What is an Analytics Strategy?
Analytics, which can be accessed through any search engine, is an innovative tool that allows a business to gather information about its viewership statistics, the interests of its audience, and the website’s overall popularity compared to its competitors. It is the analysis of data that compares a businesses’ performance to that of its competitors, therefore aiding in the consistent improvement of its web presence and the experience of its customers. Analytics is a tool that helps a business meet its goals, both on the Internet and offline. It is essential for a business to constantly manage its analytics and trends in traffic in order to discern which marketing campaigns are successful, and which are not. Analytics also allow for businesses to determine which demographics most commonly visit their site, and are subsequently able to gear future marketing campaigns towards a specific audience.
What is an Effective Analytics Strategy?
There is an abundance of analytics tools that ensure the longevity and success of a business, big or small. The most important feature of analytics is multiplicity, meaning that there is no specific tool, but several that work together to give the best results. The importance of analytics is demonstrated in the monitoring of successful campaigns, which subsequently motivates a business to spend its money efficiently. It is advised that when reviewing reports, the 90/10 rule should be put into effect. This means that, for example, if the budget is $100, $10 should be spent on the analytics software, and $90 should be spent on a person who is able to understand and interpret the data as successfully as possible. Obtaining the data is one thing, but comprehending it, and shaping future campaigns around its results, is another matter altogether.
The more tools a business uses, the more in tune they will be with their customers’ needs and the overall success rate. Some analytics are free, such as Google and Yahoo Analytics, each generating data and statistics about visitors to the website, as well as the frequency with which they visit, and what content they are viewing. While Google Analytics is the most popular tool, due to its maneuverable yet detailed reports, Yahoo gives more in-depth analysis of the data, filtering and customizing so that a business receives the most pertinent information possible – whether it be about demographics, cost of goods, or visitor behavior.
7 Steps to Building a Data-Driven Strategy
There are certain steps a company can take in order to monitor its performance. For anyone looking to determine the success, mainly a data analyst, the course of action includes:
- Visit the website. Act like a general viewer, and analyze it visually. Are the important pages accessible? Is the company’s mission prevalent? What can be improved? Another strategy is to visit the sites of competitors, and compare accordingly.
- Using a Traffic Sources Report, search for a balanced portfolio with – search engines, sites that refer to your own, direct traffic, and advertisements. Through this, see which is the most effective in garnering traffic, as well as what needs to be improved. Depending on these results, gear your marketing strategy towards them in the future.
- Monitor visitor loyalty and prevalence. This depicts how many times a viewer visits the site, or how concentrated their orbit is. This can be accessed through Google Analytics, and gives the company a sense of consumer patterns, and what they might be looking for more of.
- Analyze top Landing Pages – determine if they have a high bounce rate, and determine which access points to the site are the most used. Based on these results, the correct, specific modifications can be made.
- A business’ success is also determined through the content it creates, and the most profitable form of content can be determined through the Index Value Metric – which shows much revenue a certain page has accumulated.
- Look at the success of keywords. Keywords are responsible for where a site appears in search results, which can be done through SEO and AdWords. A concise, relevant list of phrases that a website’s content pertains to is essential, and increases the chance of visitors.
- Google Analytics also offers Analytics Intelligence, which accounts for projections and realistic goal setting, while also keeping control limits and statistics in mind. This is important for future marketing campaigns, and determining which objectives might be able to be reached, given the circumstances.
It is important for a business to constantly keep up with its analytics in order to stay relevant in an ever-changing, constantly competitive market. By reviewing its trends in traffic, it is able to see the most needed areas of improvement, and can condition its future endeavors around what its audience needs the most. That being said, the most important factor in any campaign is the audience and what they are looking for. A business must determine who exactly they cater to. In doing so, they ensure popularity, and, more importantly, a strong semblance of customer loyalty.
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