With so much data available to businesses today it can be easy to get distracted by meaningless metrics, or even overwhelmed. To succeed, businesses need to focus on actionable insights to drive decisions.
A blog post by CeBit Australia considers how firms can navigate the huge amounts of data available and use data to enhance marketing decisions.
When it comes to measuring awareness, the article suggests it make sense to look at metrics like page visits or number of Twitter followers. However, it cautions that this might not actually be contributing much value when it comes to achieving business objectives.
Marketing executives need to determine if people are engaged. People who like what you’re doing are more likely to want to give you their business.
How to measure engagement will depend a lot on the business but can include metrics such as time spent on the website, number of pages per session, email open rates and click-through rates.
Content engagement rates are also important – for example, are they engaging more with a certain type of blog post, or a certain subject matter? Do YouTube videos work better for your audience?
These metrics then feed into the conversion rate, which tells you exactly how many people were engaged enough to want to actually go ahead and make a purchase.
As well as knowing what’s working it is also important for a business to know what’s not working.
While engagement rates will help pinpoint weaker strategies, it’s also important to consider metrics like bounce rate and cart abandonment rate.
The article suggests that a net promoter score is an excellent place to start collecting this data. This has proven to be an accurate measure of customer satisfaction.
To avoid being overwhelmed by data, businesses need to ensure they focus on key metrics that can actually add value.
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