Website analytics can tell you about your site’s traffic, bounce rate and unique visitors, among other things. They reveal the effectiveness (or ineffectiveness) of your online property. With this data in hand, you can fine-tune the content of your site to improve customer experience when they visit you in cyberspace.
However, website analytics don’t provide the insights you need to assess the impact of your entire marketing strategy. For that, you need robust data regarding conversion rates, customer touchpoints, and the relative effectiveness of all the diverse tactics you’re employing to meet your business goals. The fragmented data arriving from various platforms needs to be synthesized and studied to capture a more comprehensive picture of your marketing spend.
Translate your business objectives into measurable outcomes that support your bottom line.
In order to acquire analytics that provide deep knowledge of your ideal customer’s behavior and an accurate account of your marketing ROI, it’s important to start with what you know: your business objectives. To determine whether your marketing strategy is working, you have to know what it’s working towards. Clearly defined business goals are the foundation of any successful business, and measuring your progress is the only sure way to know when you achieve those goals.
A restaurant might have as a primary objective: increase traffic by 15% this month. A hotel might have as its goal: increase bookings by 28% this quarter. A retail shop might designate an increase in the sales of a particular high ticket item while a law firm might prioritize conversions of callers to clients. None of these objectives can be effectively measured by website analytics alone.
Prioritize the data that reflects sales – not page views – and your business will be growing stronger.
If your business goal is simply to bring more visitors to your website, website analytics are sufficient. However, few businesses can survive via pageviews alone. You entice prospects to your site so that they will take some action. The true measure of effectiveness is not a mere page visit, but action taken. Leading people to your site may be a part of the buyer’s journey, but it’s not the destination.
While website analytics can tell us how much online traffic has increased to our restaurant’s website, they can’t tell us how many more patrons the restaurant actually served. To that end, a hotelier won’t benefit as much from page view statistics as from data about actual reservations that may be taking place via a reservations line or spontaneous walk-ins. That’s where site analytics fall short. There is a solution, however, that is rooted in technology and client systems. When a media team pairs its analytics and reporting systems with a client’s internal systems (i.e.: POS, case management, shopping cart, etc.), analytics become more rich. That extra step, which is often skipped, opens up a world of information about ROI, attribution, cost per acquisition, etc. But it’s only possible through advanced analytics.
The media planners at Morgan & Co. are numbers people.
At Morgan & Co., we know that performance equals sales, and so we carefully track, measure, and report on the performance of the tactics we use to achieve your business goals. While we measure many metrics, we put the most important data – conversion points – at the top of your report. We demonstrate the cost for acquiring that hotel booking or new client, and we show through data what the return on your investment is.
We consider ourselves the stewards of our clients’ brands as well as the investments they make, and we prove our merit through accurate, timely, relevant metrics showcased on a dashboard system that integrates performance data from multiple platforms, not just your website. Contact us today to learn how we can help you move beyond vanity analytics to true analytics that help to grow your business.