Digital Advertising And Data Analytics

Nowadays, digitalization is increasing its speed. At this point, digital marketing experts continue to produce new strategies. The most frequently used method by marketing experts at this point is the “Funnel Method”, that is, Marketing Funnel.

The mentioned funnel structure is a method that a brand or person can use when selling any service or product. Let’s examine a classic funnel structure and strategy together.

First, let’s start with the question of what a marketing funnel is. Marketing funnel; It is a strategy method that takes your target audience through stages in line with the strategy you have created and enables them to exhibit their cold, warm, and hot behaviors under control. 

The major thing you need to do before starting your digital advertising strategy is to precisely determine the characteristics of your target audience. To do this, grab a piece of paper and create yourself an imaginary lead.

When creating this audience, consider what common need your product or service will meet.

Implementing Digital Advertising Strategies For Investors

At this point, the audience that has not heard of your product or service before, but is potentially interested in it, should be targeted. In this context, the resources you can use when creating the first traffic for your product or service; are areas such as paid advertisements, social media content production, blog posts, and community groups.

The important thing at this point is that after determining your target audience, you analyze where they are located.

It means confronting people who have already encountered your product or service and who have the potential to take a more lukewarm action and getting them to take action towards a goal. At this point, users will have already seen you and can now move on to the lukewarm step of examining the details of your product or service. 

If you are running paid advertising, advertising channels can track and retarget your traffic with tracking codes added to the website. In the other options listed, retargeting is quite difficult.

If you are going to use the other options mentioned, it is best to have an area where users can obtain their information within the website you send them to in the first stage. Thus, you can invite them to the final stage with the information of the people who have passed to the second stage. 

Harnessing The Power Of Data Analytics

After tracking the audiences that have gone through the first two stages and collecting their data, the best thing to do is to retarget the people who made the warm move (those who reviewed our product) and offer a new offer with a special message. 

The most important point in the three-stage funnel strategy we mentioned is the point of creating awareness. You can get better efficiency if you do not have a sales goal when creating awareness, that is when introducing people to your product and/or service. 

The reason for this is that your ultimate goal at this point is to benefit your target audience and ensure that they build trust in you. Additionally, it would be efficient not to associate your user data with the actual product and/or service in the first steps of such funnel strategies.

The reason for this is that you aim to attract new users in the initial stages. Let these stages get the user data from people who trust you, and in the last stage, you will get the most accurate data from people who trust you and buy.

Well, everything is fine, but if you think it needs some tidying up, we can tidy it up as follows; Funnel strategy is a structure that will be shaped according to your product or service.

Think of this strategy structure as a “Funnel”. You introduce new leads at the top, the middle of the funnel narrows and interested people reach the middle of the funnel. In the final stage, those who purchase the product filter through the bottom stage of the funnel and return to you as customers.

If you can connect your funnel strategy well in the digital field, all you need to do is attract new users. Afterward, your funnel will perform the necessary filtering process and continue to bring you, customers.

Digital Transformation In Purchasing Processes

One of the recently popular concepts in the digitization process of companies is data analytics. Data Analytics; It includes big data, data mining, visualizing and analyzing data, and taking data-based actions. Each department of companies produces data at a certain scale. Adding value to our business by using this data is the main purpose of data analytics.

Today, data volume and data diversity are increasing rapidly.  With the increasing use of the internet and social media and their presence in every aspect of our lives, we have come to produce data at all times in our daily activities.

Companies continue to produce new data and also digitize existing data. Today, big data and analytics are used in many areas such as banking, communication, media and entertainment, social media, customer satisfaction, health, education, production, transportation, energy, insurance, and retail.

Data Analytics helps businesses create business value from high volumes of data and optimize their performance. The value to be created is directly and indirectly reflected in business results, performance, costs, or income. In this sense, data analytics is considered important by companies as an investment with high returns.

Maximizing Value From Digital B2B Platforms

According to the June 2020 data (CPO Rising 2020) of the US-based research company Ardent Partners’ regular survey of senior purchasing managers, 41% of over 300 managers participating in the survey state that digital transformation should be focused on along with new technologies.

Among the issues focused on in digital transformation so far, electronic payment comes first, digital signature comes second, and digital purchasing applications come third.

Again, in separate research, when the things that need to be done to carry the purchasing processes into the future are listed, it is seen that investing in data analytics comes first, and investing in new technologies in purchasing and sales processes comes second. 

Digital purchasing undoubtedly comes to the fore here. Digital B2B purchasing platforms, which have a multi-billion dollar market all over the world, are one of the most valued new technology investments by companies.

Fast Data Analytics Solutions For Investors

Using purchasing (e-procurement) software, organizing online tenders (e-Tenders), carrying out bid collection processes through the software, quickly creating and publishing tender types (sealed envelope / open envelope tenders, etc.), and publishing suppliers in strategic purchasing. 

Creating a competitive purchasing system by bringing together companies on a digital e-tender platform offers companies very valuable digitized data.

This is where companies’ data analytics competence comes into play. Not every company will have such competence in the short term. Companies that have their own data analytics team are expected to produce added value by using the data they create in their digital purchasing systems and reflect it in their e-tender processes and costs.

If you do not have such a team, when choosing or using a digital b2b purchasing platform or e-Tender system, you should prioritize having data analytics competence and providing outputs that will add value to your business.

Can You Share Examples Of Successful Use Of Digital Advertising And Data Analytics?

I can share with you an expert on these issues. When it comes to digital marketing, the first name that comes to mind all over the world is Neil Patel. As a digital marketing expert, Patel imparts his knowledge through YouTube, Twitter, Facebook, Linkedin, and his website.

Of course, there are many reasons why Patel stands out so much. From being a NY Times bestselling author to being named one of the 100 most successful entrepreneurs under the age of 30 by former US President Barack Obama, to the accolades he has received from the Wall Street Journal and Forbes, we can easily list many of them.

We should also add that he has consulted leading companies such as Amazon, Microsoft, AirBnB, Google, and Reuters. Patel also supports digital marketing professionals in their career journey as a member of the Industry Leaders Panel, which determines the curriculum of Digital Marketing Institute training.

You can learn the most up-to-date strategies of SEO and adapt them to your own business by following the content published almost every day by Neil Patel, who continues to push the boundaries of digital business strategies through SEO.

See you in the next post,

Anil UZUN