Measuring the impact of digital advertising with data analysis
DO NOT FOLLOW the natural instinct of wanting to track and measure as many metrics as possible in order to learn about an online campaign at maximum granularity. I recommend you do not do this as this usually results in a virtually endless amount of wasted time. If you want to measure the impact of your online media campaigns, I suggest you ask yourself this one question – “What analysis will change my future media buys?” If you stick to this principle, you will likely need basic campaign data such as clicks, impressions, conversions, media spend, and website traffic data. If you have any thoughts or opinions on this, please share.
What should an online marketing analyst focus on analyzing?
If the analyst works for a media agency, then they should focus on analyzing the performance of display publishers/ad networks, paid search keywords and mobile ad networks since the agency is generally responsible for driving an advertiser’s target market to the website. An analyst can use data analysis to identify where advertising budget should be reduced or increased. Depending on the skillset, a media planner can also perform regression modeling to determine how specific media channels impact the performance of other media channels. They can also determine which pages on a website people find most interesting and other useful stuff like creative testing, forecasting analysis, dashboard reporting, and more.
What kinds of skills and background does an online analyst need?
In my experience, most of my former colleagues had an economics or statistics background since they could perform regression analysis. But just knowing how to do a regression analysis won’t necessarily mean that one could be an online analyst. Most of the skills that are acquired are from learning on the job and from other peers. A good online marketing analyst will likely have worked in collaboration with other analyst across many different brands and media teams. A good analyst does not need to be an expert in web analytics, dashboard reporting, using Excel/Access, pulling reports from 3rd party ad servers, media buying, basic statistics or presenting, but they should have some knowledge and exposure to each of these.
If you have any thoughts or opinions, please share. Thanks.