Data analytics make or break the success of any marketing strategy. Are you using them to their full potential? If not, you may be missing out on crucial information that could propel you and your business to the stratosphere.
American writer William S. Burroughs coined the quote: “When you stop growing you start dying.” This quote rings true, especially in marketing analytics, for the sole reason that daily marketing keeps a business relevant. It also provides insight via data analytics that will specify where there is room for improvement. As an entrepreneur, you need a way to measure your success and efforts to be impactful with your marketing strategy. There are many forms of marketing analytics, but the most relevant and easiest is to gain insight from our social media analytics.
Data Analytics for Marketing
Marketing analytics provide statistics that evaluate the value of your efforts. Focusing on the unique data analytics of your marketing strategy can make or break your business. The insights provided by marketing analytics are crucial to both attracting and retaining customers. Marketing analytics streamline and expedite the data-gathering process by culminating all of your data across platforms into a single view. The key is to use this data to benefit your marketing strategy by identifying where your marketing strategy needs improvement.
Platform Marketing Analytics
Social media analytics use specifically designed software that operates much like web search tools. IBM has determined that social media analytics help entrepreneurs on social media to derive customer sentiment toward products and services. Each post should be different from the last in regards to impact and theme yet retain the same mission statement as it pertains to your brand. Creating an original and impactful post based on your target demographic will result in customer sentiment as well as provide insight as to how your target demographic is responding to your content.
The insights of these analytics will have a great effect on your brand, your product, your strategy’s efficiency, and your customers if you utilize the insights correctly. Utilizing insights to benefit your marketing strategy is key because it could make you realize that adjustments need to be made: “When you stop growing you start dying.” Let’s look next at the key metrics you should always be attending to.
Key Data Analytic Metrics
- Engagement: Engagement is tracked by the likes, shares, and comments of each post. When analyzing this data, you can determine which posts were impactful for your business and emphasize that theme for future posts.
- Followers: A metric that determines the relevance of your brand. Unique and original content will attract more followers. Posting on an irregular basis could result in a loss of followers.
- Click-Through Rate (CTR): CTR tracks how often followers engage with your social media posts through clicks. Be sure to generate content that will grab someone’s attention!
- Referrals: Checking the source from which your prospects are visiting your page/site. If you find a source with a high number of referrals, you may want to emphasize marketing efforts within that source.
Emphasize Analytics
Having a complete understanding of Data Analytics will allow you as an entrepreneur to focus on the aspects of your marketing strategy that need work, as well as highlight the aspects that are working. Analytics are available on all social media platforms, whereas email analytics and website analytics are best gathered through separate tools that will allow you to craft a marketing strategy that will turn your business into the powerhouse it was always meant to be.
Takeaway: Always Be Adapting
When properly analyzing the data analytics pertaining to the platforms used for your marketing strategy, there should be one key focus: adaptation. Social media and its users are constantly growing and adapting, so it is your responsibility as an entrepreneur to adapt to your market. In doing so, your business will thrive.
Need some help getting started? Contact the VSSL crew and we’ll get you sailing in the right direction.