The digital marketplace has become extremely data driven. Data improves your capacity to make accurate decisions and efficient investments. Successful data usage for Performance Marketers, is vital to competitive success.
Brands are interested more than ever to understand the base value of their performance program and how to grow it in line with their own internal goals and are now looking beyond the traditional metrics like tracking new vs. repeat customers or looking at how a paid placement performed compared to a previous period.
Top performance agency’s and programs now allow for more sophisticated methods of tracking buyer paths leading up to a conversion. This approach is more important than ever as consumers often research on one device and convert on another. By leveraging data, marketers can better reward brand influencers, bloggers and others to promote their goods and services before the final purchase and this motivates more people to sign up to their performance programs.
Web Analytic Services
Web analytics services (i.e. Google Analytics) are really the only other mainstream data sources that can help provide additional performance information for your program. Your web analytics is key to helping detect additional traffic sources that aren’t being optimized through your performance program. Keeping a close eye on both your agency data and web analytics will make sure things won’t be overlooked.
Micro-Level Trend Reporting and Decision-Making
An important trend in leveraging data is more micro-level assessment of products sales and marketing successes. A personalized approach helps performance marketers better assess which performances are contributing to particular business and marketing objectives.
When the focus is on reaching a particular demographic or geographic audience, a company can leverage
individual reporting data to determine which performances are driving growth. Marketers can then reward particular performances with personalized commission rates or access to trending product promotions to better increase market share within desired segments.
Lifetime Customer Value
Lifetime customer value is an important business metric in the data-driven era as it tells you how much profit a given customer is likely to provide over the course of a long-term relationship with your business. To effectively track LCV, performance marketers need to know the cost-of-acquisition
