each channel interacts with the others.
Companies should regularly check their analytics, as there are many things that can change in real-time about a marketing strategy. Even if a company hasn’t changed its tactics, the company may find that it’s reached market saturation. Alternatively, a company could potentially have some element of its campaign go viral, and have only a short window in which to keep the captured attention.
Real-time marketing data makes a company more agile and gives them the opportunity to capitalize on its marketing budget.
Marketing Analytics Tools
To help with marketing analysis, there are a host of marketing analytics tools. These marketing tools are available both free and premium.
Free marketing tools tend to be platform-dependent; they’re linked to a certain social media platform or advertising marketplace. These free marketing tools are very powerful. When you advertise on social media or through a search engine, they want you to have the best experience and the best data. The caveat is that though these marketing tools are very powerful, they only link to a single service.
Marketers who are trying to use these free marketing tools may need to check multiple dashboard services. And because the data is siloed, they may not be able to accurately determine how each service is really interacting with the other. For instance, how is a paid ad campaign on a certain social media service interacting with traffic on the website?
There are premium marketing analytics tools. Though you need to pay for these marketing data analysis tools, they are often more robust. They can bring in data from multiple platforms. When they bring this data in, they consolidate it and create a single dashboard for the marketer to use. Most marketers are going to use an entire variety of marketing analytics tools — and the better the integration is, the more effective the marketing campaign is likely to be.
Importance Of Marketing Analytics
The importance of data analytics in marketing cannot be underestimated. You can’t make data-driven decisions without getting and analyzing the data.
Take a simple example: You’re a landscaping company in Akron, Ohio. You’re pumping money into your paid advertising, but you’re just not seeing any results. Upon review of your traffic, you see that most of the people visiting your site aren’t even in your town. You need to narrow down your demographic; it’s not that paid advertising isn’t working, it’s that you’re not using it effectively.
Even the most basic of advertising campaigns should be able to help you with this type of data. But there’s also more analytical information involved, which underscores the importance of marketing analytics and marketing consolidation.
In a more complex example, you might see that no one is purchasing your product through social media, but there’s a lot of people purchasing your product through email newsletters. Your conclusion could be to stop using social media entirely, but when you do this, your email newsletter sales sharply drop off. If you had a more complex platform, you would see that most of the people purchasing through your email newsletter had first experienced your company through social media.
There are many complex interactions between social media channels. Without knowing everything, it can be difficult for you to determine what the best choice will be.
Benefits Of Marketing Analytics
There are two core benefits of marketing analytics: saving time and saving money. Of course, this all depends on the accuracy of your marketing data sources. But with the right marketing information, you can vastly improve your marketing campaigns.
First, there’s time. The better your marketing analytics process is, the less time you need to spend digging deep into the data. A good marketing analytics software suite will pull in all the data you need and present it to you in a real-time dashboard. You’ll know exactly where you need to spend your money and your decisions will be as clear as possible.
Second, there’s money. By being able to spend your money where it’s most effective, you greatly increase your ROI or ROAS. You’ll know which campaigns are most successful, which channels are performing best, and where your dollars are best spent. And, of course, spending less time also means spending less money.
There are many benefits of marketing analytics that can be considered secondary. Your company will foster better connections with customers because customers will only be contacted with content they’re interested in. As your marketing improves, your organization’s reputation will also improve, as you’ll become known for targeted and creative marketing.
Marketing Analytics Software
There are a lot of marketing analytics software platforms out there. And a lot of types of marketing analytics. If you’re looking for a digital marketing analytics software solution focused on digital advertising in particular, there are a few things to keep in mind.
Google Analytics is one of the best free analytics suites, which can help evaluate and track your website’s traffic from ad platforms. Facebook Insights provides information about both Facebook and Instagram. But these solutions have limitations.
The best digital marketing analytics software for advertising will be a consolidated solution, such as Lumenad. Lumenad consolidates data from multiple digital marketing channels. From there, it ensures that the data is correct. When multiple platforms collect the same types of data, there’s no guarantee that the same data will be calculated in the same way. Lumenad helps to perform apples-to-apples comparisons and leads to Advertising Intelligence.
Apart from this, you should look for marketing analytics software that support your programs and integrate with the rest of your marketing stack.