To stay competitive in the business world today, marketers need to understand how to analyze and interpret data.
From gaining insights into customer insights and key trends to overall KPI and performance goals, data is one of the most valuable tools you have to boost overall revenue and make the most of your marketing dollars.
But, as an Econsultancy survey recently found, nearly two-thirds of mainstream marketers say their organizations don’t have enough analyst-related resources to take advantage of the data surrounding ads and ad creatives.
It might seem like a leap of faith to start investing more in training your marketing team to be data analysis pros, but the payoff is so huge it’s likely that you won’t ever look back.
Here is a rundown of what you stand to gain by having your marketing team engage in more data collection and analysis.
The Importance of Data in Ad Creatives
Digital marketing is undergoing a revolution and we are in the midst of some giant changes.
Agencies today have many different types of insights into their advertising campaigns than ever before and also so much access to how they are performing.
Marketers no longer select media channels and creatives based on painstakingly collected and often inaccurate demographic data or relying on general impression numbers. Now, they can target incredibly specific audiences across a variety of devices and collect data regarding each touch point.
This kind of collection and analysis can help build detailed roadmaps to conversion by confirming that the right users are seeing ads and also targeting websites that are customized by user with dynamically generated content.
Not only are marketers able to reach the right audience at the right time with the right content, but you can also measure the effects right down to each respective touch point. This is the driving force behind digital marketing strategy right now.
The Force of Data
Knowing exactly what is and isn’t working is the only way to systematically improve your marketing game and make the money you are spending make sense.
It doesn’t have to be super complicated to craft data-driven campaigns, nor does it have to involve a lot of time and staff to implement.
But with the right data at your fingertips, there are many amazing things you can accomplish with your marketing campaigns and creatives.
Highlighting Strategic Priorities
Using data is an important, if not crucial, element in defining your strategic priorities.
Many companies shy away from data in marketing because they are afraid they will get lost in it and it will make strategizing more confusing. But if you understand how to narrow your focus to the metrics that will provide the most relevant insights then you only stand to gain from the information.
It’s a good idea to have primary and secondary KPIs for your site to help you narrow your focus. These often include conversion rates, revenue, CPA, number of leads, click-through rate, etc, for each creative.
Secondary metrics will depend on your business and also on what campaigns and pages you are analyzing.
Data on ad creatives can help you re-prioritize your goals by better understanding the paths that allow you to connect to in-market consumers who are seeking out the products or services you sell.
Some businesses might need to develop a strategy around producing new creatives weekly while others might see success for months from the same campaign.
Insight Into Competitor Messaging
While it is a profitable avenue, it can also drain your budget if you aren’t using data to improve your campaigns and perform successfully.
One of the best ways to make sure you are hitting the mark with your ads is to analyze different aspects of your competitors’ campaigns.
On the Google Display Network (GDN), there are several types of ads and knowing which one is used most often by your competitors can help you invest in more lucrative ads.
Check the current ad breakdown to find out which formats your competitors are using and which ones they are steering clear of.
For instance, if no one in your industry is running ads in a certain size, that might mean there is no sense in you paying to run them either.
SEMrush conducted a recent study that found that different industries prefer targeting different devices. For instance, retailers tend to use desktops for only 14% of their display ads while software products rely on desktop for 28%.
You can use the Device filter in the ‘Ads’ tab to find out which devices your competitors prefer.
Likewise, you can do the same type of data analysis to find out which publishers your competitors are targeting.
This can offer helpful insight into which publications are probably not bringing in any traffic or revenue and which ones are likely to be more successful.
Info on Ineffective Content
Data is one of the best ways of offering insight as to which of your campaign creatives are making a splash and which are falling flat.
For instance, if you have a video creative and find that the majority of viewers stop watching after 3 seconds, your takeaway could be that you need to introduce more engaging information or visuals in the early part of the video.
Likewise, you might find that creatives with a certain message or color scheme are vastly outperforming other creatives, which can save you a lot of money if you are analyzing the data in real-time.
Your ad campaigns don’t have to take a “spray and pray” approach. With the power of data, you can arm yourself with enough information about your ad creatives to elevate all of your marketing campaigns so that your targeted efforts keep you on track and allow you to adjust and scale as needed if something isn’t working.