At Fig Tree, we see data as king. It is central to digital marketing. The thread that holds your marketing efforts together. It proves your return on investment or informs you it’s time to set a new course.
From the outside, using data effectively can sound pretty simple. Review data, develop a strategy, design a campaign, launch, measure results, enhance and adjust campaign, re-launch.
But it’s not really as simple as ‘wash, rinse and repeat.’ The depth and range of measurement tools available can be overwhelming.
Marketers can now use web analytics, social media platforms, client databases, email marketing and sales results to measure ROI – but each of these tools has a different measurement technique.
As the trend towards use of Big Data – the huge amount of unstructured and semi-structured data every business creates is gaining speed. It is an ideal time to research and manage your data strategically. By identifying current trends, you can set sail for new business opportunities and long-term growth.
The ongoing changes to the Facebook algorithm have radically changed industry thoughts about measurement. The effectiveness of ‘organic reach’ vs ‘paid advertising’ is being challenged. While there is a great emphasis on the power of ‘reach’, levels of engagement and negative feedback are also important – particularly in using the latter to your advantage by assessing what doesn’t work.
To truly understand your Return on Investment, your use of data needs to be a carefully planned process. It helps to know some of the tricks of the trade. Here are three reasons why we love data and think you should, too.
1. Data gives tangible outcomes. You’ll have an insight into what is working well – or not. It allows for a targeted approach.
2. Measuring data keeps you on track. We read reports, check results, analyse insights and review feedback, keeping you on task and guiding you towards your goals.
3. Data gives you the power to build strategies and marketing campaigns to suit individual needs. Take a growth strategy and a retention strategy for example – each needs a different approach and different measurement. Using data, we build avenues to generate outcomes and continually measure success.
So where do you start when measuring ROI?
1. Identify key performance metrics, such as the number of downloads of a white paper or views of a video. Here are just a few of the elements we measure at Fig Tree:
- attention hits
- viewing audience
- brand mentions
- site visits/views
- conversion to sale
- customer lifetime or long-term value
2. Set specific and realistic goals. Keep things simple – especially if you need to submit a report to management on your results.
3. Revisit and adjust your goals frequently. Once measurement is in place, this should be easy. By investigating how your campaign or strategy is working, you can make some tweaks to see what will bring a different result.
4. Don’t underestimate what your website can tell you. The analytics attached to every website are rich with information – you just need to know how to interpret and use the data.
Each customer or potential customer touch point provides information and insight into your audience’s behaviour. Their behaviour gives you data – and data gives you opportunities for communication and engagement. Take a strategic and targeted approach to using this data and you’ll soon be on track for growth.