Finding the right marketing data: How 5 Fold collects and uses data
Digital campaigns generate a lot of data. Which of it matters?
STORY HIGHLIGHTS
- Data is everywhere, but how you interpret it matters.
- 5 Fold uses multiple data points to create the big picture.
- We share data with our clients through monthly reports.
We live in the age of data. Digital marketers, in particular, have access to an incredible amount of campaign marketing data, facts, and statistics. From Google Analytics to heatmaps, marketers can get closer than ever to understanding end-user needs and wants.
Yet, digital marketers face two interrelated challenges. Data is more accessible and prolific than ever, but the sheer amount of it makes it more difficult to interpret and put to use.
Data does not come with instructions or a preferred interpretation. Different points of data may correlate or conflict with one another.
In other words, it’s up to digital marketers to interpret data and make informed decisions using it. Then, collect more data and repeat the process, until successful outcomes are achieved.
Data matters. How it’s read matters more.
A marketing campaign that features a website, social media campaign, PPC ads, on-site SEO optimization, and more is pulling in a lot of data.
Data is everywhere
Here are just some of the places that are providing data about campaign performance for this type of campaign setup:
- Google Analytics
- Google AdWords
- Heatmaps software
- A/B testing software
- Other tracking mechanisms
In just one of these platforms (Google Analytics), many forms of data are being tracked. Here are just a few of them:
- Pageviews
- Unique pageviews
- Average time on page
- Entrances
- Bounce rate
- Exit rate
- Page value
- Site speed
Bounce rates
All that data can help marketers make decisions. For example, a page with a high bounce rate indicates that users are getting to the page but not clicking on anything before leaving. In most cases, this means that more interactive elements, buttons, or things that interest users are needed.
But, what if that’s the wrong interpretation of a high bounce rate? For example, users might be navigating to that particular page, finding what they need, and then leaving or calling the company directly. In this scenario, the page is actually relatively effective.
This isn’t simply an academic discussion: very smart marketers have actually actively debated whether high bounce rates are bad and need correction or if they’re actually good.
The answer: it depends. And that illustrates the need to interpret data.
How does 5 Fold work with marketing data?
The first step is collecting as much data as possible about our campaigns. We pull information from a diverse range of sources, to give us as total a picture of campaigns as possible.
Next, we sort all that marketing data and view it in comparison to other data points to find trends and patterns.
Contextualizing bounce rates
Let’s return to the bounce rate example above. How should we determine if bounce is good or bad? Well, we could look at other stats. If our hypothesis is that users are finding what they need on the page and then leaving satisfied, we can look at time on page to see how long they read, or use heat maps to see where they scrolled.
Conversely, if bounce and exit rates are both high, that may indicate that users are not finding what they want, and that the page needs to be reworked.
A larger context for metrics
Of course, such performance metrics don’t live in a vacuum. We need to look at larger, industry-wide trends. For example, if our Facebook engagement rates are falling consistently across all campaigns, it may be a part of platform changes, and not necessarily an indicator of the quality of our work.
Running an A/B test
Another way we determine what actions to take from marketing data is by running A/B tests. Such tests run comparative experiments comparing like things—such as a webpage—with a single element changed, to collect data on whether or not that change is effective or not.
We use A/B tests in coordination with other data to make informed decisions about website design, content, images, and much more.
We share data with our partners (our clients)
We want our clients to be in the loop about their campaign data. That’s why we report the most important data and metrics to clients through their monthly report.
To learn how we can manage your data, get in touch with us
Connect with 5 Fold Marketing on Facebook, or learn more about our team.