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Web Analytics – ROI’s Roadmap
Web analytics is the collection, measurement and reporting of internet traffic behavior to improve website usage. In simple terms, it shows what attracted visitors, how they interacted with your site and what actions they made. This data is a critical part of growth hacking. It identifies areas to improve to maximize your marketing ROI. Knowing how leads convert to sales creates a roadmap for ROI. What users think of a website is inherently valuable. It’s about insight into behavior.
Web analytics drives key decision making.
Data is one thing and perspective quite another. Data without perspective is meaningless. Once fused together, you have “actionable data insight”. This affords one the ability to answer the right questions. For data to be used in a meaningful way, you must first establish business objectives. Without knowing what you’re trying to achieve, it’s impossible to measure the effectiveness of online marketing. Web analytics helps you understand what’s important to your visitor’s and how to better meet their needs.
Google Analytics is one of the best free products available to measure and gage ROI. It’s ideally suited for small business or e-commerce companies that need a straightforward understanding of visitors and revenue. The number of dashboards one can create is unlimited. When creating dashboards, it’s advisable to create ones from basic to ones that show actionable insights. View data across the spectrum including email signups, shopping cart abandonment, your top performing content, and actual revenue. Below is a standard dashboard for a small business.
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What’s A Google Analytics Dashboard?
A Google Analytics Dashboard is a custom collection of widgets that display data. A widget is a reporting piece that makes up the dashboard. This presents your data to quickly understand and gain (BI) business intelligence. To extract maximum value, one can create specific reports. Gain insight on trends, visitors, traffic sources, and revenue.
How many reporting widgets can you save to a dashboard in google analytics? The limit is 12.
What Website Data Can I See?
Although, there are many types of data that can be viewed, the focus depends on your industry and business model. The following is a suggested starting point.
- Audience by Gender, Age, Geography
- Average Order Value
- Click Paths
- Channel Interactions On The Path to Conversion
- Exit Rates
- How Many Clicks to A Sale
- Page Views
- New Visitors
- Return On Investment
- Shopping Cart Abandonment
- Time On Site
- Total Conversions
The Benefits of Analytics
Web analytics provides important benefits to understand what’s working and what isn’t.
- Gain Insight into Visitors. See a breakdown by age, gender, and geographic area. You can’t speak to your audience if you don’t know enough about them.
- Identify Problem Areas. Problematic areas will only frustrate visitors and make them leave. What’s worse, it could drive them into the arms of competitors. A business can lose a sale and potential lifetime client. A third whammy might be the loss of a referral.
- Eliminate Conversion Issues. Solve problems in the path to conversion.
- Shopping Cart Abandonment. No one likes abandoned carts. Lost sales hurts revenue goals but it may also be hurting your brand.