How do you really determine if digital marketing is working for your business? Many business owners rely on their ‘gut’ or ‘feeling’ when approaching this aspect of success. We prefer to let the data speak for itself and utilize this information to adjust our impact in the coming months. One of our first sessions will be about determining your bottom line KPI and how to measure your success through thoughtful analysis. Whether you are trying to determine your next creative decision or adjust your next month’s budgeting, analyzing data will give you all the tools needed to make those decisions.
One topic in this session will go over what metrics matter most to your business. If you are an e-commerce business your data will need to reflect conversions in order to see success. Although, if you are trying to direct traffic, sign-up new users or create a buzz around a new app, you may need to rethink how you target and why. These are some pretty basic examples, but we look forward to sharing some much further insight into these topics at the summit.
Defining your bottom line KPI’s are extremely important. If you don’t know how much certain aspects of your marketing cost you, then a massive oversight in calculations could potentially cost you your business. Ensuring that there is a base understanding of your bottom-line will drive your marketing plan and create a more open vision of what is actually possible with your current budget and creative.
Understanding how data is tracked can be an art form in itself. Every platform is unique and users can clear their history whenever they please to create new user ID’s and potentially skew data. Knowing how your audience is interacting with your ads, website, and business can give you a better insight into how the market will respond to your campaigns. It will also help you learn behaviors and patterns that can be tracked in different marketplaces.
Another big question we get all the time is, “How much of this data should I be paying attention to?” Well, that is simple! What is your end goal? Someone with a website raising awareness might value collecting emails above all else. So ensuring we monitor data to calculate a good conversion rate will obviously be key. There are many possibilities and outcomes you can analyze but only some will be truly important to your current narrative in the market. We look forward to shedding some light on the do’s and don’ts of data analyzation. We will also cover the proper amount of data to have and how to avoid information overload!
The last big factor in this session will be comparing data analysis between digital and traditional. As many of you already know by working in this space, traditional media gives you very limited information on the marketing you receive. TV networks will never give you the actual number of viewers, age or location and billboards don’t have view counters. Though the digital world opens up an entirely new experience when it comes to analyzing our return and seeing exactly who is interested in our products and why.
This session is going to be packed with useful and actionable information. We encourage you to take notes and use this powerful information to inspire you when creating your digital marketing action plan.