Tips & Guides — 06 May 2021
Power of Statistics in Partner Marketing
Nowadays, we see more and more various BI tools for extracting and collecting large amounts of information. Among the other things, this information can help businesses make balanced and data-driven decisions.
Despite the modern technological scope, 58% of companies still make decisions based on gut feeling or experience. However, a larger percentage of bigger companies with a steady profit growth prefer to base their decisions on data analysis. Also, highly data-driven businesses are 3X more likely to show a significant boost in decision-making.
On that note, why don’t we take a closer look at various ways how exactly statistics and data analytics can help grow your business?
First, analytics not only show the current state of affairs but also allow your business to make confident steps into the future. You could identify current trends and predict future ones using BI solutions. Analytics reduces the level of guesswork to a minimum and makes it possible to set clear business goals. You’ll know exactly what won’t work, what weaknesses and strengths your vertical have, and how can you use the strengths of your business for greater benefits. With statistical data and analytics, your business plan most likely will lead to a thriving franchise.
Analytics are great at determining your product demographics and target audience profile. Using data available publicly, you can study your audience and even the audience of your competitors.
There are many services helping to get insights into demographic information. You can use Google Analytics to monitor your website traffic. Facebook, LinkedIn, and other social media platforms also provide businesses with solutions to monitor audiences.
Using various analytics tools, you can understand who prefers your brand or company, but not only that. You can also study the behavior of your audience. You can further segment your audience to better personalize your offers for different demographic groups.
Eventually, as a result of a greater understanding of your audience, you can significantly increase your sales and profit margins.
Another significant element of a business that statistics can positively affect is finance. A qualified analysis will allow you to more efficiently manage your budgets, estimate advertising budget, and also make the most accurate profit forecasts for a quarter and/or for the entire year.
We’ve already mentioned how personal data helps shape demographics. In fact, audience analytics has an even deeper application in marketing.
Statistics about your target audience make marketing campaigns more personalized. Marketers use analytics so they can learn about audience preferences, how people interact with a particular ad or post, and which ad campaigns bring you the most sales.
By making data-driven decisions and following trends, your marketing becomes more targeted and therefore increases both ROI and brand awareness.
We mentioned in the intro that companies that focus on data are much more likely to improve their decision-making. Let’s dive a little deeper into this topic now.
Undoubtedly, experience and intuition are also very important in making business decisions, but by relying on data you reduce risks. And for some questions, you just can’t do without numbers. Pricing strategy is one of the prime examples when you simply can’t do without data.
Let’s look at that stage when you are preparing to expand your business. You have all the information you need about payouts, delivery schedules, service costs, and many more. By analyzing the data you already have, it will be much easier for you to make decisions and expand your business.
Another great thing about business analytics is that you can learn a lot about your competitors. In addition, by analyzing the data on various businesses in your field, you will also learn about industry trends. It’s unnecessary only to repeat everything for the leading representatives of your vertical. You can use the data you gain about your competitors to offer the audience something new. For example, when setting prices, it’s vital to consider what the market offers right now. Analytics regarding your competitors make it easier for you to build your own unique brand.
For a partner marketing management, statistics plays one of the most important roles. Affiliate marketers spend most of their time analyzing statistics. That is why Affise strives to provide the most flexible yet intuitive and straightforward statistics design.
Look at just a few highlights of the statistics features Affise offers right now:
How about being more practical now and check out specific examples of using Affise statistics so it can help your business grow?
To calculate the percentage of successful conversions, just create a new column and select the approved conversions divided by the total conversions and multiply by 100. This indicator will be especially valuable for such verticals as Nutra and Finance.
Affise Trafficback shows clicks that are out of targeting, were sent from non-approved partners, or are sent to disabled offers. By counting the difference between Trafficback and the total number of clicks, you will get a percentage of the relevant traffic.
By creating a column of hosts divided by clicks and multiplied by 100, you will collect data covering the uniqueness of traffic from a specific source. This is a particularly useful analytic metric for identifying fraudulent traffic.
ARPU (average revenue per user) is one of the most important indicators if your affiliate business operates in the field of gambling. This KPI is used to determine the average revenue from users to the business.
CTR (click-through rate) is one of the most popular and therefore important identifiers in partner marketing. CTR shows the ratio of clicks to ad views and directly indicates the performance of a marketing campaign.
Potential Revenue calculates the maximum profit for your business from each conversion. Simply summarize in a new column approved revenue, hold revenue, pending revenue, and declined revenue to stay on top of your business’s financial flows.
We hope that we were able to completely clarify the potential of data analytics for businesses. In fact, analytics can have even more opportunities for business development. The growth potential of data-driven businesses should never be underestimated.
We at Affise, like no one else, understand the importance of stats analysis for partner marketing companies. We hope that our small insight into the analytical capabilities of the partner management platform was useful and interesting for you. However, if you still have additional questions regarding analytics or the Affise platform in general, you can test everything yourself and get all the technical support you need by signing up for a free trial.
Written by Edgar Chekhovich & Alexey Semennik
Tips & Guides — 09 Jun 2021
How to Set the Proper Budget for Affiliate Marketing
Assuming you are into affiliate marketing or about to start your partner program, you are expected to be aware of
Tips & Guides — 07 Jun 2021
Affiliate Marketing Without a Website 2021
Many people think about starting affiliate marketing, especially after 2020, when normal life has turned upside down and businesses moved