Blog Insight

Using Advanced Analytics to Get a Better Picture of Performance

Staple metrics in marketing, including total impressions, clicks, and click-through rates, are a great way to measure how an ad is performing.

The challenge is to figure out if said metrics are an indication of an effective ad. Every industry and advertising channel is different, so when measuring the effectiveness of an ad, there are many variables that need to be considered.

How do we make sense of the metrics? How do we determine an effective ad? Metrics mean nothing without context.

Turning Data into Knowledge

At The Garrigan Lyman Group (GLG), we use data to answer these questions. We track and record data for all our clients’ advertising efforts across many different industries and advertising channels. With that data, we create a robust advertising knowledge base that enables us to provide our clients with not only experience-based consultation but also data-driven consultation.

The more data we have, the better we can determine if an ad is performing well relative to other ads in relation to variables such as industry, content, and advertising channel. As time goes by, we get better and better at providing our clients with data-proven consultation.

Using Automation

The first step in creating a data model of marketing analytics is to collect and automate all your marketing data into a single repository.

There are two ways to automate the process of blending marketing data across channels:

1. Connect directly to the marketing channel’s APIs.

Pros:
Cost. It is usually free to connect to a marketing channel’s API.

Customizability. Depending on which business intelligence or visualization tools you like, once you have the data stored in a data warehouse, you are free to use any tools you are comfortable and familiar with.

Cons:
Time. It can take a long time to set up connections to the various channels. It’s a tedious process that includes setting up developer accounts, requesting permissions, troubleshooting, and dealing with other hiccups that happen along the way—not to mention that every channel is different, and each channel’s data points can use different names.

Resources. Somebody in your company needs to have the technical chops to do it. Familiarity with APIs and combining extract, transform, load (ETL) processes into a data warehouse are a must.

2. Buy a third-party solution.

There are plenty of tools out there to choose from that specialize in solving this exact problem for you.

Pros:
Plug and play. Easy to set up, plug-and-play tools have existing connections to most marketing channels and take very little to start producing data.

Reporting made easy. These solutions generally know what you want to see and will have reports and dashboards already made for you.

Cons:
Price. Third-party solutions can be expensive.

Limited tools. You’re stuck with using their product for reporting, so make sure you have what you need.

Harnessing the Data

When you start tracking your data, you can begin to create a data model of all the tracked advertisements across the various channels.

Once it’s collected, all the marketing data can be blended to create a powerful multichannel data model. From here, it is important to visualize it. This allows you to easily spot trends and outliers in your data.

This is how you can truly utilize the metrics you are tracking and create advanced, robust analytics for yourself and for your clients. The more data in your model, the more powerful your analysis becomes.

As a full-service integrated digital advertising agency, GLG offers advanced analytics consulting services to provide the most efficient methods to build brands and increase marketing ROI. Please let us show you how.