As marketers, few things are as important to us as actionable data. Data influences major campaign and strategy decisions. So if you’re approaching your next campaign, you’ll no doubt be keen to know which analytics you should be tracking.
Collecting and understanding the right data can help illustrate what works, and why it does. Having this knowledge means we can get the most success from all our campaigns, but knowing which metrics to track can be a bit tricky. So to get you started collecting the right data, here are the top 4 analytics marketers should track with competitions!
Knowing where your traffic is coming from, means you can optimize your campaign more strategically. Data from the source highlights which of your promotion avenues drives the most traffic, offering you the opportunity to optimize and focus more on high traffic sources and increasing visitors to your campaign!
As a side note, understanding your traffic source data can be used for future campaigns too, because it offers a great way to show where your audience is most likely to engage with your brand.
The majority of competition campaigns aim to generate entries. It’s a pretty fundamental part of running a competition! So it makes sense that a metric showing the number of entries should be a partial indicator for success.
The crucial element here is tracking which is the right entry mechanic that aligns with your campaign objectives. For example, if your objective is to generate more leads, a ’25 Words’ competition might not be as effective as ‘Click To Win’. Similarly, if your goal is to increase brand awareness, a ‘Share For Entry’ mechanic might be your best bet. The hot tip here is to experiment and keep track of the results. This way you will learn what works best going forward!
Conversion rate is reliant on 2 other crucial metrics: Entries, and Visitors. And is often used as a go-to KPI to illustrate the overall and ongoing success of a campaign.
Conversion rates are the percentage of campaign visitors who entered your competition, in relation to the number of visits. Understanding conversion rates is also critical to A/B testing your campaigns, offering the opportunity to understand the impact of incremental changes.
Cheeky self promo: We are guns at improving competition conversion rates.. See for yourself here!
Access to accurate visitor data is super crucial, more so than any other metric! For any marketing campaign, unique visitors are an essential foundation for analysis. It is the basis that every other metric is measured against.
Conversion rate is the relationship between converted visitors (entries) and visitor traffic. While traffic source would have less impact without knowing how many people actually visited.
Your campaign analytics hinge on accurately showing how many unique and return visitors your campaign has received.
Hopefully this has inspired you to improve your competition analytics tracking! Still have questions or need help? Get in touch with us at Peazie!