Role of Analytics in the age of Digital Transformation
Analytics and Big Data are the catalysts of the digitization era
From manufacturing to supply chain to customer servicing, digitization is transforming organizational functions and, in the process, opening global opportunities across the board.
Big Data Analytics has been a buzz word in the analytics and digital space. It has been overused due to the lack of understanding of just how big it is and what can be done with it. The evolution of cloud computing - infinite computing power assisted by real-time communication networks – can make some of that “big data” manageable and has made tracking activities more affordable and easier.
Why Digital analytics?
A saying in the digital space goes:
“If you can’t measure it, don’t do it”
The very best campaign in the world won’t get the recognition it deserves if it can’t be measured. Also, it can’t ever be improved without the data behind it. The dollars would be thrown away, since no one would ever be sure if it worked or not.
From tracking shipments through an email to measuring traffic on a website, analytics helps organizations harness their data and explore their opportunities which in turn leads to smarter business strategies, more efficient operations, higher profits and happier customers.
Digital analytics, when running simultaneously along with other marketing activities, provides organizations with real-time information that will assist them to measure, analyze, report and test their activities.
What to analyze/measure?
Let’s list out the most popular digital channels and how to get most of them through analytics.
If you handle a Google AdWords account to supplement your organic search engine optimization efforts and to drive specific campaign activities, you know there are a ton of metrics available to track and analyze. Since we all have limited bandwidth, it’s a good idea to narrow down the field to a short list of key metrics that really give you meaningful insight into what’s working. Above all, don’t forget that conversion is your achievement. Conversion can be many different types of activities that you define and setting up your AdWords account so that you can optimize to improve conversion is critical.
It is a mandate for businesses to measure email conversions, whether it be transactional, triggered, bulk or of any other type of email. Emails ability to generate conversions is highly unmatched when it comes to retention or CRM, and many companies find that email is the most effective marketing channel in terms of ROI. Yet not many businesses realize the full potential the channel offers as they are tracking the metrics that matter. Find out more about how to know which email metrics to measure
Social Media Marketing (SMM)
The primary method of measuring the SMM is different for everyone. Companies typically look to SMM for loyalty, retention, conversion, awareness or combinations thereof. Establishing your goal is the first step, and then defining measurement based on those goals comes first. Then establish your methods of measurement and stick to it, or you might not produce results.
Other than the platform analytics tools like Facebook Insights, Twitter Analytics, LinkedIn Campaign manager etc., we need a comprehensive single platform that not only helps you analyze your user as a whole (and thereby attribute the right channel for conversion) but also one that helps you with competitor analysis. Many SAAS analytics platforms are emerging to help do this; just be sure it measures what you need as it relates to your goals.
Measuring the success of an SEO campaign perfectly can vary greatly depending on the type of business and its objectives. However, three KPIs that should always be considered while measuring an SEO campaign’s fruitfulness:
However, traffic doesn’t matter if it’s not the right traffic. Ranking doesn’t matter if it doesn’t result in targeted prospects. Conversion is your guide.
Push notifications are instant messages that are sent directly to the user’s mobile screen, typically from mobile apps. These notifications disrupt whatever the user is doing and can force them to take an action, this makes push notifications so powerful. Ultimate aim of using push notifications is to increase use of the app and get as much as conversions. However, it becomes essential that businesses don't start blasting notifications on the user’s screen; some users find this annoying and can encourage user to turn off the notifications of your app. Included in this category are emergency notifications used by government safety and security agencies in the US.
With extremely high open rates, SMS results in messages that are read faster as compared to any other digital channel. Due to timeliness of delivery, SMS can lead the race of engagement in comparison to emails and push notifications, if it is used properly and relevantly. SMS marketing has its own distinct benefits - check out our link to find out why it should be one of your prioritized digital channels.
Multichannel marketing works on a business principle which is
“Be where your customers are”
Multichannel marketing means communicating with customers across various channels. It integrates different channels of the marketing world. Don't believe that you are a multichannel marketer, just because you use more than one channel. Find out which channels targeted customers and prospects are using and how they flow from channel to channel. This is known as a customer journey map. But more importantly, customers and prospects choose their own channel – you can’t choose it for them. Businesses who fail to identify the perfect multichannel combination they should use to get more leads may end up investing heavily in the wrong combination of channels
Who wants to increase website’s traffic without having to invest in it? Everyone!! But how?
Now think the possible ways audience could find you/your business on the web.
- They could probably search for your name in different search engines, but they would be the ones who already know you.
- You could pay to buy traffic to your site through paid ads, which is expensive
So how can you drive valuable traffic? The answer to this: blogs, social media & search engines. Every time a blog is written, it results in one more page indexed to your website, which means one more opportunity to show up in search results and more traffic to your main website.
Check out our blog KPIs which assist in measuring the success of the blog.
Each channel has its own unique elements to be leveraged, but together it can become a powerful way to drive traffic, conversion and revenue. The goal is to make the most out of the data which is extracted from different metrics, allowing you to measure ROI from each of the channels with assistance of different metrics across channels. Only then can you fully understand attribution across your channels and make wise appropriate investments in each channel.