When the World Wide Web made its debut in 1990, few people could have predicted how it would reshape life in the ensuing decades. Not only did it flip the marketing world on its ear, but also our ability as marketers to track, measure, and optimize our efforts for the better.
However, it has also created a familiar issue for small businesses and large corporations alike: data overload.
Sure, the never-ending stream of channel touchpoints makes it easier than ever to reach an audience. And, yes, sophisticated data modeling systems have emerged to connect and attribute credit to important touchpoints across even the most complex journeys.
But, when it comes to analytics, just because you can track, measure, and optimize for everything, doesn’t mean you should.
What should you do instead?
Start with a Question
Data is everywhere. Marketing managers are swimming in it. Websites, social platforms, third-party monitoring tools, and more – all offer some sort of metrics tied to performance. But it’s all too easy to get lost in the weeds.
Put another way, trying to glean insights out of data without first understanding what information you’re after is like taking a road trip without a destination. You’ll likely just keep on going until you end up back where you started.
Instead, start by asking the question you’re trying to answer. Doing so will help you find a starting point
Example:
- Question: How can I optimize my paid spend to generate more revenue?
- Answer: Which channels am I spending in today?
That single answer gives you focus. Then, you can repeat the process by letting the first insight lead to the next:
- Of those channels, which one drives the most revenue?
- How do the revenue figures for each channel correlate to spending?
- Do any of the channels convert at a higher rate than the others?
- Which variables may affect those conversion rates?
- And so on…
This approach gives you a broad view of the situation without overwhelming you.
It seems simple, but that’s the point.
Analytics aren’t intended to overload us or supersede critical thought. They’re meant to complement it.
Need help with your analytics? Drop us a line or call us at (440) 283-5004. We’re happy to chat and answer any questions you have.