Many businesses aren’t tracking digital marketing data because the reporting and analytics process takes time. And time is money. But whether you’re throwing a boulder into the marketing lake or a pebble, you should track the ripples.
There are three reasons why you should invest in the analytics process:
1. Understand Your Current Position
If you don’t know where you’re coming from, you can’t plan where you’re going. So, when you finally decide to invest in the next major marketing campaign you’ll have a hard time setting objectives that will help you determine whether the effort was a success or a failure.
2. Challenge Your Intuition
Marketing budgets and activities must be constantly balanced. But if you’re not measuring the effectiveness of each tactic, you’re navigating on intuition. You will never know what your investment of time, money, and resources is doing for your overall marketing program. Statistics make it easier to determine which digital marketing tactics are producing the best results.
3. Create Confidence
If you’re blind on marketing impact, you’re blind on strategy. To move your marketing strategy in the right direction, you need information about how effective your tactics have been.
Your next marketing investment should be made with confidence. It should be based on knowing you achieved X with Y investment. That will make it easier to decide that XX investment will render YY.
