Web Analytics
Web analytics is a process by which the behavior of all website visitors is analyzed. Web analytics primarily comprises keeping a track of data and reviewing it, following which it is reported such that web activity is measured. This will cover the use of the website and each of its components, including videos, images, and web pages.
There is a range of sources via which the data is collected for web analytics. This includes traffic sources, page views, referring sites, conversion rates, and paths taken. This data is then compiled as a section of customer relationship management analytics (CRM analytics), facilitating improved business decisions that are entirely data-driven.
Let us take a look at the top ways in which analytics work for your online business:
- Specify the odds of a product being repurchased with respect to a particular customer.
- For frequent customers, the website can be personalized.
- Tracking how much money customers spend, and categorizing them accordingly.
- Figure out the geographic locations from which the maximum and minimum numbers of customers purchase any specific products.
- The products that the customers are most likely and least likely to buy can be figured out in advance.
Let us take a look at the web analytics process:
Web Analytics Process
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Goal Setting- In the web analytics process, the first step for businesses is to figure out the goals, which will also be the results that are being attempted to be achieved. Some examples of these goals could be more sales, brand awareness, and higher customer satisfaction levels. While business goals could be quantitative, they could be qualitative as well.
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Data Collection- Data collection and its storage is the second step that makes a part of web analytics. While a business may use its website directly for data collection, Google Analytics or some other similar web analytics tool may be used for the purpose. Primarily, the data will come from Hypertext Transfer Protocol requests. This covers data at application or network levels. This data, when combined with external data will deliver a fair bit of an idea regarding web usage. Actionable insights, hence, become easier to derive. Just as an instance, when we consider the IP address of any user, it is a parameter that is linked with several factors, like Click Through Rates (CTRs) and a user’s geographic location.
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Processing of Data- In the web analytics funnel, the step that follows is processing the collected data into actionable information.
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Identification of Key Performance Indicators (KPIs)- As a quantifiable measure, KPIs aid with the monitoring and analysis of the behavior of visitors to a website. Top examples of the same include on-site search queries, user sessions, unique users, and bounce rates.
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Strategy Development- In this stage, the implementation of insights aids with the formulation of strategies that help forward the organizational goals. Search queries deliver an idea about what over the website is in demand.
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Experimenting and testing- Experimentation with different strategies is a must to figure out the one that yields the best outcomes. A/B testing is a basic strategy that works fine in this regard.
Conclusion
The web analytics process is not a one-size-fits-all endeavor. Every business and industry has its own unique approach to web analytics and measurements. The main goal of every organization is to increase customer satisfaction, provide better service, and make more money.
The web analytics process can be employed in a variety of ways. It is effectively executed when it is used in tandem with other tools, like Google Analytics. The goal is to get the most out of web analytics by figuring out how the website is performing against key data points.
The web analytics process is a tedious endeavor. You will need to spend a significant amount of time. However, it will pay off in the form of better insights, better business decisions, and increased revenue.