Today we are familiar with research, companies that use their own data to their advantage, get tangible business results. Thinking that once you’ve set up your first-party data strategy, you can leave it on autopilot isn’t feasible, because consumer or patient behavior and preferences are constantly changing.
Having an app is an increasingly important point of contact for brands, as apps help build meaningful relationships with customers. Currently, 87% of retailers agree that their app users are more loyal, and have a higher lifetime value, than non-users.
In recent years, analytics technology business partners have adapted new ways to maintain measurement, in the face of changes driven by privacy policies. Many, for example, have implemented machine learning to continue to provide insights into the customer journey using sophisticated models.
To keep up with the changing ecosystem, for example, GoogleAnalytics 4 uses machine learning technology to display new insights and make predictions. So it’s important to stay ahead of the curve in technology, because if you’re still using outdated analytics technology, you risk missing out on the benefits that new analytics tools bring to measuring your business.
While all conversions are valuable, not all conversions are of equal value to your business. One conversion might be worth $10 while another brings in $100. As we navigate an increasingly tight business outlook, paying the right price for a given conversion is crucial. Advertisers who optimize for value, rather than cost, see an average 14% increase in conversion values. Always take a moment to make sure you’re measuring conversion values, which, in turn, represent your company values. Consequently, by doing so, your investment for each conversion can be more easily optimized.
This does not have to be an exhausting process. Once you provide the real value that each conversion generates for your business, automated tools can enrich your insights and optimize your marketing strategy, all without additional work on your part.
By leveraging insights across online and offline channels, choosing the latest analytics technologies, and optimizing value in a privacy-safe way, you can confidently prepare your business for the challenges and opportunities that lie ahead.
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