According to recent research from Hubspot, CMOs are planning to increase their budgets for web analytics by 60% in 2015. That may sound like a lot, but it’s money well spent when you consider that web analytics are the key to measuring, understanding and optimizing the effectiveness of your digital marketing programs.
With the vast amount of data available from modern web analytics tools, it’s easy to get lost or focus on the vanity metrics, missing the truly valuable insights that can benefit your business.
For example, it’s tempting and all too common for businesses engaging in Facebook marketing to focus solely on increasing ‘likes’ to their page and content. It’s certainly not a bad idea to track this metric, but on it’s own it doesn’t say much about the real business impact. Tracking and reviewing actions like referral traffic to your website from Facebook, leads generated or social sales will tell you much more about the true business impact of your Facebook marketing initiative.
To make sure your marketing team is leveraging marketing performance analytics effectively, the first step is to identify and clearly define your objectives. Starting here will allow you to tie your business goals to measurable metrics and actionable insights.