What is Performance Analytics?
Performance Analytics is an integrated system of record for collecting and analyzing data. Performance Analytics is used to track, aggregate, and visualize key performance indicators over time, rather than reporting on a point in time. Performance analytics incorporates processes and techniques that help analysts in evaluating their digital marketing campaigns and advertisement goals.
What is Good about Performance Analytics?
Using performance analytics, you can make impactful decisions for promoting business, campaigns, ongoing and upcoming projects, marketing expenditure and expected revenues. Addition to this real time analytics and performance reports it provides edge over the competitors. Performance analytics drives comparisons between various acquisition channels including websites, paid advertisement, affiliate advertisement, social media, and so on. With performance analytics, marketers get the best of opportunities for collecting data from various channels and reconcile them in a comprehensive marketing channel. Such consolidated overviews help in extracting important analytical results.
How to de-code the Data we get from Performance mediums?
Wisely said data is the new oil, proven this fuel can boost your business rocket to unimaginable heights, with performance analytics we not only extract that oil, but we at Merkle Sokrati, would refine it to fuel your business while monitoring the performance of your campaigns.
When you dig deeper into data, you really don’t know where to start. There may be gems buried in data that can be very impactful for the decision making. Culling through huge peaks of data can be overwhelming, analytics share it in a way people can understand.
Suppose you own a departmental store and cater variety of products, with the wisdom of your marketing instincts and sales records you observe a particular product ‘x’ is sold the most in past few months, using this decision you fill your store with product ‘x’ to gain more profit, suddenly a competitor product is in the market with better adverts, better marketing and huge brand appeal. Yes, your vague decision could give you huge loss.
On the other hand, with performance analytics, not only can you measure the highest product sales, but also the competitor or similar products. You can measure customer behavior, the time spent in a section of the store, customer visiting time, average time spent in a section, reaction to a product, offers and predict the future purchase needs. These are just few examples; Analytics has a lot to offer. It is impossible for brands to win today’s smart consumers using marketing instincts alone. Today’s marketing geniuses are completely data driven.
How can Brands use Performance Analytics?
Brands need to know what their customers need, like and buy. All of that is expressed in data, data no longer simply informs decision making, it predicts outcomes and prescribes actions. Analytics can answer questions that clients don’t even know to ask. It gives you great understanding about customers rather than large faceless groups and create experiences that brands can tailor for their audiences/customers across every aspect of their life, from their home to their work and everywhere in between. The smarter brands stitch together data from everywhere across online and offline interactions.
We use data to paint a customer holistic picture as well as highly detailed analysis of needs, interests, and propensities, from real time customer intelligence interactions like mobile, video, IOT as well as offline interactions such as store visits, phone calls and other brand impressions constitute to useful data assets.
Advantages of Performance Analytics, how can you best use it?
Performance analytics can lead to increased outputs, best customizable content tailored to customer needs which in turn leads into upliftment in conversion. Performance analytics reduces developer dependencies in making customized apps and website experiences giving you more resource to reach and spread your content to a wider audience. Your audience can be based upon the geolocation, language they speak, product they use, amount they spend and other factors. This can help you segment and segregate your audience.
The following are the advantages of Marketing analytics':
Assess and evaluate each acquisition channel's contribution and effectiveness: Performance analytics aids in the evaluation and assessment of each acquisition channel. From the standpoint of engagement, conversion, and acquisition, it evaluates marketing initiatives. It gives you visibility and transparency into your individual and cross-channel performance, as well as chances to reduce your Cost Per Acquisition. Marketers can better allocate their expenditures by identifying which channels work better than others.
Gain insights for better marketing campaigns: Marketing analytics enables digital marketers to perform extensive analysis and discover their most and least lucrative customers, as well as boost customer loyalty and impact their bottom line. It provides both cross-channel and individual performance integrity and visibility. Marketing analytics also assists in the refining of channels, content, and design.
Put declines and spikes in various trends into context: Performance analytics will help you discover the most recent marketing trends in relation to your digital marketing efforts. You can detect such patterns and evaluate them, or you may set up monitoring to be notified of any substantial changes and make course modifications before it's too late. For example, you may observe and make predictions in customer’s behavior by analyzing at the changes in term frequencies over time.
Identify chances for sophisticated analytics and targeting Performance analytics: This can help you target and personalize your audience segments. Performance analytics assist in the segmentation of prospective consumers by helping digital businesses to target their target demographic. As a result, businesses may develop a marketing strategy that boost loyal customers or push them farther down the conversion funnel.
Create opportunity for campaign landing page test and enhancement: One of the most essential uses of performance analytics is to test and improve campaign landing pages to achieve better performance in the future. A/B and Multivariate testing of digital marketing activities and conversion tracking can reveal the layout and content mix variations that give the best results to you.
Performance analytics help in optimizing other business operations: Performance analytics will improve your business operations to help you get better marketing results. For example, by tracking the phrases your consumers use, you can determine what products or services they require from your brand. Ongoing customer sentiment tracking may assist businesses to improve their products or services.
Let’s make the best out of Performance Analytics
To summarize, we understand the magnitude and impact of performance analytics. Despite these evident advantages, a significant part of digital players fails to recognize the potential of performance analytics. The goal of performance analytics is to find opportunities for ideal product innovation, brand recognition, and customer experience; although, acting on those insights is just as crucial as identifying them. Performance analytics, when implemented right, may offer a lot of revenue and dedicated clients, turning your marketing campaigns a tremendous success. Like for instance, at Merkle Sokrati, a Telecom client wanted to change the language on the website & offer pages based on the audience demographics. They were reluctant in spending more on building whole web pages again & wished to spend randomly on anyone through media campaigns for specific landing page. We at Merkle Sokrati supported them by using performance analytics, we helped them in increasing 36% uplift in Click Rates along with 15% increase in Conversion Rates.
Similarly, for another Telecom client, they wanted to display a feedback form when the user wants to exit the webpage or the journey. 60% form fills rate with no to minimum time required for developments. Using performance analytics, we were able to measure Creatives which are getting more link clicks, Audiences that are performing better, geographies which are responding better to the campaigns and know about the Devices that have better performance.
There are so many success stories using Performance Analytics, provided you know how to understand the data and make the best out of it. At Merkle Sokrati, we provide a holistic approach in understanding your requirements and connecting them with the best possible measures. We are happy to provide you services like Data Management Platforms, Analytics Platforms, Web Personalization Platforms, Tag management services etc.
If your business needs help in utilizing the best out of Performance Analytics, we’re here to help.