Updated on: August 24, 2022
Digital media is not a new term that needs an explanation. When we talk about the digital world, we come across everything that is ruling the internet. The internet offers every piece of information on our devices. Since mobile devices allow easy access to information, consumers have become more demanding these days. Now, companies have to look for new ways to collect, analyze, and present meaningful data to users. This is where digital media analytics processes come in.
What is Digital Media Analytics?
It can easily be defined as the process of analyzing the qualitative and quantitative information flowing through your business that can be used to understand consumer behavior.
As you know, most consumers spend their time online, and brands are looking towards this and fighting against each other to get well-fitted for their consumers. Nowadays, brands are making the big shift to reach consumers through different digital media channels. The purpose of digital media is to make consumers aware of the brands that are currently on the market. Different digital media channels are being used by people to look for the products or services they want. Thus, companies are making their best effort to analyze the actual requirements of the user and thus use that analysis to meet the growing demand.
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How to Make Digital Media Analytics Work?
It’s not that analysis of digital media can only give you a complete insight. A web presence followed by an effective presence across digital channels, all combined, will allow the companies to make better marketing strategies. Digital media analytics works through three stages:
Inception
it is related to the launch of a product, wherein the main aim is to create an efficient product and wait for the users to react to it.
Growth
In this stage, you will be directed to use the marketing channels to market your product and collect all the reviews made by the users. This is done to have a check on the ROI on each marketing channel.
Retention
This stage entails selling your product to existing customers as well as looking for new ones. By now, you have learnt how to retain the customers and how to make them engaged, which later helps in targeting a new consumer base too.
What is the Role of a Digital Analyst?
A digital analyst is the person whose role is to make the reports and analysis and keep the dashboards perfect to reveal the important information about a company’s digital channels and assets. Such professionals make the best use of CRM (customer relationship management) software and robust intelligence tools to make the analysis of the data work.
Digital media analytics turns around collecting, analyzing, and reacting upon the data that is collected from all the digital sources of the company. A digital media analyst uses this process to minimize the churn and encourage experimentation that helps in increasing the value of the existing customers. In short, digital analytics is used to pump up the power of customer data.
Where is Digital Media Analytics Used?
When it comes to making personalized recommendations, digital media analytics is used. It is used in places where there is a need to leverage customer data. Since customers are logging into digital media daily and quite frequently. All this has created the scope of growth for the companies, as they find themselves sitting on a huge pile of consumer data that is waiting to be analyzed.
It has been noted that only 30% of businesses are able to make the best use of digital media analytics. The rest is still discovering its potential and is currently falling behind. And those who have taken advantage are enjoying a special and elevated space in the competitive market.
From Where does Digital Media Analytics Data Come?
Companies enjoy a large pool of data from the following sources:
- Website data
- Product data
- Digital market data
- Keyword data
- Data from social media
- Internal customer data, including customer complaints, transaction history, etc.
The Advantages of Digital Media Analytics
Before the adoption of digital media analytics, product managers and marketers had to make business decisions purely on the basis of intuition or experiences from the past. In general, only past experiences are there to predict future product strategy. Also, the data collected before is based on limited consumer preferences, and there are very few sources to get customer reviews, like direct interviews, surveys, or focus groups.
With the help of digital media analytics, all the above issues got turned off. Now, you can easily get to know what your customers are looking for and what their preferences are. With the help of digital media and its channels, it has become easy for companies to learn about the thought processes and behaviors of the consumer. All such things help in defining a better product strategy for the users.
Must read:
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