Tag Archives: digital analytics

Is Digital Analytics as a Standalone Expertise Dead?

Digital analytics was a standalone expertise in recent years. Some companies built groups around it with analytics experts; others hired analytics professionals to act as a support for their marketing team. Now it has been changed, and it’s a natural evolution for the industry.

Digital analytics is no longer a single expertise you can build on as an employee and companies are no longer in need of a single digital analytics expert. This is the nature of the evolution for analytics, and it is highly beneficial for everyone. The new setup has high demands for everyone: digital analytics is a must to know, and everyone who has any single authority in marketing has to know some analytics knowledge.

Everyone is an analytics expert

Back to basics

As a marketing expert, you should be aware of the key performance indicators anyway. These are metrics that justifies your marketing choices and demonstrate your success undeniably because they are hard figures. As a marketer living in the digital world, the core metrics have enhanced with various new ones from the digital analytics world. Meaning now, everyone who makes relevant marketing or business choices should know something about digital analytics.

This is the state when digital analytics has grown up finally. It has happened with social media; you can’t sell services now only by updating social channels. You should be expert in content, marketing and digital. Analytics is no longer a special place too.

Working with massive data sets and connecting separate sources: still an expertise

Of course, you won’t be an expert in big data but let’s face it: most companies don’t need massive big data knowledge, they just know how their funnels work regarding metrics. When a business has more sources of data and the number of files they are getting is beyond traditional digital analytics tools: they still need a good specialised expert in digital analytics. But most companies don’t need this knowledge..

 

Learn the basics or teach your staff

The basics of digital analytics can be taught via online academies or internal training. It is accessible and cost-effective to find out more. Now that this is not a unique place to visit, you can make an impact on learning the basics of digital analytics. This is what you can do:

  1. Follow current digital analytics experts and listen what they say, learn their knowledge
  2. Hire an external training professional to teach you the basics of analytics
  3. Attend online courses or visit online digital analytics academies, the resource for knowledge is vast and mostly free or cost little only
  4. Hire someone who has demonstrated digital analytics knowledge and let the new one teach the others via internal training
  5. Start to cooperate with an external digital analytics expert

There are also added benefits once you mastered the basics of digital analytics:

  1. You will become more responsible regarding your business choices as you now know how to measure against them
  2. You will become more confident working with figures and experts in data
  3. You will get great eureka moments and insights from your audiences as you deep-dive in figures

Remember, if something is accessible for everyone, then it is not a special expertise anymore. The basics of digital analytics are easy to learn and follow, and if you think you can outsmart the best analytics experts, you can still upgrade your knowledge.

Book an on-demand Q&A session where we answer all further questions you may have about this write-up.

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Top 3 Digital Analytics Trends To Watch Out For In 2017

Marketing automation, audience segmentation and personalisation are the biggest trends to watch out for in the digital marketing sphere in the coming 2017.

In 2015, digital marketing tools evolved to a stage where literally everyone who has some basic knowledge in digital marketing can kick-start a campaign with the latest and most advanced digital tools. Building a website or a landing page is now as easy as creating a social media profile. Implementing analytics systems doesn’t require a developer and every marketer, aware that there is so much noise on the internet, knows that every company should personalise their messages to reach out to the right person in their audience.

Automate to save time for more important tasks! 

In the early 2010s, digital marketing tools, like social media management services, email and newsletter providers and digital sales software went over the tipping point and went beyond the early adopters – the best professional marketers. Just last year, these tools have evolved to a simplified and sophisticated user interface; everyone can sign up and start to use them.

Tools like Hootsuite, IFTT and other management and automation services are available for the masses now. Services which were available for only the biggest companies and agencies are now not only affordable but also just as sophisticated making them accessible to use for any organisation. Companies like Pardot, HubSpot, Marketo, and Infusionsoft, are on fire not just for large organisations but for SME’s and freelance marketers as well.

This is a result of good user experience planning and the increasing demand for these services. Marketing Automation is a great timesaver and can lead to significantly better results when planned and implemented correctly across an organisation.

Segment your audiences to increase your sales impact! 

Segment your audiences to increase your sales impact! The same pattern happened with digital analytics in the early 2010s. All-rounder analytics services were made available, and free products like Google Analytics brought plenty of value for marketers. Paid tools like ChartBeat and Omniture with solid insights were also affordable. With the boom on big data in the past few years, the data gathered from digital channels began to become useful.

To remain competitive, leading organisations have learnt how to capture, analyse, and leverage this data in their business decision making every day. Segmentation is a core skill to learn and apply to digital marketing. Segmenting your target audience and your actual buyers will help you increase sales.

The usual segmentation techniques on demography and top level site usage are not enough anymore: segmenting on the individual customer journey is a must for every website which has a reasonable amount of traffic and buyers. The new trend of attribution marketing has grown out from high-level segmentation techniques and will begin to influence trends: now you can assign values to each segment in the customer journey to maximise your sales funnels’ success on an individual basis.

Personalise your targeting to make an impact! 

Sophisticated and accessible digital analytics have grown personalisation in digital marketing. Personalisation began with adding the first name of the customer to the email introduction, or subject line. Personalisation now includes specific personalised email and website content, and prediction of what a person’s interest. A personalised email has six times more traction and revenue rate than template emails.

Targeted call-to-actions are also much more successful regarding conversion than traditional CTAs. Analytics has its part in this game but not with the top-level insights as we see in segmentation but with high valued real time data which allows marketers to personalise on-demand every aspect of the customer journey.

With the growing trends of automation, segmentation and personalisation, digital marketing consultancy has also changed. The traditional production-based client-agency relationship is becoming less relevant, and the classic consultant is the winner of the game. This helps the internal marketers who keep an eye on the real-time customer journey of the company and consults on the best use of the services and evaluates all marketing plans with the expert’s outsider view.

The Walter Analytics team is always on its toes and on the lookout for relevant trends to determine how our clients can leverage them to grow their businesses.

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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.

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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.

 

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Digital Analytics Can Help You Raise Profits – Part 1

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 huge increase and already great chunk in overall marketing spending, the question remains: what is the return on investment (ROI) on digital analytics? How can we quantify this amount of spending? In this week’s topic, we will show you the current trends in digital analytics ROI.

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The before – after scenarios

Applying an investment into your marketing plan is always a though tough decision. You would never know at the start how the investment worked out. When investing in digital analytics, after your investment determine the starting point. Analyse your current marketing efforts and performance. The key indicators in this picture will serve as a before scenario. With digital analytics, you won’t have a solid growth and rate of success in days. But in time, you will have to reevaluate your effort. Hold your key indicators and pull up the new figures. From there, you will see the after scenario, when analytics has been implemented and used it for your own growth. The growth pattern in the indicators will serve as the ROI measurement.

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Where can you use digital analytics to generate more profit?

Digital analytics has some passive and some active values that can bring profit to the table. Passive values are the on-going valuation of your performance and suggestions based on data to tailor your efforts. It is very hard to measure the ROI in decision making support though. But there are some active values where analytics will surely bring profit to the table. You can benefit from analytics when you tailor your ads, when personalize your newsletters, when you segment the target groups, applying programmatic and attribution marketing efforts or just simply enhancing your sales funnels. Analytics will bring you measurable figures on how to perform better. The performance before and after the implementation of analytics into your marketing efforts will show you the correct values of the ROI of digital analytics.

This week we will show you the return on investment for digital analytics. Please join our weekly Q&A where we answer all of your questions.

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The ROI in Digital Analytics

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 considerable 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 the expenses? In this week’s topic, we will show you the current trends in digital analytics ROI.

Digital analytics needs an ROI formula

With the increasing amount of marketing budgets in digital analytics, there is a general need to justify that amount of investment. Analytics had its attention and the fight for resources is over now. Companies have realized the importance of digital analytics but this also implied the ROI: what would be the return on investment on digital analytics, a descriptive, analyzing approach in marketing? Great needs come with significant responsibilities. Such is the journey of digital analytics from expense-incurring to income-generating.

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Defining the profit: defining the impact

To determine the return on investment for digital analytics, we need to identify the impact of digital analytics in marketing. To illustrate the effect, we must consider the needs for digital analytics. The areas, where digital analytics plays a high valued part and also where conversions happen. These are and not limited to micro-targeting, conversion funnel optimization, marketing automation for segmented target groups, attribution marketing, programmatic marketing, re-targeting and so on. These areas have analytics for their essential needs, without analytics, you can’t do anything in these areas.

Defining the investment: defining the costs

To properly evaluate the return on investment for digital analytics we must face the costs as well. There are hard costs, sleeping costs and consultation costs. Hard costs are the prices of services that your analytics team uses: subscriptions, based on the amount of data gathered from the number of channels you own. Sleeping costs are those analytics offerings that are done every day and have their added value but not the truly actionable insights that can be turned into profit. Consultation costs are the ones that you need to get for experts who will turn your data into actionable insights that can generate more profit from key areas in your marketing. Time is also involved in this as digital analytics is a long-term investment; one-off success with the use of analytics doesn’t happen every day.

This week we will show you the return on investment for digital analytics. Please join our weekly Q&A where we answer all of your questions.

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