How NOT to do your Marketing Analytics

Posted by Lucy Martin Feb 26, 2019 1:18:45 PM

The concept of marketing analytics has come to light in the past few years with management and executives wanting to know the exact figures for conversion rates. Now, thanks to digital marketing, this is now possible. No longer is it a case of having billboard advertising and not knowing how many people saw your advertisement yet alone if anyone actually followed through and bought your product because they saw it. We now have the metrics at hand which gives us a clear picture of what is working, or not working. From working in marketing I have learned a few things you should do and a few that you should not. I'll share a few insights into my 'should not' list and how you can work around this.

Having way too much data

It is a nuisance having to collect metrics from each marketing tool your company may use, however it is important to understand why you are collecting them. Having too much data can make it difficult and time consuming to find relevant information, or even miss key insights due to data overload. You need to understand exactly what you need to report on and gather insights from those providers. The likes of Hubspot collects valuable insights from your marketing, sales and in some instances customer support, therefore you may not need to collect stats from other providers like social media platforms, as they all (should) paint the same picture. Secondly, it is crucial to show the other side of the picture, the investment. Whether you are using google analytics/adwords, social media ads or a third party, it is imperative to constantly monitor your costs to calculate the return of investment. Write up a list of your current software providers and understand what each of them report on and which provide value when reporting to management.

Not understanding your data

If your marketing solution offers an integrated system, ensure you run a sanity check on metrics from all parties. Whether this is double checking the google tags that are on your website or comparing your google analytics to your software platform. As mentioned above, you need to check which data sources are necessary to achieve the agreed output, but you also need to ensure that all data sources are telling the same story. Running a sanity check allows you to check the value of your data from the sources and fix any tracking or bug problems that may surface.

 

Not acting upon your data

When ideas come from data, experiment with them. You are able to trial a hypothesis without too much investment through A/B testing. Focus on tweaking your current marketing strategy by having two separate pages shown at random to a targeted audience, this allows the 'pre-discovery stage' when we gain a little insight into customers whether this is changing behaviours or habits. From this you can then launch into a customer discovery stage to understand if your target customer is changing or whether there are underserved needs unaccounted for.

 

ServiceClarity aims to give you the most informed picture. We collaborate your essential marketing efforts into one picture for management and executives. We provide the fundamental KPIs with the option to build your own. We ensure the data is correct and constantly run sanity checks. ServiceClairty for Marketing gives you the data to implement changes and become a great marketer!

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Topics: KPI Reporting, Executive Reporting, marketing, business intelligence, HubSpot, data analytics

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