Are you getting enough bang for your buck with your digital analytics programs? Or are you like most marketing executives: swimming in data that you can’t quite get your hands around?
If you fall into the latter group, you’re not alone. CMOs today are struggling to find the right marketing analytics data that will help them justify spend, prove ROI, and report on the most meaningful business and digital marketing metrics.
In fact, a recent survey reported that 29% of marketers said their biggest challenge in 2016 will be proving marketing ROI to their executives. This means that marketing executives can no longer afford to have a sub-par digital analytics strategy, disconnected from ROI.
Marketers everywhere are looking to set themselves up for better digital insights—the kind that help you justify spend to the C-suite—and that starts with getting back to basics. In our conversations with customers, we’ve seen a pattern: a complicated digital analytics strategy built backwards from metrics matched to objectives.
We espouse a different approach, one that starts with identifying your business goals and digital marketing objectives, then maps the right KPIs and benchmarks needed to achieve your goals. This approach will enable you to build a solid marketing analytics foundation on which to grow and shine.
To get started, review this checklist to see how strong your analytics foundation is, then complete our worksheet to start fine-tuning your analytics program:
1. Business Goals
My current analytics help me to:
- Make informed business decisions
- Articulate strategies for my digital properties (websites, emails, social media)
- Justify spend and ROI to my executive team
2. Digital Marketing Objectives
I can drive toward actionable insights because my team:
- Uses S.M.A.R.T. Methodology to articulate my top digital marketing objectives
- Identifies KPIs to track progress against my objectives
- Monitors benchmark metrics and course-corrects as needed
3. Customer Behavior
My analytics make it possible for me to:
- Uncover insights into who my users are
- Understand the behavior of my user segments
- Track user activity across multiple platforms
- Drive personalization or targeting programs
- Influence user behavior
4. Analytics Tracking
I’m able to track my analytics because I always:
- Tag digital properties appropriately and consistently
- Confirm the accuracy of my data
5. Effectiveness and ROI
I’m able to determine the effectiveness of my efforts because I can:
- Measure the success of specific campaigns
- Track the performance of my digital marketing campaigns
- Evaluate the ROI of each piece of my content
6. Data Reporting and Insights
The reports I receive enable me to:
- Interpret my data and metrics easily and quickly
- Uncover valuable insights
- Draw conclusions based on information provided
If you were not able to check more than two boxes in any one category, you may need help establishing a better digital marketing analytics foundation. Take a look at this Digital Analytics Worksheet. It shows you how to best map your objectives to relevant KPIs and metrics in four steps.
Where is your digital analytics program stuck?