Every marketing organization is investing heavily in digital analytics and they expect this will deliver the right insights. Right insights at the right time can be perfect for marketers to derive the perfect strategies for their organizations.
But digital analytics does not stop there when it comes to results from the right practice. Right implementation and practice can bring in much more benefits like a boost in revenues also. This infographic will introduce you to 8 ways you can make use of digital analytics to boost your revenues.
According to survey by Deloitte, CMOs plan to increase marketing analytics spending 200% in next three years.
Marketing directors expect analytics to find timely insights to help them target better and optimize their digital marketing initiatives. When invested in smartly, implemented wisely, and practiced well, digital analytics can achieve that and more.
Eight Tactics To Optimize Digital Assets and Boost Revenues
Align analytics and financial goals
Digital marketers need to understand their goals and measure them against ROI. Aligning your analytical and financial goals will increase the efficiency of your marketing initiatives and give you a better understanding of KPIs.
Prioritize testing and experimentation
Testing multiple assets options is vital for online growth and achieving goals. You can’t just pick a few best practices and place them on your site. It’s not that easy. Your business and customers are unique, so you have to keep testing until you succeed — and then test some more.
For example, through data analytics and testing, one organization found that replacing their drop-down menu with a product page increased order conversion by more than 56% and revenues by nearly $9,000 over a two-week period
Conversion rate optimization tactics
Conversion rate optimization is not a one-time thing. It is an ongoing effort that should be carried out for the entire lifetime of your digital footprint. Marketers should ask themselves the following:
- Is your search functionality robust and intuitive?
- Do you have a clean site layout that facilitates easy navigation?
- Are you delivering engaging, memorable experiences to website and mobile users?
- How do you expedite the conversion process while maintaining visitor confidence in the brand, product, or service?
Use channel attribution modeling
Channel attribution analytics studies the various paid or free acquisition channels through which your visitors reach your
To keep your cost per acquisition under control, channel attribution analysis is highly recommended.
An attribution model will allow you to credit the marketing channel that introduces, assists, and/or makes a convert.
Integrate insights from multiple channels for a coherent picture
One of the biggest challenges that marketers face today is tracking their customers across channels. It is absolutely essential to know your customers and understand how they make their way through channels before converting or leaving.
Online and offline data should be analyzed together to identify ways to engage your customers at each touchpoint. A digital marketing cloud to monitor marketing execution and analytics should also be explored.
Analyze customer behavior patterns on your digital properties
An effective data collection strategy fuels its feed from multiple channels including social media, mobile apps, surveys, sales, questionnaires, and subscriptions. Once you understand customer purchase behaviors, tailoring your products and services to meet their expectations becomes easier.
Conducting a churn analysis will find where your customers are most likely to drop off, so you can implement ways to retain them.
Effective segmentation
Segmentation is useful for effective targeting and sending the right message to the right segment of customers. Digital marketers should implement optimization techniques to create the most efficient segments to the point where business margins are maximized.
Today, segmentation has evolved much beyond simple demographics, and it now includes a bit off-beat parameters like AOV, spend, channel, customer reviews and feedbacks, cohorts, social media engagement, and more.
Customer sentiment analytics
Social media is a great place to discover customer sentiments about your brand, service, or product. It’s imperative for businesses to listen to and analyze customer sentiment on these external channels.
Customer sentiment analysis will help understand your positive and negative reputation. Knowing how your customers feel about your brand, you can acknowledge any shortcomings, bolster strengths and increase customer confidence in your brand.
Conclusions
Data analytics is a goldmine that can yield rich dividends. These days, there is a wealth of data and customer information, especially with the proliferation of the web, social media, and mobile.
These data sources must be mined smartly and constantly to accelerate your revenues.
