ANALYTICS MAKE SENSE (CENTS?!)
How long have you been in business? If it’s been a while, you know the importance of understanding balance sheets, P&L’s, and insurance details, just to name a few of the financial reports. If you’re new to business…welcome to analytics!
Marketing analytics are there to make sure that you’re making the best possible decisions for your marketing efforts. They help you to evaluate trends, products or services, and demographics to help you streamline your marketing activities. Once those decisions are good to go, then you’re on the road to making better marketing decisions.
MARKETING ANALYTICS MIDLAND
One of the best things about Midland is it’s a great environment to start businesses. Many (now major) companies got their start in our humble city. However, one of the reasons these businesses were successful is because they understood the value of data.
Decisions shouldn’t be made lightly. Whether financing or equipment purchases, new technology or employees…it’s important to find an ideal fit for your company. Your marketing is no different.
However, in a digital age, we’re afforded an opportunity to track marketing analytics real-time. It’s not a matter of wondering or hoping things will work out. With marketing analytics, you’re provided various information about your customers’ buying decisions that can help you to evaluate how your budget is utilized.
HOW DOES IT WORK?
There are a variety of ways data is analyzed for marketing purposes. Just to name a few:
- Search Analytics – This data helps you determine the kinds of phrases your customers are searching for to find your website. For instance, let’s say you rent party materials. You notice you get more search inquiries from “table and chair rentals in Midland TX” more than any other search. This is definitely a marketable opportunity!
- Social Media Analytics – Identifying the kind of consumers who interact with your business on social media platforms is another valuable marketing tool. You can determine the demographics of people who are most interested in your product with just a few button clicks.
- Optimization Analytics – This one is a big one. It actually tells you how you can do better. Create better ads to reach more qualified customers for less money. Sounds like a winner, right? *ding, ding*
YOUR TIME IS MONEY
When you’re first getting started, the data won’t be as useful. It’s kind of like a new company trying to get a loan…there’s just not enough information to make a decision. However, as the it will be once it’s in place for a while. It just takes little time.
However, once the “learning curve” is done, it’s important to review the information about your campaigns. As a business owner, we understand that you have a lot of irons in the fire. However, we can’t not recommend that you carefully scrutinize your marketing analytics.
Identifying areas where you’re receiving the most return (and areas that can use improvement) can help to streamline your marketing techniques. When you start producing ads that garner a lot of response, you will actually see a savings to your business in the form of return on investment.
WHAT TO EXPECT
Do you know what to look for in your current analytics report? We can share a bit of that information with you!
- Conversion Rate – How many people are following through with what you want them to do (form completion, purchase, etc.)?
- Clickthrough Rate – Are people clicking on your ads or just passing them by?
- Website Visitors – How much traffic comes to your website?
- Return On Investment – How much are you making in conversions?
- And More!