How to Save Money on End-To-End Analytics and Not Regret It
Marketing tools that are meant to help organizations promote products in various markets. Unfortunately, with that comes the issue of effectively managing big data and the variables that come with them.
Beyond the analysis of this data, another important step that must be taken is the compilation of reports - data aggregation. This compresses data further and lets a business create relevant figures that will inform basic business decisions.
The problem with big data is the discrepancies it creates that could potentially affect data distribution in the organization.
What is the best way to approach this issue?
This will depend on the specific problem rather than a one-size-fits-all solution. However, in general, we do recommend automating these processes rather than having a specialist wasting hours on them - hours that would have been channeled into more productive efforts to ensure business continuity.
As a business owner or a company, your best bet for that would be to automate these processes using end-to-end analytics or even by coming up with a similar system of your own for analytics. A marketing dashboard is invaluable here.
Specific problems and their solutions
To conduct accurate business analytics, marketers tend to face several problems or make some errors. These errors often result in them arriving at incorrect conclusions that lead them to spend money unnecessarily.
To save costs on end-to-end analytics and also make correct inferences, a marketer must go the extra mile to avoid these issues.
Major challenges marketers or businesses face regarding analytics and possible solutions for them
1. Errors in UTM labels
UTM codes help you track performance from any digital marketing campaign. But they can only do this when you implement them properly.
Several sources exist for the creation of these labels including advertising companies,financial documents, and media plans. Regardless of the source, care must be taken to avoid making mistakes with them.
These errors include
✖ Using different cases for the same tag.
✖ Incorrect use of UTM parameters.
✖ Using extremely long campaign names.
✖ Tagging internal links.
✖ Creating meaningless UTM campaign links.
✔ For starters, create clear and mandatory regulations for all company specialists to use in creating their source names.
This is to standardize the process to ensure that everyone creates similar labels,thereby, significantly cutting on disparities within the organization.
✔ Also, to maximize UTM labels, keep tabs on the performance of each channel . Here you can read 4 Ways You’re Using UTM Tags Wrong.
2. Incorrect determination of the number of target calls
This is an unfortunate result of spam calls and employee calls within the company.The company receives a large number of repeated calls that are not “useful” to the end-to-end analytics.
Bounce rate, when someone visits your website but leaves without further interactio ncould also be factored in here .
✔ Begin by listening and tagging calls to eliminate spam and no-purpose calls. Consider filtering repeated calls from the same number.
✔ To reduce this bounce rate, ensure that your advertising target is not too broad and that your landing pages are optimized to keep and hopefully convert a visitor to a client.
3. Discrepancies between the number of calls and the number of customers
As it turns out, several people have more than one telephone number. Others change their numbers often - 32% of respondents in a PhoneArena study changed their phone numbers yearly, 20% changed their phone numbers more than once yearly .
This could potentially confuse a company when they track one customer as multiple customers because of the difference in phone numbers.
✔ Use Customer Relationship Management (CRM) software to maximize your dealings with a client.
✔ Ensure the CRM you use supports the removal of duplicates.
✔ Update the system regularly.
✔ You could also remove duplicates manually via Excel with the use of formulas and macros when you upload data from Google Analytics on a client's ID.
✔ Additionally, you could use a call tracking service to track the calls you receive in your business, thereby, helping youmake better, more informed deductions.
Atthe end of the day, your statistics will be organized based on unique users,not phone numbers.
4. Differences in the expense column
These differences vary. They could be between uploading data via APIs, data from the interface of the site, as well as accounting data.
Carefully analyze business expenses for marketing, ensuring you consider income and output. For instance, determine the cost of advertising + VAT + agencies - return for invalid clicks. Once you've determined what overhead costs are, you must account for your expenses.
We suggest you upload data going back at least three months while considering VAT and the agency commission.
Pro tip: Run your distributions on a pro-rata basis. Be accountable and make sure to determine the accurate features that are involved in data collection and the actual end-to-end analytics. This helps you make the most efficient and beneficial decisions for your business.
Onething's certain, big data should not be viewed as a threat or a problem for your business. It is projected to become an asset to all businesses, enabling them to collect better market and customer intelligence . This will hopefully help improve efficiency as well as customer experience. 4 Ways Big Data Will Change Every Business
And as data volume is expected to continue growing, you're better off embracing it now.
Business Analytics – Money Saving Tips
Analytics and big data can help a company save money and even make some extra cash. However, chances are that it’s going to be one or the other.
Think forecasting, testing, and streamlining.
To save money, here are a few things they can do:
✔ Optimize all resources from employees to business partners, expenses, and materials.
✔ Extensive testing to determine what business efforts are most effective.
✔ Reducing or at least optimizing working capital in a way that still ensures quality .
Ultimately, start early to consider all possible errors in end-to-end analytics, so you can avoid misapplication of the advertising budget as well as the use of big data in your company.
Useful links for martketers:
1. Review of The Best Data Visualization Tools: Tableau vs Looker vs Power BI [2020 Update]
2. 12 Best Marketing Dashboard Examples and Templates
Check out The Best Marketing Analytics Tools & Software for 2022
Best agency management software for marketing agencies
How to Save Money on End-To-End Analytics and Not Regret It
Data-Driven Marketing 101: Concept, Benefits, and Pitfalls Clarified
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