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Digital Analytics – An Overlooked Gem That Can Drive Real Business Value

16 Apr 2023
Digital Analytics

1. Introduction

Digital Analytics is no doubt one of the most critical aspects of a successful digital strategy, which is often overlooked by many organisations. Marketers, agencies, and organizations spend a lot of money to design creative websites/applications and then drive traffic from paid channels like Google Ads and Social media campaigns. The focus for most of the businesses has often been on the acquisition channels. In short, keep paying money to drive traffic, without asking an important question “How do I increase the conversion and get the most of every dollar I am spending on my ads?” That’s where digital analytics comes into the picture.

Let us first understand what exactly digital analytics is:

“Digital analytics is the analysis of qualitative data and quantitative data across your digital ecosystem. This includes the digital data collected from your user activity on websites, apps, surveys, emails as well as marketing channels. ” In simple words, digital analytics helps you to understand some very important questions:

Question Look for:
What are the main KPIs (business
objectives) or goals for the business?
Events, Goal Completions etc
I have spent top dollar building my
website, how is it performing?
Speed, Errors, digital adoption.
How is my marketing performance?
Which marketing channels are driving the most value?
The value is not defined by increased traffic, but the number of goal completions and customer satisfaction on your digital assets.
How can we get the best buck from acquisition campaigns and improve
conversions?
Cost of acquisition, Funnel
conversion rates
At what point are the customers losing interest in my website? User behavior, Bounce rates,
dropouts, etc.
How can I personalise the customer online experience on my website? Customer segments, Audiences,
user behavior
What else is the analytics data telling me? What are the proactive projects/campaigns we can look at in order to excel in our digital goals? Landing page optimisation,
customer retargeting

Over the years, I have noticed that many people confuse digital analytics with the following practices:

3. Web Analytics (Google Analytics Or Adobe Analytics):

Many businesses & marketers associate Digital Analytics with Web analytics or tools that can help deliver data for web analytics i.e Google Analytics or Adobe Analytics (most common platforms). Web Analytics helps you collect quantitative data to analyse the user behavior on your website. However, Digital analytics is much broader as it gives you insights on your entire digital ecosystem including websites, apps, marketing channels, live chat, and other customer. Masterarbeit schreiben lassen, for example, uses digital analytics. With it you can analyze the data and choose the right strategy and tactics to promote your campaign.

4. Marketing analytics:

Marketing analytics is mostly focused on analysing performance from marketing activity or campaigns. However, if the customer doesn’t buy a product from a particular marketing campaign, are we looking into opportunities to convert them across other digital channels using non-marketing methodologies.

According to HubSpot’s 2018 State of Inbound report, 42% of marketers cited “proving the ROI of our marketing efforts” as one of the biggest challenges they face within their company. Marketing analytics can never provide a 360-degree customer view to deliver accurate ROI. It is super difficult to achieve the right attribution.

5. Mobile App Analytics:

Similar to web analytics, Mobile App Analytics deals with analysis using data collected within the Mobile applications. It still won’t capture the holistic 360-degree view on what the customer has been doing on your websites or across your marketing channels. For
example, if we want to know if a marketing campaign is shown in an App, and then the customer converts on our website, only a complete view from digital analytics can help you

6. So what value can digital analytics drive to your business?

In one word – Substantial. The world is changing rapidly towards the digital age, and data is the key catalyst driving this change. Digital Analytics can help you use your digital data ( from websites, apps, marketing, surveys, emails, chats, CRM, and much more) to drive growth for your business. Below are some benefits that a business can leverage from a good Digital Analytics ecosystem:

So how can you build an excellent digital analytics ecosystem? Building an efficient digital analytics ecosystem` is a journey. It cannot be done by simply deploying Google Analytics or Adobe analytics on your websites or apps. Below are the key steps that can be used by businesses to get started with their digital analytics journey:

Remember Digital Analytics is not about implementing web analytics tools like Google Analytics and calling it a day. It is about collecting the right digital data and using it to grow your channels.

Assess:

Assess your current digital ecosystem (websites, apps, digital marketing, customer engagement emails, etc). Understand how customers are interacting with your business. Draft your initial goals as a business lead on what success looks like to you from a digital perspective.

Strategise:

Strategise the resources required to execute the digital plan and how it fits in overarching Analytics strategy. Invest in a digital analyst or consultants, who can use digital data to achieve your desired outcomes. Invest in the right tools like Google Analytics, Adobe Analytics, Optimizely, heatmap tools, etc.

Implement:

Define and collect high-quality data on your websites, apps, and marketing platforms. Work with your consultant to create and execute a roadmap for the digital success you desire to achieve.

Report & Analyse:

Develop a data-driven culture within your team. Analyse the digital customer journeys and look for optimisation opportunities. Look at the marketing campaigns to analyse your performance and target the right customers.

Excel & Grow:

Create an optimisation strategy to grow your digital ecosystem from the insights derived from your data. Personalise your customer experience by knowing your audience, segmenting and creating a single view of the customer across your platforms.

I hope you find value in this post. If you have any questions, please don’t hesitate to reach out to me. Subscribe to our future blog posts to keep learning about the digital strategy, trends, and tactics you can deploy for your business.

Author

Tapan Patel