The internet serves all the information and media that you look for and anytime you wish to get for which the mobile devices makes all of the information accessible on-the-go. Due to this, the consumer are becoming more demanding to gain more information and to fulfill their needs for the new information, organizations are continuously looking for new ways that are relevant for collating, analyzing, and providing meaningful data to the audiences. Critical decisions are being made for targeting, segmenting, and gaining profits that are closely linked with the effective data collection and management.
Digital Media Analytics
Digital Media Analytics is the thorough analysis of useful as well as most efficient information that flows from your business and then using it to understand the behavior of the users in a better way. The main purpose for analyzing the digital media analytics is to measure the performance of the digital properties and reporting the information in a way that the most useful information can be collected from those reports. Here are some for the stages that can help you to understand this better –
- Inception – It is the very first stage where the management decides about launching the products and the main aim at this stage is to create a product that is efficient as well as seamless due to which less is spend and the reaction of the users is observed.
- Growth phase – It is the second phase where you can get the data with the reaction of the users about your product and the main focus of the stage is to enhance the reach of the products with the profits made in the inception phase. It is a phase where you need to understand the marketing channels in a better way that are performing efficiently for your business and it can achieved only with the thorough testing so you need to keep a regular check on the ROI that you will get from each marketing channel.
- Aiming Retention – It is a stage where you can have enough visitors who are visiting your portal so this stage is to focus on enhancing sales from your existing customers and at the same time acquiring more customers to your website. At this point, you must be a market leader so you should focus on maintaining your position by analyzing various other market channels and be innovative to ensure the engagement of the customers.
Measurable Digital Media KPIs
Key Performance Indicators (KPIs) are the key metrics that indicated the performance as well as allows the users to make a report.
Product
While working on the product improvements, you should measure various things including the engagement of the users with which you can track all the activities of the users on the website. Furthermore, you can also track whether your product is reaching its goal or not and it can be done by analyzing the time that you spent on the various product touch points that include time spent on the product page, wish lists, reviews, referrals, rating among others.
Marketing
You should understand what is working with your marketing and what is not which is essential to track the responses to your social media pages and provides you an idea of the sentiments of the audience. You can use email marketing to reach wider audiences and enhancing sales as well as the service of your business.
Technology
You can use the technology to measure the KPIs that are essential for the user experience on your website such as –
- The downtime of the website – You must feel that a website is always available but it is not true as they also face the downtime due to server maintenance and bugs. If the websites are down only for a few minutes, you directly lose 10% of your customers which is a huge loss for your business.
- The loading of the pages – Mainly, if the pages take four to five seconds to load, half of the customers leave your pages at the same time. They expect the loading of the page within 2 seconds and if it takes more than that they prefer to switch to other websites for the information.
Sales or Revenue
The main aim of every e-commerce operation is gaining relevant sales and revenue for which you can analyze the best-selling products and there are various natural tendencies on which you can focus. Some of the KPIs are –
- Lead flow – These can be calculated as –
Number of new leads that enter the CRM every month = Total of Customer / Number of leads. It provides you the rate at which leads become customers Average Revenue per transaction – You can track the sales of every customer and analyze for some patterns.