Web analytics provides real insights on how good a website is at achieving its goals. For business websites, it implies how well it is delivering business. Every business wants to increase their sales and decrease their marketing costs, and using web analytics is an important step to ensuring a better marketing ROI and also to bring in qualified leads to the sales funnel.
How are web analytics tools becoming an important part?
“The web analytics market is estimated to grow from $1.33 billion in 2014 to $3.09 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 18.3% from 2014 to 2019” – Source
With the increasing demand of the online market, you need to measure almost every aspect of the sales and marketing process so you can get a better ROI and this requirement can only be fulfilled by making the right decision at the right time. Web analytics tool is very important for those who want to convert potential leads into valuable customers, increase their lifetime value while bringing down the customer acquisition cost significantly.
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How does it help?
Measure web traffic and visitors count
Web analytics helps in measuring the web traffic and visitors count. By measuring web traffic, we mean the number of viewers that are visiting your website and which keyword they are using to search your product or services. While visitors count implies to the total number of visits made an individual visitor. You can also check the pages that were given preference by the visitors.
Improve website experience
With analytics, every marketer can monitor and track the bounce rates and the exit pages. A high bounce rate could mean once the visitor has landed on a particular page, he/she isn’t finding the information they are looking for, or the landing page is not aligned with a particular campaign. While tracking exit pages allows you to monitor pages from which the visitor leaves the website. By the nature of the business certain pages will have a high exit rate like the thank you page for an e-commerce site, however, if any other pages with high exit rates should immediately be rectified. Thus tracking bounce and exit rate and taking necessary actions can go a long way in improving the overall website experience.
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Understanding your audience
Every business has a set of goals that need to be achieved at the end and this is what you use web analytics for. Right from understanding your audience to tracking their activities on your website to knowing their interest, web analytics help you in knowing a lot of things that can be used in growing your business and marketing ROI.
Which activity would be best for a particular segment?
Let’s accept it – not everyone acts upon a marketing campaign in the same way. Today the need to develop separate marketing campaigns to engage with each subset of the target audience is paramount. Web analytics provides a deeper understanding of each of the target groups to design tailor made campaigns for ensuring maximum impact/ engagement. Web analytics helps you in understanding which marketing activity/campaign has been successful in keeping your target prospects engaged to your website. This helps in the planning and execution of subsequent campaigns to ensure an increase in the engagement rates.
Turning visitors into potential leads
Web analytics offers you quality insights for lead conversion. This helps you in analyzing the channels for effective lead acquisition, including metrics like demographics, geography, interests etc. which allows designing website and product information to instantly connect with the incoming traffic.
Tips to use web analytics tools
Learn the tools –
The first and foremost thing you need to do is to understand the tools. Your marketing team must get align with the tools that you are using. Understand what to measure, how to measure and when to measure.
Avoid useless metrics –
Probably the second most important thing you need to follow. We take these analytics tools too seriously and start doing every sort of activity with them which sometimes proves to wrong. It is always recommended to avoid tools or metrics which is not beneficial for your business.
Focus your point on sales –
A business should always have two things in priority – sales and productivity. If you are not able to generate leads or increase your sales even after investing a considerable amount of your time on your analytics tools then there is something that you really need to change. Understand what is profitable for your business and what is not and try to stick to that only.
Select the right tool –
Though this should be on top of the list, I’m putting it at the extreme bottom to put more weight to it. Sometimes it happens that even after following all the tips mentioned above, we fail to get the desired result and we never realize that we might have selected the wrong tools for our business.
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If you’ve already done your homework, you would know that there are several web analytics tools available in the online market but not all of them are meant for your business. Choosing the right tool and making the right decisions with them matters a lot and it reflects in your sales growth as well.