Marketing analytics is a tricky topic — but it’s important to understand how your company can use data to improve its marketing efforts. Learn the basics of marketing analytics and what you need to know before diving into this field.
Learn to use a marketing analytics tool
As you may have noticed, there are many different tools out there. Some are more advanced than others, and some cost more money. Some are more user-friendly than others. A few have even come out with a feature set that can’t be matched by the rest of their competitors!
This is why I would recommend starting with something simple like Google Analytics (GA) or AMP Intelligence (AMP). These two platforms offer free versions for small businesses and professionals alike–and they’re both easy enough for an entry-level marketer to use within minutes of downloading them onto their computers or mobile devices.
Understand data types and metrics
In order to truly understand data, it’s helpful to know the different types of information that businesses can analyze. There are three main categories: qualitative, quantitative and behavioral.
– Quantitative metrics measure things such as sales volume or profit margins in an attempt to quantify something that has already been defined as “meaningful.”
– Qualitative metrics focus on human behavior rather than actions or outcomes and may be used for things like customer satisfaction surveys where customers give feedback about their experience with a product or service. They’re also commonly used by marketers who want to learn more about their target audience’s interests so they can better serve them in advertising campaigns.
– Behavioral metrics track how people behave when they interact with products or services–for example whether they buy one item first and then go back later for another one if prices change between visits; whether people spend more time reading blog posts than watching YouTube videos (measured by bounce rates); etc..
Know common terms like conversion rate and ARPU
The term “ARPU” stands for average revenue per user. It’s a good measure of customer loyalty, as well as satisfaction and lifetime value.
Here’s how it works: Let’s say you have a new mobile app that helps people find their favorite coffee shops and restaurants around the city. You might be able to see the conversion rate on your Google Analytics dashboard (the number of people who take the desired action). Then, if you have data from an actual person who signed up for your app, let’s say she downloaded it once but never opened it again after her first use–this would mean she didn’t convert into paying customers like we’re hoping for! In this case:
– Her average daily revenue per user (ARPU) would be $0 because she hasn’t generated any sales yet;
– Her monthly ARPU would be $0 since she doesn’t need any more information about which coffee shops are nearby anymore; and
– She probably won’t keep coming back because there isn’t enough incentive in getting familiar with their menu options or finding out what kind of food they serve at each location.
Learn to interpret the data
Now that you’ve learned how to measure, analyze and interpret data in a way that’s useful for your business, it’s time to start using this information.
The first step is understanding how to use analytics effectively.
Once you understand what data means and how it works, then you can start making decisions based on its results. This means making sure that both the quality of your marketing efforts as well as their effectiveness are measured so that they can be improved over time by quantifying your performance with metrics like conversion rates or goal completion rates (or whatever else might work).
Next, you’ll want to determine what kind of data will be most useful for your business. Is it better to know how many people visited a page or clicked on an ad? Or do you need more detailed information like how long visitors stayed on your site and what they were looking at when they left? You can also use analytics tools to see which keywords are bringing in the most traffic, or where conversions are highest (and lowest).
Once you’ve decided what data is most relevant, you can start using it to make decisions. For example, if your analytics tell you that visitors are leaving your site right after they land on the home page, it might be time to redesign that page so that there’s more information available up front. You could also do some split testing of different landing pages to see which ones people prefer over others.
Marketing analytics can be intimidating,but it’s important to break down the basics and understand why certain numbers matter
Marketing analytics is a way to measure the effectiveness of your marketing efforts. It can help you understand your customers better, which in turn will allow you to improve customer retention and generate more revenue.
It’s also important not to get overwhelmed by all the numbers and terms involved in marketing analytics: there is no need for anyone who wants to learn about this topic to have an advanced degree or even any formal training (though some people do). The good news is that there are lots of resources available online that explain how these things work so all newbies should be able to get started without too much trouble!
Conclusion
So now you know the basics of marketing analytics, and hopefully have a better understanding of how to use it in your business. We covered some important terms, like conversion rate and ARPU, but there are many other terms you can learn about if you’re looking for more information on the industry.
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