by: Bastion Rare
In the digital world, we now have enough tools to measure a variety of metrics that allow your company to be data-minded from every angle. But, are you putting this data in the correct context to help you show accurate results?
Here are 3 essential guides for your digital data.
1. Provide context for your metrics
Example: Your Instagram video ad had a 60% engagement rate. That doesn’t necessarily describe if the ad is high performing or underperforming when it’s written in that form. The context should say the Instagram video ad has a 60% engagement rate and the industry benchmark is 82%. When it’s written this way with context, you know where the ad performance stands.
2. Stop reporting percentages alone
Many times you see reports that state a percentage by itself, which does not help in terms of numbers. 100% standing alone doesn’t tell you anything. Reporting percentages by themselves, without any baseline, is a mistake. At best, it suggests you’re lacking even a basic grasp of data and the role it plays in decision-making. At worst, you look sneaky, as though you’re trying to spin the data to tell a more flattering story.
3. Learn the data while the campaign is running
Many times when advertisers launch campaigns they just sit and wait for the end results, a big mistake with the changing world and the amount of data you can get from the ad campaigns you should be always able to optimize in the run. (If you aren’t changing 60% of your ad creative, targeting, and budget based on lessons from your first 30% of spend, you’re missing the boat. In fact, you could be missing the entire ocean.