Allocating marketing dollars is no easy task. Usually, it involves some give and take. In a perfect world, most marketers would have a thoughtful marketing strategy written that ties into business objectives and goals. It would include proper advertising and marketing tactics where each channel plays off of the other and appropriately targets each market. It would be timely and contain fabulous creative and all the right tracking. To track ROI, all lead-gen and sales systems would talk to each other to provide the best reporting possible on the strategy’s outcome. Then you’d optimize and make your wonderful strategy even better for the next year.
But, here in the real world, things change. Oftentimes, business objectives and goals are altered, or you just have to place an ad or create a marketing piece randomly. And you have to make do with what you’re given.
Here are five KPIs you can use from your own analytics to help you maximize your marketing dollars—whether it’s a wondrous and glorious strategy or something that is just happening on the fly. I’m going to be focusing mostly on Google Analytics, but you should be able to find some sort of equivalent with your analytics tool.
1.) Who should you target?
In Google Analytics, the demographics portion of the audience section can be very eye-opening. It breaks the people visiting your site down by gender and age. You may have thought one type of person was your target audience, but this can really show you it may be someone totally different than you think. One reminder, though, is that this is an online channel. Because of this, especially in the case of retail, you may have more than one target market, and they may choose to find your products and services other ways than through a website. But, this information will come in handy for digital advertising and marketing.
2.) Where should you target?
Audience: Geo: Location
This can help you know where to target your efforts, whether at the national level or city level. If you are a small business and primarily do business in only one city, this may not be as helpful. However, if you’re a statewide or national business, this could be very useful. Knowing where customers or potential customers are coming from when they visit your site can help you decide where to place ratio spots, billboards and other geographically targeted marketing and advertising.
3.) How should you target?
Once you know who you’re targeting, figuring out how to find what your biggest markets are can be a challenge. This section gives insights into the types of things they like, industries and other information. In the screen shot below, you can see that a large portion of the visitors to this specific site are “technophiles” (affinity category) who are probably in the financial industry (in market segment). It might be smart for this particular company to advertise on financial tech sites, partner with tech blogs, attend tech conferences, etc. to reach their target audience. Or they might want to think about creating content around tech and their industry product or movies.
4.) What do they like about you?
This section shows what pages are most visited on your site. For instance, if you have a page for each product you sell and you notice many people are viewing a specific product, that may be something you want to throw some marketing dollars behind. Or if you noticed one is pretty abandoned, you may want to throw some money there instead. In the screen shot below, it’s noted that a lot of visits are going to a few blog pages. It might be wise to put marketing dollars behind those blogs as promotion or develop more content around those pieces. If those blogs tie into products or services, it could be smart to promote those as well.
5.) How did they find you?
This one lets you know how people are getting to your site. This is good to know when planning what channels to use for marketing. If you’re getting a lot of traffic from social but you’re not putting much time and effort into it, it might be a good place to allocate some budget to get more interest from a channel that’s already working, like in the screen shot below.
Do you need someone to dig through your data?
At Ervin & Smith, we have a knack for helping brands appropriately allocate marketing dollars by diving into data. If you’re looking for help optimizing your current marketing strategy, contact us today to schedule a time to chat.
- http://digitalservices.npr.org/term/google-analytics and https://sendpulse.com/support/glossary/google-analytics