In today’s dynamic digital marketing landscape, there are multiple keys to success. As a learning provider, it’s vital to understand your audience, ensure a product-market fit, and then accurately assess the performance of your marketing.

We’ve already hammered on the importance of a deep understanding of your audience, which is often overlooked. In this article, we’ll delve into the next critical aspect: leveraging data and performance tools effectively to grow your business.

It can be a true hassle to understand different dashboards, channels, and tracking tools, and learn to analyze and strategize your marketing efforts. That’s why we’ve decided to help you out with this.

Metrics & Data Mastery - Start making data-driven decisions to stay ahead.


“SO, WHERE DO I BEGIN?”

1. Setting Clear Goals

Before diving into all that data, start by pinpointing your objectives. Is it about brand awareness, lead generation, or driving sales? Your goals will guide which metrics to monitor.

2. Focus On The Right Metrics

Concentrate on a few key metrics for real insights. Each metric tells a story about your audience’s response. Notice a shift in these metrics? It’s probably time to make some changes.

3. Go Beyond Traditional Tracking Methods

With GDPR and iOS14 changes, traditional tracking methods, including on-platform Google Analytics, are less effective. Advanced tools and strategies are now essential. 

Let’s focus on that first.

GETTING THE FULL PICTURE

What we all strive for is to capture a clear and accurate picture of your marketing effectiveness.

We always want to get as close to 100% trust as possible. Unfortunately, on-platform numbers bring us far from that. 

Even with other traditional methods like GA we couldn’t get to a satisfying percentage, as it’s becoming more and more restrictive and glitchy.
The answer has come in the form of enhanced tracking tools like Hyros.

Source: Twitter (Alex Becker)

You connect your website, paid platforms, payment process, and even your LMS or call-tracking software, and they combine all the data and connect the dots.

It helps you by using its robust ad personalization and attribution tools to track back the returns and attribute them to the correct ad platform/campaign/ad. 

They also help you compare different attribution models so you can know your business better. This alone makes a major difference in reporting and optimizing.

What should make you really excited is the possibility of tracking important KPIs like the real conversion value per platform/campaign/ad, and what brings you the most profitable customer by showing you metrics like customer LTV (lifetime value), CAC (Customer Acquisition Cost), lead to sale journey, and so much more that will learn you how people convert.

It’s not hard to understand for anybody that comprehensive and reliable data analysis is absolutely crucial when it comes to making impactful decisions…

WHAT’S THE RIGHT STRATEGY FOR ME?

Determining the right strategy for your business largely depends on the length of your sales cycle. Let’s explore how you can adapt your approach for different scenarios:

Conversion Tracking For Shorter Sales Cycles:

If your business has a short sales cycle, typically ranging from 7 to 30 days, traditional methods like using Google Analytics or checking on-platform data might seem sufficient. However, they often fail to provide a comprehensive view. 

For instance, you might be allocating funds to campaigns that don’t yield results, leading to inefficient spending and missed opportunities. Bluntly said, you’re throwing your money down the drain. You don’t want that, right?

To combat this, implement conversion API/Server Side Tracking to avoid losing conversions due to factors like iOS14 updates and ad blockers.

This may seem technical, but we have some solutions for you to help you with this.

Tools like Stape.io Gateway can enhance data sent to Facebook, ensuring more accurate campaign insights. Additionally, most Learning Management Systems now offer native support for sending enhanced conversion data to Facebook, streamlining this process.

Ultimately, with conversion API/Server Side, you don’t lose conversions and are able to send quality data back to your ad platform using a server as the medium. 

If your LMS provides an integrated solution like Kajabi then you directly set it in settings.

This approach helps Facebook to understand your audience better and optimize its campaigns more effectively, ensuring you never miss crucial data that was often overlooked with traditional cookie-based pixel tracking.

You can apply similar techniques to Google Ads and Google Analytics 4. However, be aware that this could involve a bit of a learning curve, especially in understanding and utilizing Google Tag Manager and its server container.

Make no mistake; the effort is absolutely worth it, considering the depth of insights you can gain.

NOTE: For businesses operating in the EU region, make sure you have a consent banner enabled on your website. This banner is essential for gathering marketing analytics in a way that respects user consent, a practice that’s becoming increasingly important and will be critical by 2024.

Conversion Tracking For Longer Sales Cycles

Now, let’s assume that you have a longer sales cycle. 

This typically involves generating leads and nurturing them through various channels like emails and calls, ultimately leading to a purchase. Often, these scenarios involve high-ticket items or complex solutions that require a series of demonstrations or in-depth consultations.

The challenge here is to effectively track and visualize the data in your ad platforms for optimization. This is where Offline Conversion Tracking becomes invaluable. 

By employing Offline Conversion Tracking, you can send CRM or Sales Data back to your ad platforms. This means your platforms will be aware of which leads have transitioned into actual sales.

Implementing this technique involves uploading data in a hashed format, including vital identifiers such as date, time, email address, IP address, FBCLID, GCLID, GBRAID, and WBRAID. For real-time data uploading, automation platforms like Zapier or Make can be used.

Additionally, you have the option of uploading retrospective data in the form of formatted sheets.

As you send enhanced data to the platform and later upload CRM/Sales data with unique identifiers, your platform can accurately track leads into tangible sales, marked as offline conversions in your ad dashboards. 

This process closes the loop between lead generation and final sales, providing a comprehensive view of your marketing funnel’s effectiveness.

For those looking to streamline this process, tools like Hyros are a godsend. Hyros can track users from the first interaction in your funnel all the way to their conversion into loyal customers.

This allows you to focus on the metrics that truly matter, honing in on platforms that bring you returning and converting users and enabling you to scale the marketing efforts that yield the best results.

How Accurate Tracking Saved Us Money

Recently, we devised a better advertising strategy for our spending based on the reporting we obtained from 3rd party tracking.

Case: Saved $2000 by identifying Google ads retargeting campaign reported inflated conversions
Saved $200 by identifying META Ad Campaign Under-reporting CPA

CONCLUSION

A crucial element to mastering digital marketing in the current landscape lies in understanding and effectively utilizing the data and metrics at your disposal.

By employing strategies like the ones mentioned in this article, you can gain a comprehensive view of your marketing efforts and their outcomes.

Additionally, tools like Hyros can provide a deeper understanding of your marketing ROI, allowing you to make data-driven decisions and optimize your strategies for maximum impact. 

As we navigate these challenging times, embracing these advanced technologies and methods will be crucial for staying ahead in the digital marketing game.

Remember, the goal is not just to gather data, but to turn that data into actionable insights that drive your business forward. With the right tools and strategies in place, you can transform your digital marketing efforts and achieve greater success in 2024 and beyond.

Are you ready to elevate your marketing game with data-driven decisions and strategic insights?

Let us know if you have any questions or if there’s anything specifically we can help you with.

P.S. If you’d like to look into enhanced tracking tools for your business, we recommend Hyros. It’s what we use company-wide. Interested? Click here!

————————-

Want more content like this? Join 1000+ others in receiving ‘The Study Break’, our weekly newsletter.

Get insightful end-of-the-week emails to help you recharge and educate yourself in the world of digital marketing.

Sign up here to discover fresh ideas and hidden growth opportunities for your business! :books: