It’s almost 2020, and you must have realized how important it is to have a web analytical measurement strategy in place. You must have set aside your time and resources aside for other internet marketing activities like lead generation, social media ads, PPC ads. But web analytics measurement is probably the most important activity among all of these. Since without a web measurement strategy no other activity could provide any desired results.
What Can Web Analytics Tell You?
What Can Web Analytics Tell You? Well. pretty much everything you need to know about your website and marketing campaigns. The data aggregated in a tool is analyzed to understand consumer behavior, to optimize traffic, SEO and PPC activities. Not only this but web analytics is used for market research and how to improve your content’s performance.
Some of the metrics represented in web analytics include:
- Geographic location
- Traffic source
- Bounce rate
- The total number of website visits and many more.
What Makes Data Actionable?
The world is moving from big data to smart data. Today the progress lies not only in gathering data but how effectively you gather it. The action aspect of data is what businesses are emphasizing on.
The actionable data is highlighted by 4 aspects –
What Is Web Analytics Strategy?
In laymen terms, the web analytics strategy is a process of churning out all the important parameters of your business strategy and integrating it with your data analytics. These seem like an obvious strategy, but many companies are missing on this important step. Each business has its own KPI’s and the analytic strategy is focused on optimizing those parameters.
Strategy to Create a Robust Web Analytics Roadmap
Determine Your Primary Business Goals
To develop effective web analytics and measurement strategy, you need to first determine the primary goals of your website. Whether it’s boosting the ROI or decreasing the overheads. In other words, why does your web properties exist? If you want to measure success you need to set some parameters and metrics.
Websites with the focus of increasing the revenue are involved in the promotion of products and service in order to boost their online/offline purchases.
Businesses which do not sell online products/service such as healthcare, daycare service focus on increasing the number of qualified leads they generate.
Inefficient businesses focus on decreasing the overall cost of conversion. For example – E-Commerce businesses may like to decrease the cost of conversion by decreasing the number of steps required for purchase. Analytics measurement helps businesses to understand where exactly customer bouncing out.
Focus on Conversions
Increased Page views, number of sessions, and traffic is an indicator that your website content is performing well but those are not indicators of website success. More relevant parameter of measuring website success is how users are engaging with your website. For example – E-commerce website attracting huge traffic on the product pages but failing to convert them is a sign of failure. Your analytic measurement strategy should focus on optimizing the website pages to boost conversion. This should always be your primary goal.
Every marketing penny you spend should help you achieve your goal directly or indirectly. Thus focusing on conversions is the key. Based on your business and goals the conversions could be –
- Filling a form
- Registering for an event
- Downloading E-book/PDF
- Signing up for trial sessions
- Viewing a video
- Signing up for newsletter
- Purchasing a product etc.
Selecting Key Performance Indicators (KPI’s)
Today’s businesses are moving towards smart data rather than big data. More than half the data acquired turns useless. Hence defining your key performance indicators is an important aspect of web analytics strategy.
Building on the foundation of boosting conversions, data must be gathered to select actionable KPI’s.
For example – If your goal is to create brand awareness and you witness an increase in the number of visits on your page has increased by 30% This is a good sign. Here your page views or social media visits is the KPI.
Likewise, if your website goal is to increase the revenue and you find that the thank you page of your website is receiving higher traffic, it means your website is doing well. Here the conversion rate is your KPI.
Some example of KPI’s can be –
- Number of conversions per month
- Number of qualified leads acquired
- Percentage increase in traffic in a specified time
- The average number of people signed up for the event
Well defined KPI’s acts like a report card for a business. If the obtained results vary from your defined strategies you can optimize them to perform better. It is crucial for a business to have a sound strategy to define these key metrics. It requires your business to have a great understanding of marketing, management and technical teams. The choice for KPI’s can differ from industry to industry and the aspect of the business you are trying to improve. The definition of KPI’s is critical for your business and hence finds an important value in your web analytics and measurement strategy.
Integrate Your Marketing Platforms
There are tremendous opportunities when you tie-up your analytical tool with other marketing tools such as customer relationship management (CRM), email list, phone list and your business repository. Integrating all these tools will give you a clear picture of all your marketing activities, campaign performances and optimization opportunities. A well-integrated system keeps all the departments in check and could uncover touchpoints and how visitors are segmented.
Decide on Segmentation and Reporting
Once you set your web analytics strategy and your analytic segments tool starts gathering data, it may get overwhelming to predict any useful transactions. Navigating through this huge amount of data can be tiring and a huge waste of time. Hence you need to put filters and extract only useful data from your tool.
Data segmentation is a powerful feature. It helps you gather valuable insights and take opportunity accordingly. The data you choose to segment depends upon your KPI’s and business goals.
Review Your Strategy on a Timely Basis
It is vital that you revisit your strategy, KPI’s and business goals in order to summarize your progress and find optimization opportunities. Only a close analysis will tell you whether your campaign needs changes or not.
The sole aim of creating a web analytic strategy is to give an actionable data-driven approach that helps you measure user engagement with your website. The data will highlight important weaknesses and strength of your website and you need to attack those things accordingly. No strategy is 100% perfect hence revisiting your old methods could really help you a lot.
Web analytics is all about taking business and marketing decisions based completely on insights obtained from data. This Web analytics and measurement strategy will set your business on the right path. The points mentioned above will give a framework to create a successful web analytics strategy. Don’t confuse web analytics by collecting an enormous amount of data. Rather extract only the required KPI’s and make efficient business decisions. Equally important is to look beyond simple measures like page views and instead concentrate on your website goals, This will encourage you to take the right steps and steer your customers through the sales funnel.