Recently I was asked by a friend who wanted to learn more about how to use data and tools in their marketing analytics. Here are the key things I told him to get to started with data-driven marketing analytics.
1. Spend 5 mins listening to Dave McLure’s Pirate Metrics
Pirate Metrics was developed by Dave McLure (@davemcclure) as a very simple model, to break down Marketing Analytics into a very simple but powerful model with 5 key stages: Acquistion, Activation, Retention, Revenue and Referral.
Liam Gooding (CEO, of Trak.io) wrote a great Beginners Guide to Pirate Metrics (AARRR!) that’s absolutely worth reading.
2. Setup a basic Marketing Analytics Stack
You dont need much to get started. Here’s a simple Marketing Analytics Stack to get started (and all these tools have free tiers so it wont cost you much to get started):
- USE A TOOL TO TRACK WEBSITE VISITORS – Google Analytics is great for this. Start with to reports Audience > Overview and Acquisition > Channels. Quickly you’ll know how many visitors you have, what you bounce rate is, and what channels are generating traffic.
- USE A TOOL TO TRACK YOUR CONVERSION FUNNEL (from signup to paying customer) – great starters are KISSmetrics and Mixpanel
- USE A TOOL TO SEND AUTOMATED EMAILS (tailored to individual users) – some great tools include Customer.io, Intercom.io, and recently Trak.io have added this into their product.
Some Bonus Tools: If you’re a SaaS business, you may also want a customer Retention Tool like Trak.io, and if you want to look at building a quick Referrals program, check out something like Referralsnip