You can spend hours finding errors in piles of data with no guarantee that the results will be precise. Poor data quality can result in losing 21% of your marketing budget, and according to Gartner, businesses all over the world lose an average of $15 million per year for this reason. Manually collecting, cleaning, and arranging data takes a lot of time, and the probability of human mistakes is high.

Repeat the cycle to analyze how data changes over time.

Based on your interpretation of the data, take actions that will improve your performance - reallocate your budget, adjust bids, create new audience segments, or turn off ineffective campaigns. Build dashboards, reports, or charts and correlate them with your primary questions and expectations. If it does, further interpretation won’t be trustworthy.

Make sure your data doesn’t have errors, gaps, or unnecessary parts. Collect and merge data from different sources, then clean, arrange, and organize it. Figure out your expectations, specify the questions you’d like to answer with the help of data analysis, and determine which data you need to collect (data on advertising campaigns, visitors, orders, email openings, etc.). The primary goal of data analysis is to find meaning in data and use this meaning to improve your marketing strategy.ĭata analysis consists of the following steps: Get high-quality data to have a solid basis for making timely decisions and be sure of your next steps.

Predict LTV (customer lifetime value) and the conversion probability offer products visitors really need by enhancing the level of personalization. Find ineffective campaigns, stop investing in them, and focus on revenue-generating channels. Marketers can use data analysis to uncover trends, patterns, and valuable insights in order to adjust advertising campaigns and get more revenue.īy analyzing data correctly, you can achieve the following marketing goals: It’s how they can avoid guesswork and see what areas of their marketing performance require special attention.

What channels should we focus on to raise revenue?ĭata analysis is a must for marketers.

How many unique visitors does my website have on average per day, week, and month?.

What’s the most effective advertising channel?.

You might ask the following questions as the first part of data analysis: In marketing, data analysis is the process of organizing, explaining, and interpreting data to answer questions regarding a marketing strategy, resolve issues with that strategy, and multiply its advantages.

Good tools for data analysis