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Monday, December 4, 2017

Statistical Analysis

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In this post, I’d like to discuss in further the importance of statistical analysis related to digital marketing. Numbers are the medium through which we can determine the efficacy of any marketing campaign. Learning to maximize efficiency through observation and analysis of the numbers increases the efficacy of marketing drastically. Data analysis is the 4th step of Market Research’ 6-step process. (DeVault, 2017) 

A digital marketing campaign consists of many components. The primary source of information about your company to the consumer is your website. This is where they will discover who you are, and what your product is. However, just viewing the front page isn’t enough to convert someone into a consumer. Thus, a marketing specialist would take a deeper look at the number of people who land on your page and what they do afterwards. What is their level of interactivity on the website? How much time do they spend? What parts of the website are most often viewed? The ones that have less views, or pages that people spend less time on, are something that need to be optimized according to your target audience. What is the ratio of people adding items to a shopping cart compared to the number of people who actually complete the transaction?

Another important aspect of a campaign is advertising through emails. Using similar metrics as stated above, the marketing specialist can determine how useful a certain campaign is, and then tailor the next one further to increase activity and sales. Some sample statistics that should be analyzed are the number of people that open a link to a sale you’re having, how many people just delete your emails or classify them as spam, and how many people are purchasing as a result of a promo code or sale delivered to them through email.

Apart from just activity, the most crucial statistics to look at are your demographics. What demographic of people are you most appealing to, and which demographic the majority of your sales can be attributed to? Once that is determined, you can further plan better ways to attract more people in that demographic and keep the current customers coming back for more.
This is just the tip of the iceberg. I encourage you to educate yourself more on the topic, and share anything new you learn in the comments to benefit the rest of the community as well!

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