When it comes to big data, analysis is a necessity. Many people make the assumption that ignorance is bliss because they don’t have to deal with the data that is being stored on their server or elsewhere. However, being able to obtain the right level of analysis will allow you to get more information for your business and make more effective decisions that can ultimately prevent catastrophic failure as well as to improve the bottom line.
Analytics – what is it?
Analytics is essentially a form of business intelligence that is going to help you differentiate yourself from the competition. It allows you to explore consumer behavior and the dynamics that surround consumer behavior. If you are going to be running any kind of marketing campaigns, having high business intelligence at your fingertips is critical.
Why are analytics important to your business?
The analytics is absolutely critical to your business. Approximately 97% of inbound marketing campaigns will fail if you aren’t using analytics properly. This is because he will continuously make the same mistakes over and over again. The analytics can help to better define your target demographic and comprehend buying patterns. This will allow you to alter your marketing campaigns to be more effective so that you get the better ROI.
Analytics will ultimately tell you what you need to know about your business. You can eliminate the gut instinct and focus on the actual numbers. This will help you to get more impressions, higher click through rates, and ultimately a better conversion so that you see results in your bottom line.
There are a lot of different metrics that are going to help you. Each of these can be used differently, and when you have a campaign, you should always have a specific goal. As such, you may measure different metrics with each campaign.
Some of the most common metrics that can provide assistance include:
- Click through rates (CTR)
- Cost per click (CPC)
By being able to analyze all of these different metrics, you can understand the return on investment and ensure that you are doing things that will help to improve the benchmarks that you set. For example, analytics can tell you that you may be getting a large number of impressions and clicks, but you may not be getting a good cost per click, which shows that you may be choosing the wrong websites in order to market yourself. You can lower the cost per click by navigating different advertising opportunities. Further, if you are getting a large number of impressions but not getting any quality click through rate, it can show that the campaign itself needs to be tweaked so that it is clear as to what a person can expect when they click through.
How to integrate analytics into your business
Essentially, you cannot allow the data to sit untapped. You need to integrate analytics across your different business units. This requires you to bridge the gap between IT and business, and this can be done with software that is capable of organizing the data and using business intelligence in order to provide you with better reporting as well as providing you with insight so that you can make better sense of the information being presented to you.
Data, tools & trends
The data is being used to identify the traffic and whether the traffic is being given everything they need in order for a conversion to take place. This includes looking at whether the traffic coming to a site is the right traffic as well as setting a conversion tracking. This is when it is beneficial to use various tracking web conversions that are in place on advertising platforms.
There are quite a few different tools and trends that are entering the marketplace.
Understanding this level of business intelligence can help you to make better decisions. These include:
- Shift away from B2B towards B2C
- Predictive and prescriptive modeling
- Processes are becoming more strategic
- Data available in real-times
- Consolidated data is highly desired
The tools can provide better analysis and this includes what Google Adwords and other platforms have to offer.
In the end, you have to realize that ignorance is not bliss. It can cost you a significant amount of money because your marketing campaigns are almost always going to fail. Because you are relying on guesswork as opposed to actual numbers.
If you want your marketing campaigns to be more effective and provide a better return on investment, you need to tap into the proper information – and this is where it is critical to use analytics throughout your operations.