Getting Online, Analytical and Results – Making The Most Out Of Data
Online marketing might seem like the cheap, easy way to get a business booming, but it really is not. There are over 300,000,000 websites online, so you have a mammoth task on your hands.
It’s easy to get caught up in the moment and plough lots of cash into internet marketing. Combine website design, SEO, PPC (Pay Per Click) and banner ads and your annual expenditure could easily be into the mid 5-figure. That’s fine, as long you are creating a positive ROI.
Here are some ideas to make sure you budget your online business marketing efforts.
Data is your friend; use it!
Of course, before you do anything, you need to get online; build a website. You have a few options here:
Regardless of whether a campaign costs time, or money, it should be monitored. One campaign might be £100, whereas another £1,000. What you are looking for is the ROI; the time or money involved is irrelevant.
Analytical software will help you to see what is working and what isn’t. If you understand the Pareto Principle, you could say that 20% of your marketing efforts produce 80% of your results (there, or thereabouts). Your aim is to balance these figures out.
What is working? What isn’t? Could you scale one marketing campaign and curb another to produce a higher collective ROI?
Of course you can, but you need data in order to be able to progress. Take Google as an example of a business that used data to their advantage. By constantly improving their data monitoring systems, or analytics, they improved the way search results appeared and how they targeted ads.
As a result, they opened online advertising up to smaller businesses, that couldn’t afford to advertise in this way before. Instead of waiting for a door to open, they fitted one and opened it themselves!
You can monitor web traffic with Google Analytics, or track your conversion rates for particular AdWords keyword groups, ads or even individual keywords. The list goes on, if you are using any form of marketing, you should ensure that there is a way to track it.
If you don’t you’ll either be:
Next is the fun part, the part where you actually start increasing revenue, increasing profits, or both?
You need to adapt campaigns so that they produce higher revenue figures whilst maintaining profit margins, or simply to improve profit margins.
An example would be using Google Ad words. If you have conversion tracking setup, you will be able to see which keywords are getting the most clicks. These are not necessary the ones producing the most revenue, or even the ones that are profitable. Assess if there are keywords or keywords that should be dropped.
Another example could be your landing page. How do conversions change when you increase the size of your call-to-action (CTA)? Does re-positioning the CTA or changing its colour improve conversions? You can split test literally anything. The price of your item, the 1st, 2nd, or 3rd line of your advert or even keywords can all be split tested, just make sure you log the results!