Analytics Best Practices That Can Double Your Marketing ROI
This blog title has buzz words all over it. “Analytics”, “best practices”, “double your ROI”. If these don’t grab your attention then perhaps you’re not focusing on something that your competitors are valuing as very important. Something that could very well help boost your business into the next level of success. Measuring return on investment (ROI) has been around for years; however, thanks to Google, it’s now easier than ever—when you’re using the right analytics at the right time. We’d like to share with you a few analytics best practices that can help catapult your business.
Google Analytics (GA) is a free tool that Google has made available to individuals and businesses hoping to better understand the results of their marketing efforts. It is a comprehensive tool that helps SEO professionals, Marketers, Business Owners and companies understand how people are interacting with their website and marketing initiatives.
Google Analytics has evolved over time to meet the needs of digital marketers. The advantage digital marketing brings over traditional marketing is the ability to track and measure ROI more accurately. Empowering the digital marketers with this ability, Google Analytics has evolved from being a web analytics platform which measures website visitors in to a platform that tracks end to end digital marketing activities. Off the shelf Google Analytics cannot help you in mining all the useful data and making data driven decisions. You need to customize Google Analytics to make it work for you and your business objectives and KPIs.
7 Best Practices You Must Be Aware Of:
We could write a book on analytics, but to focus on increasing your marketing ROI, here are 5 best practices to follow:
- Campaign Tagging: While this is a commonly misunderstood feature, it is one of the most important customizations to implement if you’re trying to increase your marketing ROI. When done correctly tagging allows you to track the effectiveness of all your marketing efforts by overwriting the cookie data with your own tags. It is actually not set up inside Google Analytics but it is captured and reported in the tool to assign traffic to a specific source or marketing campaign you are running.
- Dashboards: A best practice to set up right off the bat is to customize your Google Analytics dashboard to show the key metrics that you’re most interested in tracking. This helps save a lot of time. Rather than scraping through the data available in the Google Analytics platform, you can filter the data points that you want to monitor frequently and can access them easily.
- Data Import: Data Import allows you to combine GA data with non-GA data, such as CRM data. For example, if your CRM has gender of signed-in users you could combine this with your analytics data to see Pageviews by gender. This information will show you if more women are looking at products and services consumed by men; allowing you to better target your online marketing.
- Custom Reports: A custom report is a report that you create. You pick the dimensions and metrics and decide how they should be displayed. This best practice will help you gain deeper insight into your data when basic reporting just isn’t enough. Through custom reports you can learn exactly where your customers are coming from or which of your marketing efforts are leading to the most customers. This knowledge will help you know where to focus your marketing dollars for the biggest return.
- Custom Segmentation: How better to get to know your target market than by isolating and examining subsets of your data? Segments let you do just that so you can examine and respond to the trends in your business. You could be wasting money marketing a product to a particular audience that doesn’t purchase that product in the same volume as they normally had. Armed with this information, you can shift your marketing dollars accordingly.
- Custom Dimensions and Metrics: Custom Dimensions and metrics are used in Google Analytics to track the website data which is not automatically tracked by GA. These data points can be captured when a visitor starts a sessions, clicks on any of the pages etc. This customization would mean making changes to your tracking code on the website. This would help in tracking any business specific goals.
- Calculated Metrics: Calculated Metrics help you define personalized metrics from the existing metrics within the Google Analytics platform to better align with your business needs. It helps track metrics such as revenue per customer, transactions per user, products per transaction etc. to track the performance of marketing campaigns against your marketing objectives.
Let’s Get Started!
Google Analytics is a huge beast. If you don’t approach it with a focused, goal oriented strategy it will eat you alive and you’ll never get into the data that will truly help you increase your marketing ROI. Implementing these 7 recommended best practices will be a great start. Strategic development is critical to your ultimate marketing and sales success. At GlobalDirective, our team of analysts and marketing experts will help you get more out of your marketing budget by developing the in-depth marketing strategy and analytics your business needs. For more on how GlobalDirective can help you with Google Analytics reach out to us today.