The internet adds a rich new stream of data that reveals extensive information about consumers and their behaviours, and marketers can leverage this information to tailor their marketing initiatives and measure their success using web analytics. This capability enables them to fine-tune their efforts and improve their returns on marketing investments.
Web analytics also allows marketers to track a consumer’s progress through the prospecting funnel, from a lead to an enquiry, enquiry to prospect, and prospect to customer, yielding a wealth of information that reveals the impact of their marketing mix and assesses the health of their online properties. For example, Knight Frank’s KFMAP website experienced a surge in impressions and growth in site traffic through search engine optimization (SEO). Relying on data from platforms like Google Search Console (refer to Exhibit 19.4) and Google Analytics, the author could track the impact of initiatives and optimize the site for search engines.
Practitioners also use analytics systems like Google Ads to track and optimize search advertising and analyse their digital marketing efforts on major social networks. These analytics systems are free and accessible through user-friendly platforms.
For sectors such as financial services, analytic techniques are being used to quantify risks, enabling businesses to weed out risky transactions.
Furthermore, data-empowered and technologically-enabled systems and processes are yielding gains in productivity, leading to significant cost reductions.
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