Role of Digital Analytics in Marketing
Digital Analytics means all those tools and platforms that analyze data gathered from online interactions with your brand on all the touchpoints – mobile, desktop, apps, voice search, etc. Improving customer experience, engaging new audiences as well as converting them to paying customers are the underlying goals of Digital Analytics. It deals with the collection of data, their measurement and analysis, data visualization, and interpretation that lead to knowing the behaviors of varied users on mobile, websites, web browsers & apps as well mobile apps. Based on analytics, brands can optimize customer experience, marketing ROI, all types of content offerings, and the overall performance of the business. Thus, using digital analytics you can get some actionable insights to devise strategies for your brand. Let’s discuss few significant components of Digital Analytics and their KPIs and how they help in metrics and other things leading to enhancing overall business performance.
- Web Analytics
Web Analytics analyzes the behavior of visitors who visit websites. Tracking and reviewing their behavior, and reporting data that helps in measuring web activities are some of the important web analytics processes. The components of websites like web pages, videos, images, texts, etc, are widely analyzed.
- Conversion Rate
- Desktop vs.Mobile vs. Tablet
- Time spent on a website
- Traffic Sources
- Location-based Geo-Targeting
- Users and Sessions
- Search Terms
- Entry and Exit Pages
- Bounce Rate
Thus, the major objective of web analytics is to provide business metrics that help in the adequate promotion of products. These promotions are meant to target customers who are most likely to purchase those products and also to determine which products are likely to attract customers. Then tracking of Clickthroughs, Drilldown Behavior of customers, etc. are also encapsulated within this.
2. Mobile Analytics
Mobile Analytics gives insights into the users’ behavior on your mobile apps. Your target users may install or may not like your app after a visit, then how would you know that? To measure your mobile app users’ behavior, their interests, likes, dislikes, etc. determine the success of your app. So, mobile analytics analyzes all these aspects and prepares better insights extracting metrics to help you strategize business goals. It begins its process by determining the KPIs, metrics for your mobile app.
- The growth rate of users
- Total Mobile Downloads
- Number of Installs
- Number of Uninstalls
- Registrations ‘yes’ or ‘no’
- Subscriptions ‘yes’ or ‘no’
- Number of crashes
- User-retention rates
- Average screen per user’s visit
- Daily & monthly active users
- Shares on social channels
- Active Users’ churn rates
3. Market & Research Analytics
Market & Research Analytics helps to monitor and efficiently analyzing survey results. It is about the measurement of measurable values which extensively cover market research results about products, their innovations, your brand analysis, satisfaction level of customers, etc. Online surveys also work as a quantitative approach under this type of analytics. Determining objectives are mainly based on KPIs and metrics needed to measure. You should ensure that your market&research dashboard should consist of the right metrics as well as the right KPIs.
Some common metrics are –Net Promoter Score (NPS), Employee Net Promoter Score (eNPS), Customer Satisfaction (CSAT), Customer Effort Score (CES).
- Measuring Awareness (total awareness, aided and unaided awareness)
- Customer-Satisfaction or the CSAT
- Customer Acquisition Cost or the CAC
- Net Promoter Score or the NPS
- Customer Effort Score or the CES
- Likelihood to Switch or the LTS
- Employee Satisfaction or the ESAT
4. Customer Analytics
Customer analytics refers to the process that gives customer insights. These insights help organizations to anticipate what customers want and deliver relevant and timely offers to customers which they want to get. Customer Analytics serves as a backbone for business-related, marketing activities, and incorporates techniques like information management, predictive- modeling, information segmentation, data visualization. Customers’ retention is one of the key objectives of this tool.
- Churn rate
- Monthly Recurring Revenue (MRR)
- Customer Lifetime Value (LTV)
- Net Promoter Score or the NPS
- Customer Satisfaction Score(CSS)
- Customer Support Tickets(CST)
5. Paid Marketing Analytics
Your potential customers can discover your brand and your offerings if you conduct efficient and effective paid marketing campaigns. Paid marketing helps you to specifically reach your target audience and is one of the best ways that helps customers find you instantly. You don’t have to wait for them to locate you via an organic search. PPC and paid search are few key activities under the paid marketing team and have all the possible data for analysis. Typically, this form of paid marketing appears on social media channels and search engine result pages (SERPs). Paid Marketing Analytics helps to analyze all these aspects and giving insights helping in the goal to achieve.
- Measurement of Sales Lift
(e-commerce,in-store purchases, lead generation,marketing mix models)
- Increase in revenue goal
- Return on Ad Spend or the ROAS
- Profit & Return on Investment or the ROI
- Greater funnel engagement & audience performance
- Campain health metrics measurement (CPVs, CPMs, CPCs)
Then there are onsite engagement rates, click-through rates, quality scores, conversion rates all are in-depth analyzed by the paid marketing analytics.
Digital Analytics helps to make data-driven predictions optimizing results. It analyzes the data garnered for your brand, interprets users’ behavior, keeps an eye on traffic, installs, uninstalls, downloads, product relevance to market demands, and so many more! The basic reason for its existence is to derive actionable insights out of the analysis done. It further helps in the process of effective decision-making, planning, to strategize aptly driving business goals fetching the maximum ROI.