The Right Tools With The Right Team
Analytics is both a tool as well as a statistical relationship between data sets to provide a painted “pattern.”
If you’re looking at cost, the average cost per click, and clicks, it’s fairly simple to determine that the most important variable in that relationship is the average cost per click. Your cost is reliant on CPC more so than it is on clicks.
Your cost is reliant on CPC more so than it is on clicks. A higher CPC can determine the higher cost, even if you receive fewer clicks. Whereas a relationship of cost, the average cost per click and click-through rate will show that click-through rate is the heaviest factor due to the pattern of high click-through rates will bring about low average cost per click and overall cost.
The opposites for these two scenarios are not always true. A high amount of clicks will not result in cheaper average CPC’s or cost, and higher average cost per clicks will not account to a higher CTR.
Understanding The Lingo
Understanding these data relationships commonly identified by analytic tools saves you a lot of time, which is why these tools are such a useful thing to have.
Analytics allows you to dive deeper than the simple metrics given to you from self-serving platforms and other types of media buys. They also allow you to connect the dots between all of your marketing elements and start evaluating what areas need work and what areas are bearing fruit.
The following are important metrics and segments to view at all times when using analytic tools:
A metric used to identify how relevant your landing pages are to the visitor. Different marketing methods will have different bounce rate thresholds. For pay per click, 50% is the cut off to what is considered acceptable. SEO, bounce rate has little to no negative effect. Understanding these limits is essential to understanding what type of traffic you are bringing to the site.
Percentage of new users brought in by a specific traffic source. Over time, this metric will be reduced to hover around 70% because the longer you advertise online, there will be less new traffic available unless you open up a new set of keywords to target or expand your traffic sources.
Pages Per Session
When attempting to improve relativity, knowing how many pages your visitors go through on a daily basis helps. If they go through one or two pages, consider expanding the amount of pages you have or look at your bread crumbs to determine if it’s not the amount of pages but the navigability that is holding you back.
Average Session Duration
Similar to pages per, except this metric is for time. The amount of time a user spends on any given website is weighed back into relevancy. Increase this metric by adding more content, growing the number of pages you have or growing the inventory. If you see a source of traffic through analytics consistently brings in low time rates per session, cut them out as long as they are not converting over extended periods of time.
Demographics and Interests are a category available in most analytics programs and named similarly. Metrics such as age, gender, and browsing interests are covered here. Use these tools to improve your attribution model, which you can export to your display campaigns. Understanding exactly what sites your users go to, how old they are, what they like to see on a page and what piques ones interest goes a long way when targeting users through any display network because of the sheer size.
The ability to see where your users are physically on a map is not something that is readily available across all media buys. If you see that half of your budget is going to the East coast but all of your revenue comes from the West, is there any other way to immediately save money and improve your ROI than to target the West coast only? No.
This category is meant to expand on the ability to understand your audience just like Demo/Interests, except for that in this category it looks at your traffic from the very top. This is how Google knows you will buy something 3 days before you buy it. Understanding shopping patterns so impressions can go out at the right time helps to keep that customers money in your wallet and not the competitors.
Whenever you are looking at data that is location, time or browsing pattern based, make sure that you are referring back to your set up Source/Medium labels. Paid traffic will have different engagement points than e-mail.
Start getting familiarized with anomaly detection and spending a few minutes each day in analytics looking over data. Understanding when an outlier is an error that could become a problem or a generous occurrence that you can capitalize on.
WebCroppers utilizes in-house analytics to understand potential partners the overall state of their unique marketing funnels which require custom optimized solutions. If your business is struggling to compete, fill out one of our forms and we’ll individually assess where you are currently and where you can be once all of your marketing funnels are tied together correctly and work harmoniously.
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