Data-Driven Decision Making: The Power of Analytics in Digital Marketing
We are all parts of a massive and intricate digital web. The digital fabric is rich in multiple components, but if there’s one thing that forms the bedrock of this overarching network, it is Data: a simple word with powerful implications and incredible utility. I’m sure you must have several questions in your mind regarding data, analytics, digital marketing, what are the benefits and how to use data analytics in digital marketing. All of these and more will be extensively discussed in this article!
What is Data and why is it important? What does Data-driven Decision Making mean?
In simple terms, data refers to any unit or value that conveys some kind of information. It becomes an extremely invaluable asset to businesses after being collected via measurement or research, integrated, processed, analyzed and interpreted. After this, certain noteworthy patterns, trends and relationships can be pinned down which can further guide important business decisions. In the current digital age, nearly every eminent business has an online presence that needs to be dynamic, well-maintained and frequently updated. Do you think they can make significant decisions by shooting in the dark with arbitrary speculations? Definitely not! This is why they acquire access to large amounts of data available due to the millions of people and businesses present online and work with it to leverage its indispensable indications.
What is (Data) Analytics? How is Data Analytics useful in Digital Marketing?
Analytics or Data Analytics is that process wherein data is collected and interpreted to derive valuable insights. The primary point of data analytics is to convey these insights and lessons to bring about effective decision-making in any field. Digital Marketing is the field in which marketing techniques are carried out in the online or digital space. Thus, we can see a stark, overlapping feature between Analytics and Digital Marketing by their utilization of the digital hotbed; and this feature is Data. Data Analytics performs functions like discovery, prediction, automation, identification, etc. for businesses to help them in making pertinent digital marketing strategies, tactics and campaigns. It decodes an overwhelming sea of data and provides all the raw materials, reports, recommendations and insights required by brands to make calculated, well-informed choices and decisions to grow themselves.
Benefits & Role of Data Analytics in Digital Marketing for Data-driven Decision Making:
Know your Audience – Through various techniques for reporting and easy visualization, you can learn a lot about the kind of users you want to reach through your marketing campaigns. Having an idea about the audience you can target can help you direct your energies in the right direction, towards people who are likely to respond to your product or services. This is called conversion rate optimization. You can also optimize your content for this purpose.
Improve Customer Relationships through Personalization – Analytics tools can also help you understand your customers better. You can learn about their online habits, behaviors and patterns to learn about their needs. Then, you can cater to them individually via personalized marketing tactics like emails, whatsapp, SMS, etc.
Track Campaign Performance – Data analytics gives you the chance to monitor your digital marketing campaigns across multiple platforms in real-time. Thus, you get an idea about the responses and which part of the campaign works and which isn’t doing well. You can even make instant adjustments while having a bird’s eye view of the whole process
Predictive Analysis – Digital marketing has massive use of past data in order to be able to analyze patterns that help put two and two together and predict future requirements and behaviors. Data Analytics takes care of all of this so that effective campaigns can be designed for maximum success and response in the future.
Competitive Analysis – Businesses must always stay up to date with the marketing strategies and activities of their competitors. Competitive analysis gives them a clear idea about where they could improve and stay a step ahead of their competition in the industry.
Increase ROI (Returns on Investment) – The goal of any business is to attain higher ROIs for all their digital marketing endeavors. With its automation function, data analytics helps save a lot of time and resources on repetitive, tedious tasks.Thus, efforts can be redirected towards more creative and rewarding things with increased efficiency.
Steps on How to use Data Analytics for Digital Marketing:
Learn the basics – Acquiring sound knowledge on Data Analytics and Digital Marketing principles should be your first step. Harness the power of data with the best digital marketing course with data analytics offered by Digifine Academy of Digital Education (DADE). Learn basic to advanced concepts from comprehensive modules on some of the best digital marketing and data analytics courses in Mumbai, Andheri & Pune. These are taught by highly experienced faculty using a practical approach. Further, you get the chance to receive international certifications and a 100% placement guarantee. Not only this, but Digifine believes in supporting their students through every step of their training by providing incredible industry exposure and post-course support. There are several modules covered in these courses that are based on fundamentals of Data Analytics. You can find detailed information regarding the same below:
Courses offered – Digital Marketing Graduate Program, Professional Digital Marketing Program, Executive Digital Marketing Program, Data Science and Machine Learning Program etc.
Modules using Data Analytics principles – Google Analytics, Data Science (Marketing Analytics), Search Engine Optimization (SEO), Google Ads.
Topics covered in the Google Analytics module – How Google Analytics Works, Google Analytics Set Up, The Google Analytics Interface, Measuring Campaigns, Tracking Campaigns, etc.
Topics covered in (Data Science) Marketing Analytics Module – Introduction to Tableau, Analyzing Data in Tableau, Introduction to R Programming, etc.
Topics covered in Search Engine Optimisation (SEO) Module – Website Linking Process, Search Console/ Webmaster, Understanding Keywords, etc.
Topics covered in Google Ads Module – App Network Ads, Shopping Ads, Remarketing / Conversion, etc.
Features – 100% Placement Guarantee, Global Recognition, Courses designed by Industry Experts, Practical Learning, Conducive Environment, Comprehensive Modules, International Certifications, Post-Course Support, etc.
Outline clear goals – Determine a set of objectives you want to achieve with the help of data analytics. Also, have short-term and long-term goals for your digital marketing campaigns and strategies in order to be able to effectively tap data-driven decision making for digital marketing.
Identify KPIs – KPI stands for Key Performance Indicators. This is a means of measurement and evaluation in order to gauge the efficiency and success of a particular digital marketing campaign or investment. You cannot move further without an outline of what are the specific KPIs based on your goals that you will use to make sure optimal use of analytics is done for maximum marketing output.
Use qualitative & quantitative data sources – You must first acquire and possess data in order to be able to utilize it for your digital marketing decision-making process. For this purpose, get a hold of sources that are extensive as well as give you good quality of the kind of data you need.
Use the right tools & tech – What is analytics without the best tools and technology? Google Analytics, good CRM (Customer Relationship Management) systems, quality marketing automation software, data visualization tools, access to CDPs (Customer Data Platforms), etc. are some good options for this.
Be open to change – Complacency has no place in the fast-paced digital world. With new technologies, avenues and techniques emerging constantly, a business must be open to staying updated. Further, data analytics insights shed light on what kind of strategies do not work and you must accept to change your tactics so that you can make the best use of analytics in your digital marketing ventures.
Kickstart your career with the best institute for digital marketing with data analytics immediately!