Can you imagine the profit scale of Google if it doesn't have the data of search history and user-related information? If that happens we will not be using Google now, as it loses 80+% of its revenue.
This data helps people and algorithms to analyze their customer purchase journey. Data helped many giants go from garages to big buildings. This data can be our business data, competitor's data, or niche-specific data.
Analyzing data will drive the business to profit. This simple analysis helped my client's ad conversion rate increase from 36.69% to 48.25% and CTR increased from 8.18 % to 16.85%.
What is data analysis in terms of marketing? Gathering, cleaning, and understanding relevant data from a different source and using it to understand the customer journey and come to a conclusion to the problem.
One of my clients owns a local appliance repair business. We are helping them with paid ads, leading them with a conversion rate of more than 35% and with Rs. 92.14 for cost per conversion.
This may be a good number though, I have a less quality score for the keyword in SKAG which is a major traffic driving. This keyword is lagging in the expected CTR score even though I have a CTR of 8+%.
As our CTR score is determined by comparing it with our competitor's CTR and niche I understood that my competitors are driving a good CTR rate than us.
I started analyzing the data of my competitor's business. I used an auction insight report to view the impression share, abs top of page rate, and top of page rate. I sorted the report based on absolute impression share in descending order. I observed, there are six competitors on top of me.
I went through their website than I observed the one difference all those six websites are having but my website is lagging that is a toll-free number and fancy number.
Yes, You read it right. You may think about how it affects the customer from clicking the ad and converting? I analyzed a report surveyed from our customers. Most of the customers feel that the company which is having toll-free or fancy numbers is big and offers good and quality services.
This analysis and tactic used after concluding analysis may be a simple one but it increased the conversion rate by 11.26% and CTR by 8.67%
Eventually, my quality score increased and Avg.CPC reduced.
This tactic will not work in all industry. This depends on the niche, area where your business is serving.
Conclusion: Optimizing results and understanding customer journey may be differ from one industry to other industry. But it share a common thing "analyzing data properly".
Need help in research and analyzing the data for your business to strategize your next move. You can book me at varunteja.com