Modern marketing techniques have become more data driven than in the past. A recent survey has shown that 88% of marketers currently use third party data to drive their marketing strategies and 40% of brands plan on implementing data driven marketing into their current marketing strategy.
Data tracking is one of the most important tools to shape marketing strategies and drive results. Utilizing data helps businesses understand their demographics and know what does and doesn’t work.
What is data tracking?
Data tracking is the process of tracking how your online audience interacts with your online presence. This includes your business website and any social media platforms. Almost every platform has its own built in platform that tracks how users are interacting with your accounts. This is known as third party data, and many digital marketers use third party data to implement data driven marketing strategies.
While it has become easier to obtain third party data each platform has different measurements and methods they use to track user interactions on their platform. Understanding each platform and how each cross over to one another is vital for creating a successful marketing strategy.
Why is data tracking crucial for business?
When it comes to marketing, you want to know if your marketing strategy is working and how you can improve upon it. You want to make sure your marketing budget is going to good use and see data driven results so you can scale your business even further. Whether you run an online only business or a brick and mortar store, data tracking can help grow your business.
Most notably data tracking helps:
- Give businesses insight into how their online audience interacts with their online presence.
- Tells you what is working and what is not.
- Tells you who your current audience is and where you can work on outreach.
- Allows you to know where to increase or decrease your ad budgets.
Ultimately data driven marketing helps businesses create a successful marketing strategy because you can see how it is working in real time based on your audience’s response. Tracking progress every step of the way with your marketing efforts will help you know the next step whether it is to continue with your current strategy or tweek what you’re currently doing to become successful in the future.
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What are the best ways to track your data?
Almost every online platform has their own built in data analysis. These built-in analytics will be the most accurate when it comes to user data on that particular platform. The issue you run into is learning how to understand each of these different platforms. It can also be difficult to successfully track crossover traffic and understand how
There are a few third party data tracking software options you can utilize to track your data across multiple media platforms your business is using. Usually data tracking software requires a monthly subscription fee in order to access a certain level of information. The benefit of certain softwares is that they use their own metrics to help you interpret the information each platform provides.
Marketing agencies also offer data tracking services. Here at Astoria Advertising Company we provide holistic marketing reports that will break down how your online presence is interacting with your audience. You can check out an example of our holistic marketing report here.
We provide consistent reports which allow you to track your progress and know what is and is not working. Unlike using a third party software or analyzing each separate platform on your own, you have access to our expertise and we can help break down your data so you will know exactly what you are looking at.
We can help guide your marketing strategy in accordance with your holistic marketing reports so you do not have to go through the guessing game of what you should do next. Data driven marketing will provide you with results that you are looking for and make sure you aren’t wasting time and money on marketing campaigns that are not working.
How can you use this data for your marketing strategy?
Data tracking allows you to know your audience and know where you need to grow your business. To have a good marketing strategy you need to understand your demographics inside and out. You need to know all the details, such as your demographic’s age, gender, geographic location, income bracket, and much more.
This allows you to know how to price products and services, what kind of copy will reach them, and what platforms you need to focus on. If you want to reach a new demographic this is where data tracking can really help.
When expanding your audience you need to constantly track how individuals are interacting with your new marketing campaign. If you launch a new campaign aimed at a new audience you are in some ways starting from scratch, you have to create a strategy that will pull in this new audience and get your messaging across to a new group of people. Knowing exactly how they are reacting will help guide your marketing campaign and help make you successful.
Using data-driven marketing will open up endless possibilities for your marketing strategy. You can accurately understand how your marketing campaigns are working. When you have a full understanding of how your marketing campaign is being received by your audience by looking at the data you can then go and try new things, tweak your current strategy and continue to improve your online presence.
Using data allows you to test slight variables in some of your marketing campaigns. For example with an email marketing campaign, once you start tracking click through rates and seeing how your audience responds to your current emails you can start to change a few viables to see if your numbers improve.
Data tracking is the number one tool every business needs when it comes to marketing. Data gives you an insight into how your marketing campaigns are or are not working for your business.