While making decisions based on the available data, even experienced digital marketers commit mistakes.
You like it or not, data research & analysis and report generation unavoidably consume a significant amount of your time as a marketer.
And it is often noticed that even a highly experienced expert marketer would screw up and commit some common mistakes while analyzing the data and making decisions.
In this article, I would discuss a few common mistakes digital marketers commit during data analysis.
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Failing to Look at a Statistically Important Timeframe
Generally, businesses look at the ebb and flow in the lead for one week or a month. And seeing data for a few days does not provide an accurate prediction of long-term ROI.
For instance, let us assume that a business’s goal for a month is to generate an average of two hundred qualified leads. Then they could achieve this goal by acquiring 60 leads in the first week, 20 leads in the second week and 60 leads for each of the next two weeks.
It is rare, or only a few businesses would generate the exact number of leads every week or day.
Business owners often make the mistake of judging the performance based on one particular week alone. As a result, they conclude that the lead flow is abnormally low. However, at the end of the month, you could see that the goal of 200 leads per month is achieved.
During such time, marketers help the business owners by providing a broader context and eliminate the fears around the lead numbers being down for a few days when sales are high for the month.
Not considering Seasonality
It is crucial to keep seasonality factors in one’s mind.
There are external factors that affect the lead volume in the same period every year.
For instance, it is noted every year that an eCommerce business gets its biggest sale around Black Friday.
When you analyze the data from past years, you would forecast the lead flow for the current year and plan ahead.
Neglecting the Offline Marketing Efforts
As a marketer, you must always keep in mind that offline marketing efforts often intrigue the prospects to switch to their devices and engage further with your brand.
Sometimes, in an unfortunate circumstance, your brand may have to face a hostile press that may have a significant impact on consumers’ likelihood of buying your products. If you take accountability for such instances, you would be able to secure your brand from losing its value and reputation.
Concentrating on the Wrong KPI
Campaign managers often get excited when the conversion and conversion rate are up, and the cost per conversion is low. With such results, they can’t wait to share the performance metric with their client.
The metrics like bounce rate, click-through rate (CTR) should also be a primary focus as these metrics relate most directly to the business’s bottom line.
Now that you have seen some of the mistakes often committed by digital marketers, you could restructure your evaluation process and report generation style.