Analytics can help drive real business growth when used properly within an overall plan.
Let’s say you have an online store. Here’s how you can use web analytics in your business How to take advantage of web analytics.
Establish business goals and website KPIs
Before you look at your data, identify telegram data your business goals and the specific key performance indicators (KPIs)—the concrete metrics you use to track progress toward your overall objectives—that will help you achieve them.
Let’s say your goal is to generate $500,000 in revenue through your online store next year. So your KPIs should be strictly focused on the metrics that will help you reach that goal.
One of your two KPIs is to achieve an e-commerce conversion rate of 2.5%. This means that for every 100 sessions, your site will generate 2.5 purchases on average.
You’re confident you can achieve this because it’s in line with your industry average and your own site’s historical performance.
Your annual traffic forecast is 160,000 sessions. If you maintain that trend and hit your 2.5% conversion rate KPI, your site will generate 4,000 purchases over the year.
Your other KPI is to achieve an average purchase amount (or “average basket size”) of $125. This is a slight increase from your historical averages, but you feel confident. Because you have a new website feature that recommends complementary products to customers and a new puzzle game that you think some of your customers will be willing to add to their baskets.
If you can hit your average basket size of $125 and your ecommerce conversion rate of 2.5%, you know you’ll hit your annual sales goal of $500,000.
Collect data
Once you’ve defined your goals and KPIs, you announcing rock content’s $30m series b funding need the right tracking tool to collect the data you need How to take advantage of web analytics.
You decide to use Google Analytics, as it can collect this data for you. It does this through a tracking code that is installed on your website.
Here is the tracking code you need to set up Google Analytics . (Google Analytics tracking codes are the same except for the unique measurement ID that tracks your website.)
Your Google Analytics property starts collecting data once the code is properly installed.
You care a lot about your website’s total traffic, your purchase conversions, and your total revenue.
When you look at the number of purchases and total purchase revenue after two months, you’ll see that you’re ahead of schedule. You’ve already generated $115,489.67 in sales for 20.8% of the year. With your monthly sales spread relatively evenly throughout the year, you’re projected to achieve annual sales of $554,347 ($115,489.67 / 20.8%)!
And you can see that your average basket is driving performance. It’s $160.62 ($115,489.67 in total revenue / 719 purchases), well above your target of $125.
You’re happy about the positive sales trend, but you still don’t understand why the results are so good. To do this, you need to dig deeper into your data.
Analyze data
You can go beyond top-level numbers to discover useful insights by analyzing your data.
With analysis, you move from “what happened” to thinking about “how” and “why” it happened. And you make hypotheses about why you observe certain behaviors, which will allow you to understand your audience in a deeper way.
In your case, you know that your sales are trending above your annual target and that your average basket size is helping. But you still don’t know what the cause is until you dig deeper into your product sales data.
You use Google Analytics to review the specific items that are performing well in your online store, and you immediately see an important reason why performance has been so strong: the new puzzle game is even more popular than you anticipated.
In fact, you can see from your Google Analytics data that it has generated roughly five times more revenue than the next highest item. You had only planned to sell 200 units for the entire year, but you’ve already sold 357 in the first two months.
Many of your customers have chosen to add this item to their existing baskets through the automated cross-selling tool you added to your site.
Now let’s see what you can do to take advantage of that information and improve your performance even further.
Make decisions to improve performance
After analysis, you can make data-driven decisions to improve performance.
You’ve discovered a surprisingly strong seller that has been performing well despite not receiving much marketing support or a prominent spot on your website How to take advantage of web analytics.
You decide to do two things. First, you’re going to capitalize on the trendy puzzle game by adding it to your email and social media marketing calendars. And by featuring it prominently on your homepage.
Second, set up a meeting with your merchandise buying team to brainstorm other new products that could also work as complementary products. You know that you’re not guaranteed to replicate the puzzle game’s sales boom, but you now have data to show what kind of success is possible.
You’ll be ready to make data-driven decisions like this after you’ve set your goals, implemented your web analytics tracking system, and analyzed the resulting data.
Web analytics tools you should know
Let’s review four of the most highly european union phone number regarded tools and consider who should use them.
To compare even more tools, check out these 15 Google Analytics alternatives How to take advantage of web analytics.