Digital Analytics Can Help You Raise Profits – Part 2
In a study in 2015 November, CMO Survey showed that companies spend 6.7% of their marketing budgets on analytics and expect to spend 11.1% over the next three years. With this massive increase and an already significant chunk of overall marketing spending, the question remains: what is the return on investment (ROI) on digital analytics? How can we quantify this amount of expenditure? At Walter Analytics we worked with numerous clients and helped them grow through implementing digital analytics. One our success stories was a cooperation with EmployEase.
Walter Analytics has worked with EmployEase for over two years enhancing Analytics and driving the digital growth of the business. This partnership has been a key driver of revenue growth for EmployEase and outlines our framework for working on Analytics with a client.
Align stakeholders, other experts, and agree on a measurement framework
It’s important to get decision makers on the same page in regards to the best way to measure results and track digital growth. To do this, you need to define the framework, agree on implementation, and then technically implement the changes. In the case of EmployEase, we decided we needed a Google Analytics configuration to track different goals on the website with a weekly review of results. Once the business agreed to the changes, we worked with the web developer to implement the required tracking.
Define the path to sustainable growth and achieve the stated goals of this path
This stage is where the real results happen. However, rather than jumping in, we define what needs to happen and get buy-in from the business. In this stage, we identified that two things needed to happen to achieve growth goals;
1) An increase of conversion
2) An increase of relevant traffic
We worked with the web developer to improve the landing pages and overall structure of the website, and we worked with the business to agree on traffic buying and changes that would lead to longer term organic traffic growth.
Maintenance and funnel optimisation
We achieved the third stage after working together for twelve months. After hitting the initial goals, the business decided they wanted to scale up. However, this required some internal changes, so we worked with new members of their team and new products. At this stage, the key importance is to maintain the minimum amount of revenue and then look to expand through new channels, new tactics, and better backend conversion. This is further than the website and includes calls, the customer service team, and customer feedback.
The profits in this stage come from the compounding optimisation of several stages all at once. EmployEase is still growing.
This week we will show you the ROI in digital analytics. Please join our weekly Q&A where we answer all of your questions.