Analytics – Get More Accurate and Relevant Ones

Analytics matter to your business. They help you understand your audience; their wants, needs, and behaviors. However, it’s quite possible that you’re wasting a lot of time with unnecessary analytics or analytic systems that don’t provide you with the most value.

#1 Explanatory Analytics

This takes your metrics to the next level. They help you answer the questions that you want answers to about your audience and your marketing efforts.

Prescriptive analytics is something of a step beyond predictive analytics in that it tells people not only where they’re headed but also the moves they can make to improve the outcome. However, that is still basically a black box approach; most prescriptive platforms don’t let people understand why the platform made certain recommendations. Read the full post.

#2 Avoid Vanity Metrics

Vanity metrics get in the way. These are metrics like “Facebook followers” and in some cases “email subscribers.” These distract you from the information that can provide you actionable value.

Keep away from metrics that distract your team from the business goal. Typical marketing metrics like, Facebook fans and press release shares, may impress folks, but often don’t correlate to revenue. Read the full post.

#3 Leverage Technologies

New technology is being created, released, and improved upon daily. Stay in touch with what’s available and leverage it to help you learn the most about your audience and business.

Because data-driven marketers know a lot more these days, customers don’t need to work as hard to make their preferences known. Analytics technology will be doing more and more of the work for us by automating activities around research or making actual purchases. read the full post.

#4 Find New Ways to Track Success

There are many different ways that you can track success while also building value into your marketing.

Using coupon codes is one of the easiest methods for tracking the success of promotions. Once a promotion is over, you simply add up the total sales associated with a coupon code. If you assign a different code for each promotion, soon you’ll be able to compare the results and identify which promotions were the most effective in driving sales. Read the full post.

#5 Consolidate Your Efforts

Whenever and wherever possible, consolidate your metrics technology. It’s more effective to be able to utilize one tool to gather relevant and useful information about all of your systems and tactics.

Analytics sees a likely future where marketing analytics and advertising analytics come together in a compelling cross-channel, cross-device view of prospects and customers that tracks and serves them coherently through the span of their time with the marketer – from anonymous ad viewer to loyal (or lapsed) customer and back again. Read the full post.

Review your current analytic systems, technologies, and information. Are you getting the best information in the most useful way? If not, then it’s time to make a few changes.