5 Reasons Online Metrics Matter
Don’t understand online metrics? Then you don’t understand online marketing.
There are too many marketing experts that just simply don’t know how to navigate or use metrics softwares. It’s a tragedy…
The greatest advantage online marketers have over their traditional counterparts is the ability to track and measure almost every interaction digitally. Being able to justify cost increases, new contracts, and resource allocations is what makes online marketing attractive to brands.
If you think you can get away without knowing online analytics inside and out, you’re sorely mistaken.
Here are five basic reasons why you need know and use online metrics when creating online strategy…
1: Data Driven Decisions
How are you making decisions? Is it just by what you feel is right? Are you just using your gut?
Sometimes that’s not the best way to make decisions. You don’t know why something worked and if you just go by what you think is right, it’s harder to recreate or learn from the campaign.
Using data allows you to analyze why something worked. It gives you the option of identifying important markers and to tweak your thought process for the future.
Don’t confuse experience with arrogance; luck with success. Prove that your path is correct with data.
2: Intelligent Investment
Resource allocation requires a data driven approach, otherwise you risk wasting money through inefficiencies.
Before making an investment, you should understand the following:
- What metrics will be tracked?
- How will success be measured?
- What is the timeline?
- What is the forecasted cost?
Without knowing at least the above any decision would be no more than a gamble.
3: Success and Optimization
A focus on data and metrics allows you to identify indicators of success and optimize results.
Imagine that you are attempting to optimize your social media marketing campaign. You notice that if you update your status on Mondays between noon and 3pm, it receives the most attention and click-throughs.
If you werem’t measuring click-throughs and applying it to your campaigns, you would have lost out on this optimization opportunity. Without the data, you would never have been able to identify this trend.
4: Math is Ubiquitous
No matter who you are, if you’re a marketer you have to justify your worth to someone. It could be either a boss, client, or even yourself.
Data allows you to clearly and effectively convey your value. You can identify how many conversions, what the conversion rate was, how many visits the site received, and even how many people were mentioned the product.
Explaining metrics is a lot easier than attempting to prove value through anecdotal examples or ideas.
5: Numbers Don’t Lie
Lastly, it’s the simple truth that numbers don’t lie. At the end of the day if a campaign only sold one product, but another campaign sold four – it’s simple enough to see that more resources should go to the more successful campaign.
Data helps make decisions less subjective and more black and white. By understanding the numbers, a manager can better make decisions without bias or influence from office politics.
Numbers, metrics, and measurements are by no means the end all be all. Marketers still need experience to actually understand what the numbers mean. But having the proper data helps when making decisions.
Online metrics should be a required tool in every marketers toolbox.
How are you making sure you fully understand your metrics and data? Are you basing decisions on data or feelings? Are you simply copying examples and anecdotal advice or are you testing and optimizing your campaigns?