As “heavy” as “we don’t need data” sounds, Marty and Jennifer have good reason to look concerned because it’s absolutely not true.
We rely on data, we are empowered by data, but this must not be the mindset of the majority of online advertisers based on some recent studies.
46% of small business advertisers are using conversion tracking.
In other words, the majority of online advertisers are not using any type of conversion tracking, according to WordStream.
I performed some additional research and found that this phenomenon doesn’t only apply to small businesses, but even Fortune 100 companies; frankly, it’s a bit embarrassing.
The percentage of companies that are not collecting their data skyrockets when you take into account other pieces of data besides AdWords conversion tracking, such as data from Facebook, Twitter, LinkedIn—or simply setting up their Bing and Google Search Console.
I haven’t been able to pinpoint the “why”, but I imagine it’s a mix of:
- Not knowing how to set it up
- Setting it up incorrectly
- or thinking it’s not important (scary)
Companies that do not use their analytics are setting themselves up for failure.
Data empowers you to track results and make necessary optimizations to improve your ROI. Companies are up to 17x more likely to see a positive ROI, compared to companies without good analytics in place, according to HubSpot.
Your historical data is erased from existence.
It’s vital to start collecting your data immediately because there is no going back. You can’t look back at the historical data if it was never collected in the first place.
I implore you, whether or not you use your data today, at least start collecting it now. That way, you can change the future success of your company, because without data, it’s not pretty. If you need any help, please reach out, and I’ll be more than happy to assist.
And remember as Doc Brown best put it, “Your future is whatever you make it—so make it a good one [based on data-driven decisions].”
Are you collecting all of your available data?