Data is such a powerful tool, especially within the world of digital marketing as it can inform you in such a black and white manner as to whether your marketing campaigns are successful or not. Data removes the guessing game out of things, allowing for calculated and measured decisions to be made, as there is generally enough evidence to back it up. Discover the power of data and analytics and learn how digital marketers are using it for their own benefit. 

Did you know that 40% of companies say that their biggest marketing challenge is proving the ROI of marketing activities? Or that companies who don’t regularly maintain their database see on average, 34% lower conversion rates. If you use data to inform your marketing and sales decisions, you can enjoy a potential 15-20% increase in marketing ROI and quite frankly why wouldn’t you use data to influence and factor your decisions? The risks are too great not to. 

Ultimately the goal of most businesses is to generate a profit, as quite frankly, this is what keeps a business afloat. Data (in the form of metrics) will allow you to see the who / what / when / how factors behind your advertising and analytics will allow you to make an informed decision. Incase you are unaware of the two terms, let us explain them briefly below:

 

Metrics – numbers which are tracked that inform how successfully an activity (such as a Google Shopping Ad) is. 

 

Analytics – Analytics uses metrics and data to make informed decisions on how to progress forward in order to achieve the marketing and business’s goals. 

 

Data allows digital marketers to understand what their audience truly want. With insights into elements including gender, age and location, it is easy to see who your ideal customer profile is. Analytics also reveals the consumers interests as well as which device and browser was used to access your site / ad, giving you a great roundup of the consumer as a whole, which is great knowledge to have when trying to target the consumer. 

Data and analytics also allow for better pricing decisions as thanks to data, you can now factor in data from incentives, completed promotions and performance. You can also see your customer’s purchasing history and disposable income. This information will allow you to price your products at a competitive price that will allow you to generate profit whilst also satisfying the consumer’s spending price range. You may also wish to automate your pricing settings using big data to really keep your finger on the pulse.

 

If you need assistance with accessing the powerful resource of data and analytics, reach out to a Data Analytics Singapore Agency. Digital Squad Singapore provide leading Data Analytics Consulting Services and can assist you with every step of the way.