“It's now more important than ever for marketers to understand how fluctuations and shifts in your competitor’s behaviour can affect your brand in the digital marketplace,” explains Alex Davies, VP of Jellyfish Analytics.
“Harness the power of big data with specialised analytics’ solutions and you will find the right type of insight to outperform competitors in your market.”
What is digital analytics?
Alex Davies (VP, analytics)
Digital analytics is the translation of customer behaviour into actionable business data and insights. Marketers can use a variety of digital analytics tools, like Google Analytics, to examine their online channels and platforms in order to identify challenges and opportunities that exist in their landscape.
Given the recent developments of Covid-19 on world markets, consumer spending trends and its knock-on effect in the digital advertising industry, it has become imperative to lead with the facts in order to plan effective marketing strategies and optimise budget spend. Jellyfish
, digital partner to some of the world's leading brands, has identified four reasons why you should consider investing in analytics for 2021.
1) Track and measure your data more accurately
- Being able to track and measure data more accurately
- Understand your brand relative to the competition
- Helping you become smarter with your media spend
- Keeping compliant with POPI and privacy updates
While intuition and experience go a long way in marketing, being able to assess your advertising campaigns using credible data will assist in helping you evaluate the key success metrics relevant to your strategy and, in doing so, allow you to make decisions that affect your bottom line, like pivoting your approach or engaging with a different audience. In order to do so effectively, the Jellyfish analytics team strongly advises using credible sources across several platforms, like PPC data, social media and site traffic. This will assess which channels drive the most high-value traffic and allow you to better understand both your website and customers, and optimise for increased conversions.
“The trouble is that making sense of so many different data sources is easier said than done,” explains Lewis Fantom, data and analytics director in South Africa. “You need to invest in the right technology and solutions to be able to get this right. Most importantly, you need to be able to analyse your data in real-time, via smart dashboards and feeds, instead of waiting for a quarterly report. This is crucial to improving your customer experiences or marketing decisions in the moment. It’s critical to be able to look at the now, in time to adapt for what’s ahead. Data readiness is about having the knowledge at your fingertips to inform or inspire agile decision making, rather than being constantly behind the curve.”2) Understand your brand relative to the competition
Get the right insights and you can make tactical decisions that have an impact on budget and brand equity in the market. Jellyfish developed an innovative competitive benchmark tool called Jellyfish IQ that allows clients and brands to answer questions relating to:
- Consumer experience and perception, with accurate comparisons
- Key strategic opportunities within your digital ecosystem and competitive landscape
- Clear measurements for future benchmarking
- Support for future digital strategies
The company has been helping brands understand their digital IQ and share of demand relative to their competition using data comparisons. Understanding this type of data supports a brand’s digital strategies by taking a proactive step in understanding where they sit in the competitive set. The advantages of competitive benchmarking are clear: effective measurement and benchmarking against one’s competitors allow a brand to find out just where it stands against its competition and these insights clarify whether you’re headed in the right direction and whether there are other opportunities you could be undertaking.
The share of demand dashboard, for instance, allows you to understand whether your brand is gaining or losing in the online marketing landscape by comparing your own online traffic and search demand against your competitors. Having these insights will allow you to identify precise fluctuations in daily competitor traffic and search demand, enabling you to monitor and review new market trends, which have a direct impact on your brand, product or service. 3) Helping you become smarter with your media spend through personalisation
As a rudimentary example, serving a banner advertising a certain product to a client on your website, when that client already has that product, firstly is a waste of marketing budget, and secondly provides a poor user experience. With tight budgets and growing consumer demand for personalised experiences, brands need to be able to adapt marketing efforts for the consumer. In order to achieve this, brands need smart technology and solutions that integrate offline and online customer information - again a process that is easier said than done. It is, however, a marketing imperative for 2021 and onwards that can be achieved if the right attention and tools are given to it. 4) Keeping compliant with PoPI and privacy updates
Since the rise of the personalised brand experience, businesses have been using customer insights, based on their personal information, to deliver a more bespoke and customised experience for their audiences. However, with the commencement of the Protection of Personal Information Act (PoPI), which will come into full effect in June 2021, businesses are going to need to relook at how they store and use customer data - those who fail to comply with the updated regulations, could face fines of up to R10m. It is no longer sufficient to claim ignorance, or silo your marketing and IT departments from your operational and legal departments. Digital marketing is maturing into a properly regulated field, as seen with
broader industry changes like the imminent move away from reliance on cookies and Apple’s iOS 14 IDFA update.
So, in the South African context, PoPI is right in line with where the industry is moving as a whole. However, on the other side of PoPI compliance, is the continued need for personalised marketing experiences. Having the right analytics technology and skills will enable brands to continue to offer ROI focussed, personalised marketing while remaining compliant and, importantly, respectful of consumer privacy. Google Analytics 4, and AdsData Hub are two parts of the solution to get brands on the right track.Takeaway
Traditional data analytics has evolved. It’s now about finding innovative ways to increase your profitability by anticipating the future. Advanced analytics allows marketers to transform large data sets into insights that inform critical decision-making and helps evaluate reach and frequency, audience overlap, geo analysis and more. The Jellyfish data team builds machine learning tools and algorithms that are designed to give your business a competitive edge. So, take the initiative and be more competitive with accurate analytics and you will be in a better position to track your online-offline activity, understand campaigns and invest your budget in the right avenue.