This article is focused pre-dominantly on Marketing Analytics at SMEs however, it’s a not a bad idea to ready through and make sure that you are following some of the best practice guidelines for marketing analytics outlined below.
THE CORONAVIRUS SERIES
You can also read more on marketing during the Coronavirus using the links below:
Talking to consumers in the right way during the Coronavirus pandemic
Coronavirus: Marketing now, preparing for the future
Coronavirus: Your Strategy During The Pandemic
UNDERSTANDING THE CONSUMER
The digital landscape offers something really important. It offers us data and analytics in a way that can help us make informed decisions about the wants and needs of our consumers.
How many of you know who your consumer is, what they like or don’t like and how they interact with your website? How many of you actually focus time understanding the data that ‘could’ and ‘should’ underpin how you market to your consumers online?
I’m lucky that I work for an organisation that has a site optimisation team producing a plethora of information for the marketing team to use but not just that, I also have access to brand and buying data that helps me to understand more about my consumer. It helps make planning campaigns and making targeting the right consumers a lot easier.
But realistically how many of you know this in detail – can you tell me the demographic of your consumer? Can you tell me the pinch points on your website and if you can, what’s the strategy you’ve got in place to make a best in class experience for that consumer?
The Coronavirus has provided an opportune moment for us as marketers to do just this – to put in a place an analytics strategy that supports us post COVID-19. What do I mean by this?
INVESTING IN YOUR ANALYTICS
By investing in your marketing analytics infrastructure you will be able to develop a foundation of robust data and measurement metrics – giving your business more opportunity in a post Coronavirus market. You will know more and that knowledge will serve your business well in the future.
CREATING YOUR ANALYTICS INFRASTRUCTURE
Here’s a few tips to help make this infrastructure a reality:
- What is your company vision? Where do you want to be in the next year and in the next 5 years? Do you know what it is? What are your company objectives? What is your business trying to achieve?
- Think about what you need to know. Once you know your company vision, think about what you need to know to get there. Make sure you know what your KPIs are and once you do, use analytics tools to get a sense of ‘where you are now’ so that you can create a benchmark that you can build on.
– A simple example is this could be understanding your conversion rate and using that as a metric. If you are getting a good volume of traffic to your website but you’re only converting that traffic at 1%, what is going on? Why is that? What can you do to improve the conversion rate on site – it could be simple tests but they could make a huge amount of difference.
– Remember though, using one metric in isolation does not always give the full picture. If your traffic increases, conversion will naturally go down because you’re driving more people to your site so understanding number of sales, performance against YoY, revenue and margin are also really important.
– What is brand awareness activity and what is sales driving activity? Both work hand in hand so it’s making sure that you’re clear on the KPIs and understand the value of each of these performance measures.
- Audit your analytics tools – go through your Google Analytics account. Make sure it is set up correctly and using the right data. Consider investing in Google Tag Manager and think about how you are measuring and analysing social media activity.
- Reporting & Recommendations – how are you going to use all this data to make informed decisions? Have a simple reporting dashboard that gives you all the right information in a digestible format with help make decision making easier and also help to identify quick wins and future opportunities.
While your focus as a business right now will most likely be keeping your head above water and making sure that you come out the other side in one piece. This small amount of effort, investment and time is going to help you massively on the other side – you’ll be able to make faster and more informed decisions, jump onto trends sooner rather than later and adapt based on your consumer needs.
Remember, while right now there has been a pull back on advertising spend, that is not always going to be the case.