Hi all and welcome to episode 102 of the Marketing Freaks podcast! In this week’s episode, Jon is joined by our Head of Client Services Dan to discuss not only the importance of data, but being able to understand and report your data effectively by looking at the appropriate metrics for your product.
Data is the fuel that drives digital marketing. Without it, we wouldn’t be able to measure the success of our campaigns, make informed decisions, and improve our results. But with so much data available, it’s easy to pollute your view and be led by the wrong metrics.
One of the common things we see in the industry is overcrowded reporting and it’s important to understand that to be able to effectively report results, you need to be able to identify the right metrics to track. Unfortunately, we often see that businesses are making marketing and advertising decisions based on irrelevant information and not only is this a huge waste of money, but they’ve then missed out on results.
We often see reports that include data just because it’s available, but how do you know if what you’re looking at is actually helping you make informed decisions to spot what is working in order to push for more results?
The key is to understand your GOAL. If your goal is to increase sales, you’ll want to track metrics such as conversion rate, average order value, and revenue. If your goal is to increase brand awareness, you’ll want to track metrics such as impressions, reach, and engagement.
Essentially, avoid overcomplicating and overthinking data. It’s easy to cloud your vision with too much or too little data that is irrelevant to your KPI’s, so take a step back and really think about what you need to know.
If you’d like to learn more about data and being able to track it effectively, take a listen to this week’s episode!
To find out how Overdrive Digital can help your business make the right decision based on your data, speak to us today.