In this article, we will explore what is digital marketing analytics, digital marketing analytics examples, top digital marketing tools, and analytics metrics within digital marketing you need to be aware of.
To be truly successful in digital marketing, it is important to keep analyzing and seeing what works for you and what does not. You cannot keep pushing out content and expecting results.
What is digital marketing analytics?
Digital marketing analytics are the metrics related to consumer behavior put into actionable marketing data. This data can help companies grow their businesses and make them understand what consumers really are doing online.
It also gives them valuable insights into why they are doing what they are doing and how to capitalize on these analytics through digital marketing campaigns.
Top Digital Marketing Analytics Tools
Listed below are some of the best digital marketing analytics tools you need to invest in –
1. Google Analytics
This is the most popular digital marketing analytics tool available in the industry, run by Google. You can track traffic on websites, understand where your visitors are coming from and the source, the amount of time they spend on your website, etc. Check out this online Google Analytics course.
BuzzSumo is a digital marketing analysis dashboard that provides users with data related to trending social media and digital marketing concepts. One can extract data from a time period of 12 months. You can further analyze this data to use for your digital marketing strategy.
SEMrush provides valuable reports that analyze your brand as well as the competitors in the market. It is a good digital marketing analytics tool for brands that need to improve their search engine traffic.
4. Google Adwords
PPC (pay-per-click) marketing is a good way of reaching customers and reaching business goals. The Adwords Performance Grader helps in assessing your account in a secure manner. It performs an audit of your account and generates a report that gives you insights into the areas that need improvement.
Cyfe is an important business dashboard. It analyzes all the data from digital marketing analysis platforms such as Google Analytics, Salesforce, MailChimp, Facebook, and WordPress.
Kilpfolio is a data marketing analytics tool that helps track your website performance. You can also track your Google Analytics data performance. You can track your pageviews, conversions, top-performing pages, top social media channels, etc.
Optimizely is like an experimentation platform that allows users and businesses to continuously experiment for the sake of growth. Optimizely helps you in collecting, analyzing, and using customer-specific data for better consumer journeys and experiences.
Heap is a digital marketing tool that gives reports on every action that a user made on your website and how they interacted with your product or services. These insights are valuable for conversions and improvements for any business.
Important Metrics under digital marketing analytics
If you’re applying to digital marketing analytics jobs, it is important to be familiar with important metrics under digital marketing analytics. There are many digital marketing analytics books available as well. Let’s have a look at some of the important digital marketing analytics you should be aware of –
#1 LTV or Lifetime Value
Lifetime value is the profit that you earned from a particular client throughout their buying history of your product or service is called lifetime value. You can compare the LTV of different clients and understand which channels bring you the most important customers.
#2 Bounce rate
The bounce rate indicates the number of people who visited your website but did not engage with it. It represents the number of users who visited your website but did not navigate the internal pages, but bounced shortly after visiting the homepage. A high bounce rate means there is a problem with the content or the overall experience of your website.
The right way is to bridge the gap between customer needs and expectations. The engagement rate should be very low. It is calculated by dividing the number of bounces by total site visits, multiplied by 100.
One of the most important metrics in digital marketing is engagement. It is calculated by summing up the number of likes, comments, shares, divided by the number of followers. It is a very important metric across social media platforms.
#4 Referral traffic
This is the metric that reflects the number of users that came to your page from another source. You can use this metric to understand the effectiveness of your campaign and ways to improve your organic posts.
#5 Playback rate
Playback rate is the number of users who played the video on that specific website where the video is hosted. It is calculated using the formula – number of views/number of page visits x 100. If the playback rate is low, you need to analyze the reason for it.
#6 Watch time
Watch time includes the total amount of time that users have watched your video. It can be in minutes or hours. It is an important metric for video sites like Youtube.
#7 Cost per view
Cost per view is the amount you pay to get a consumer to watch your video. For example, on Youtube, a view is taken into consideration if only it is viewed for 30 seconds. The formula to calculate CPV is – CPV= Total amount spent / total views.
#8 Unsubscribe rate
Unsubscribe rate is the rate of users who do not want to subscribe to your emails. This rate should not exceed 1%. Ideally, people should be interested in your emails.
How to use digital marketing analytics optimally
Here are 5 steps on how to use digital marketing analytics optimally –
Step 1: Social media metrics
First, gather all the metrics from different platforms. Each platform comes with an analytics section of its own. A strategy needs to be holistic, hence all the social media metrics need to be taken into consideration.
Step 2: Understand your followers
Understand the likes, dislikes, preferences, and tastes of your audience. Without this, you will waste time and effort in marketing to the wrong audience.
Step 3: Set specific goals
Set your goals right – what are you trying to achieve by investing in digital marketing analytics? Is it more sales? Brand awareness? Increase in other conversions? Make sure your goals are concrete and accordingly use digital marketing analytics as a way of achieving the goals.
Step 4: Use data analytics tools
The best way to analyze data is to use programs and tools that analyze it. Today, most digital marketers analyze this data and give you an optimal analysis of the findings.
Step 5: Take up a course
To use digital marketing analytics optimally, it is first important to understand the space and expand your knowledge.
There are many digital marketing analytics courses available today. Pick the right course and first just understand the industry and its jargon.
Q. What are 5 digital marketing analytics that actually matters?
The 5 digital marketing analytics that is extremely important include –
- Number of conversions
- Engagement rate
- Click-through rate
- Page load speed
Q. How is marketing analytics different from digital marketing?
Digital marketing is a holistic practice that focuses on the company’s success as a whole. Marketing analytics is more to do with metrics related to marketing.
Q. Are there any digital marketing analytics jobs?
There are many digital marketing analytics jobs that are well paid. There are quite a few digital marketing analytics certifications available for people looking to upskill. Check out this Google Analytics online course.
Q. Which are the best digital marketing analytics books?
The best digital marketing analytics books include Google Adwords for Beginners by Cory Rabazinsky, Permission Marketing by Seth Godin, and Traction by Gabriel Weinberg & Justin Mares are some of the best digital marketing analytics books.
We hope that you enjoyed reading this article on digital marketing analytics. This online digital marketing course can further enhance your knowledge and skills related to digital marketing analytics.
You can also sift through this MBA in Digital Marketing for professionals already in the industry. Get in touch with our team for the best course for you.