The internet provides you with all of the information and material you require at any time. All of this information is now available on-the-go because to the growth of mobile devices, and cloud computing offers the computational capacity on the backend. As a result of all of this, consumers have become more demanding, and companies are continuously seeking for innovative methods to collect, analyse, and display valuable data to their audiences in order to satisfy their insatiable appetite for fresh information. Effective data collection and administration are strongly tied to critical decisions about targeting, segmenting, and ultimately revenues. Organizations must maximise the value of their sales and marketing campaigns in order to increase profits.
What is Digital Media Analytics, and how does it work?
Analyzing qualitative and quantitative data flowing from your organisation and applying it to understand user behaviour is what digital media analytics is all about.
The basic goal of digital media analytics is to track the performance of your digital assets and provide the data in a way that allows you to get meaningful insights from them. To have a better understanding of this, you must examine an organization's diverse requirements at distinct phases.
Inception
This is the stage at which management chooses whether or not to launch a product. The major goal at this point is to build a product that is both smooth and efficient. At this point, the goal is to save money and then assess how people react to the product.
Phase of Development
This is the second step, when you will have statistics on how your product is received by users. The major focus during this stage should be on expanding the product's reach using all of the earnings generated during the conception phase. It is vital to identify the marketing channels that are doing successfully for your firm during this period, which can only be accomplished through comprehensive testing. You should keep an eye on the return on investment for each marketing channel.
Retention as a goal
Because you have a sufficient number of members viewing your portal at this point, your primary focus should be on increasing sales from existing customers while also attempting to recruit new ones. You're undoubtedly a market leader at this stage, so your attention should be on maintaining that position by exploring new market channels and being inventive to keep customers interested.
Digital Media KPIs That Can Be Measured
KPIs (Critical Performance Indicators) are key measures that show performance and allow users to create reports.
Product is number one.
Many things, such as user interactions, may be measured when working on product enhancements. You'd be able to keep track of all the actions that users take on the website. You can see if your product is meeting its objectives by looking at how much time people spend on different product contact points including the product page, wishlists, reviews, referrals, and ratings.
Marketing is number two.
It's vital to know what's working — and what isn't – with your marketing. You may monitor the reactions to your social media pages to get a sense of how your audience feels. You may reach out to a bigger audience and go a long way in growing your company's sales and service by using email marketing. However, in order to boost your marketing performance, you need keep an eye on the following metrics:
The ratio of the number of messages delivered to the inbox to the number of mails that have not been sent is known as the delivery rate.
The ratio of the number of emails read or seen to the number of emails sent is known as the open rate.
Technology
You may utilise technology to track specific KPIs that are important to the user experience on your website, such as:
Website downtime: You may believe that a website is constantly accessible, but this is not the case. They are occasionally unavailable due to server maintenance and issues. If a website is unavailable for 10% of the time, you will lose 10% of your clients.
Page load time: It is estimated that if a page takes longer than four seconds to load, 50% of visitors will abandon it. They anticipate the page to load in under two seconds. If your e-commerce site generates $100,000 per day, a one-second page delay might cost you $2.5 million in missed sales per year.
Revenue/Sales
Sales and income are, of course, the ultimate aim of every e-commerce business. The best-selling items may be studied, and there is a natural desire to concentrate on them. The following are some of the most essential KPIs:
The number of new leads that enter the CRM each month is referred to as the lead flow. The total number of customers divided by the number of leads is the conversion rate. It shows how quickly leads become into clients.
Average revenue per transaction: You may keep track of each customer's sales and look for trends. If you buy a phone, for example, there's a good possibility you'll need a phone cover as well. As a result, the corporation may target customers with suitable items and enhance sales.
Check out the digital marketing course offered by A2N Academy.