Gone are the days of ROI guesswork for marketers. Digital platforms have brought real-time analytics, allowing for direct tracking of performance across these channels. Marketers can now target, analyze and optimize their messaging in real time. This also means that brands must approach digital channels as customer insight platforms that need constant attention, refinement and even redevelopment.
Here are five steps to track your brand’s digital effectiveness:
- Set objectives.
Your objectives should outline what actions you want users to take and how those actions will affect business performance. This can take a variety of forms, such as:
- Product or service sale
- Form submission
- Data capture, such as email newsletter signup
- Information sharing
- Determine key performance indicators (KPIs).
Once you have set your objectives, identify the specific metrics that will be used to determine success. For example, if one of your objectives is to develop a robust email database of customers, various digital KPIs might include:
- Website: Email opt-ins
- Social: Website clickthroughs that led to email opt-ins
- Email: Shares
- Email: Total subscribers
- Set up reporting format and frequency.
Establishing a standardized format for performance reporting is a critical step to ensure information is displayed consistently and in an understandable format for key stakeholders. Reporting frequency may vary based on data volume and business objectives but a good rule of thumb is to review analytics monthly. A good starting point for reporting is to ask the following questions:
- What business decision will this inform?
- What timeframe will lead to the best understanding of performance?
- What questions am I trying to answer?
- Track performance.
The next step is to identify and implement the tools you will use to track your digital performance. The marketplace is flooded with analytics tools, and identifying the right one for your business is critical. Tools can range from free plugins like Google Analytics to robust reporting suites like Adobe’s SiteCatalyst.
- Act upon insights.
As you begin to understand trends and gain insights about your audience, you can re-shape your strategy and refine tactics to meet your objectives and maximize your communication investments.
Digital analytics bridges the gap between strategy and effectiveness. Contact us today to help maximize your digital ROI.