When someone decides to launch a new product, customer or brand awareness is usually one of the primary concerns. After all, the last thing a business wants is to sell a product and lose a customer because they weren’t even aware it existed.
But what if that concern could be mitigated by using a tool that can track multiple metrics, such as performance, engagement and conversion? Using Google Analytics to monitor online performance throughout the customer journey can help businesses determine the effectiveness of their digital marketing and point-of-sale strategies, and allow them to make smarter decisions in the future.
Why Performance Marketing Is So Important
The first step to making smart decisions is gathering the right information. If you’re not sure where to start, begin with performance marketing. Performance marketing combines marketing and business analytics, and it is one of the few areas where you can find all three elements working together.
This combination makes performance marketing a powerful tool for measuring the effectiveness of your marketing strategy, from top of the funnel to bottom. For example, you can use Google Analytics to determine the conversion rate of your website’s visitors. Then, you could compare that figure to the amount of leads that you generated through social media to get a sense of how effective your strategy was.
This type of analysis is crucial for businesses, as it provides them with the data they need to make informed decisions about their marketing strategy. With the right measurements in place, you can be certain that you’re making the right calls at the right time and that your efforts are paying off. And if you’re not certain that they’re paying off, it might be time to review your strategy and make some adjustments.
How Performance Marketing Can Help
In the old world, marketers would simply look at the reaction of the customers they already have rather than worry about the reactions of the ones they don’t yet have. In today’s world, however, marketers have to focus on getting LEADS, and that means taking an interest in gaining new subscribers or customers.
Performance marketing can help shift that thinking. By examining multiple touchpoints and metrics throughout the customer journey, marketers can get a better sense of the effectiveness of their strategy. For example, you could look at the number of website visits versus the amount of engagement, to see if your digital marketing efforts are attracting the right audience.
If you’re analyzing the performance of your social media platforms, you could compare the number of views to the engagement to see how effective your strategy was on this front. Ultimately, with the right measurements in place, you’ll be able to determine the success of your entire marketing strategy and make necessary adjustments where necessary.
The Performance Marketing Mix
To fully take advantage of the information that Google Analytics can provide, you’ll need to look at how various marketing components and platforms influence each other. As you might expect, social media can have a significant impact on the success of your website, but the direction of that influence can change based on the type of content that you post on social media. For example, if you want to promote your products, you’ll likely see more success from social media platforms that allow you to promote products.
On the other hand, if you’re looking to attract new customers to your product, you might find that social media platforms that encourage users to engage with others are more beneficial.
To craft a successful performance marketing strategy, you’ll need to look at various metrics and analyze them against each other.
The Full Research Process
Now, let’s dive into how to actually go about formulating a performance marketing strategy with Google Analytics.
The first step is to set up some simple goals and metrics in advance. This will allow you to easily see the results of your strategy and provide you with the evidence necessary to justify your strategy. For example, you might decide that you want to see a 50% increase in brand awareness by next month. To track this, you’ll want to set up a goal on your Google Analytics account for this metric and then set up a bit of an alarm system in case things don’t go as planned. If this is a new metric for you, take some time to learn a bit about basic statistical analysis so that you can properly interpret the data that you gather.
The next step in the research process is to create an analytics report, which will walk you through the entire journey of a typical customer and display key performance indicators along the way. From here, you can determine the effectiveness of your strategy and make necessary adjustments to get the best results. As you continue to tweak and adjust your strategy, your report will provide you with continuous feedback about the results of your efforts.
Performance Marketing With Google Analytics – The Final Takeaway
When it comes to marketing and business analytics, it’s important to keep in mind that no one tool will provide you with all the answers. Instead, it’s vital that you look at all available data to get a full picture of the situation. Armed with this information, you can make smarter decisions and drive more profitable business outcomes. With the right measurement and review tools in place, you can be certain that you’re making the right calls at the right time and that your efforts are paying off.