Polygon Data Dictionary and Q + A
One of the most common concerns we hear from our clients is how to measure the ROI + success of their social marketing efforts, and according to Forbes, "Only 22% of marketers have data-driven initiatives achieving significant results." No wonder everyone is a little weary. It's hard to find credible help when everything seems like fluff + black magic!
That's why we decided to step in and provide a little help. You asked, and we're here to answer! Below is a collection of tips, insights, and specific terms to help you better understand how to utilize data for your business.
What are marketing analytics why is it so important?
By now we hope you understand that it is incredibly important, but we've recently realized how many people are unsure exactly as to why and how to navigate their way through it.
"Marketing analytics are measurements of marketing efforts and successes and depend on collecting data related to marketing actions and the journey of your buyers. This can include everything from website traffic to Facebook page likes."
For marketing specifically, data (and tracking its measurements) is absolutely essential... for a number of reasons including identifying your audience, creating productive marketing strategy, testing that strategy, and analyzing the information to further improve or more effectively tailor your methods. On a smaller scale, data can simply help you understand what kind of posts your audience reacts to the most, helping to customize content accordingly. The ability to collect and evaluate your data over the course of time helps to identify commonalities + habits among your audience, as well as provide insights into developing trends. Additionally, some businesses use analytics as a form of credibility. Influencers, for instance, create media kits that showcase statistics in order to validate their rates. Not surprisingly, the benefits are endless.
How do I track it?
Cool, but what does it all mean?
Glad you asked! We created a little dictionary of some of the most essential terms to help save you time in sifting through every nook + cranny of your data. These terms should be just enough to help you get started.
POLYGON DATA DICTIONARY
EMAILS, LINKS, ONLINE ADS
CTR (click-through-rate): Used for emails, links, and online ads. Used to gauge how many times your link is clicked, but does not consider unique visitors vs. overall.
CTR is a link-equivalent of….
CPC (cost per click): Clicks divided by dollars spent in ads.
BOUNCE RATE: Users who travel to your site but immediately back out.
ACQUISITION: What platform your users are coming from.
BEHAVIOR: What pages your users are looking at and spending the most time on.
BEHAVIOR FLOW: Where users go once on your website.
FREQUENCY: How many times (1) person is seeing your ad.
AUDIENCE: The demographics of who is looking at your website
SOCIAL MEDIA ANALYTICS (such as Facebook + Instagram)
Both Facebook + Instagram have excellent built-in analytics accessible for any business.
IMPRESSIONS: How many times your content was potentially viewed on various platforms, or how many times it was displayed on anyone’s feed. This is often the highest number of all. If you have a higher impressions number than reach, it means people are looking at your content more than once.
A more accurate number is your…
REACH: Number of unique visitors/profiles that viewed and/or interacted with your content.
ENGAGEMENT: How many likes + comments your post has.
*An easy way to calculate your engagement rate is take [(likes+comments)/followers]. This will give you a rough percentage of what your engagement rate is. The higher = the better!