04 Feb Why Top Brands Invest $150K In Google Analytics 360
$150K is a significant investment to make in your data, especially when you could put it towards greater ad spend, or even hire a new back end developer. So how do top brands justify the upgrade to the enterprise version of Google Analytics?
The answer is simple: upgrading to Google Analytics 360 provides a boost to ROI and increases ROAS so that brands have the dollars that support investments in ad spend and employees. When implemented and used correctly, Google Analytics 360 is more than just an investment in data— it’s a money-making machine. Let’s walk through some of the main benefits of Google Analytics 360 for your business.
Insights Support Increased Ad Spend in Performing Channels
Google’s algorithms offer thousands of insights per second with Data-Driven Attribution in Google Analytics 360. These insights help you discover the top channels leading customers to conversion, with full integration across all online and offline data. The result? Visibility of the full customer journey and a better understanding of how your marketing dollars cohesively work for you.
Let’s walk through an example: If Data-Driven Attribution shows 10% more high-value conversions from email marketing versus other channels, where should you allocate your next $10,000 in ad spend? Choose between Google Ads or Email marketing.
If you chose email marketing, then you may see a huge boost in sales thanks to the insight you gained from Google Analytics 360.
Full Customer Journey Attribution & Increased Audience Accuracy
Driving eCommerce insights with sampled data is unreliable, and it’s essential to understand how Google uses Google Analytics data. The free version of Google Analytics is free for a reason: reach (and their ability to resell the data they get from that reach.) 85% of all websites use the free version of Google Analytics. As a result, Google has access to a significant amount of audience data which they offer up to their Google Analytics 360 clients.
Access to Google’s extensive audience data allows Google Analytics 360 and Display and Video 360 customers to activate media against unparalleled 2nd party targeting, which drives investments by reducing wasted ad spend on inaccurate or out of date 3rd party audiences. Highly accurate audience data leads to stronger targeting, which leads to higher conversions.
Native Integration With Google BigQuery & CloudML
Google Analytics 360 integrates with BigQuery, which allows you to analyze unique user ID info from any CRM or Data Lake. It’s an excellent workaround that allows for integration of peripheral user and performance data and provides more in-depth insight into customer touchpoints for everything from customized attribution modeling to predictive customer lifetime value analysis.
You can also understand how likely a user is to convert, based on the way they’ve engaged with your site or media assets, and then use this information to adjust media strategy against high-potential customers. The results include increased media efficiency and maximum ROI.
Reduced Waste On Ad Spend
Google Analytics 360 also integrates with Google Ads and Display and Video 360, where you can track all of your social, email, and offline campaign performance as well.
For example, let’s say Company A invests $30,000 per month on YouTube.The free version of Google Analytics won’t attribute driven revenue back to a leading impression. Without that ability, Company A might see an increase in organic or direct traffic after launching a new YouTube campaign. Still, there’s no way to know for sure whether that traffic truly came from YouTube, or if it happened by coincidence.
Another consideration: say that “Company A” incorrectly attributes 30% of their media-driven traffic. They invest in Google Analytics 360, which properly attributes that 30%. Assuming a ROAS of 1.5, that would mean Google Analytics 360 helped Company A understand the driving factor behind $162,000 in incremental revenue per year. Without this piece of valuable insight, Company A risks allocating budget away from a well-performing channel, and they also risk losing that revenue altogether.
A better use for $162,000? An investment in Google Analytics 360.