While our clients ask us quite a few questions, here is one which we often ask them.
When was the last time you saw the web analytics report and made a business decision based on the insights?
The response is mixed, with a large number of marketing folks not looking at it regularly or not being able to bring the discipline to read the long reports shared by their agencies. Not tracking analytics is like giving an examination and not looking at the report card.
Analytics is the litmus test of both strategy and execution. All data points should be analyzed within a framework of time and in the context of strategy, tactics, media, content, and omnichannel presence. User behavior, trends, ROI are some of the apparent outcomes of reviewing analytics.
Keeping track of analytics can help organizations anticipate market shifts and mitigate risks. Most businesses are either unaware of the value analytics may have, or they don’t utilize it enough.
McKinsey’s research states that data-centered organizations are 23 times more likely to acquire customers, six times more likely to retain those customers, and 19 times as likely to be profitable as a result. Enough said.
There are just too many moving parts with analytics...how do non-technical folks understand it?
Analytics visualization tools are a boon for organizations struggling with tabular analytics — our brains process visual diagrams and content better than complex numbers. Visualized data is more comprehensible and less daunting.
Analytics data visualization that utilizes dashboard tools is the holy grail when it comes to identifying insights. Through data visualization, most information buckets get represented in small chunks of digestible visuals, which can be analyzed easily. Structured, well laid out one-page reports with valuable insights are the outcome.
Data visualization also aids critical business decisions making. Using it allows businesses to review strategies quickly and update them as and when needed. It’s agile, efficient, and in line with consumer expectations. You may need a consultant to work this as these require specific skillsets.
What else is there apart from web analytics?
Website traffic is a significant tip of the iceberg. Apart from Google Analytics, a business can assimilate social media analytics (segregated according to platforms), business intelligence analytics, platform analytics, and media buy analytics as meaningful & measurable KPIs.
All these analytics are a measure of how well that story is being understood, and every consumer interaction counts. Online and offline.
These analytics should ideally be viewed collectively, and not in silos. All of it together will give organizations an in-depth consumer understanding.
When can analytics and insights go south?
Having data pools and assuming that everyone will extract the same level of insights is not such a good idea. Without a working knowledge of analytics, emerging technologies that garner data, and the business’s immediate strategic goals, none of it makes any sense to have.
In such cases, businesses may end up spending marketing money on audiences who do not care for the brand. Inorganic and unscrupulous media buying is like a virus for data hygiene. It may enhance visibility initially, but it’s not sustainable in the long run.
Gatekeeping of data and analytics set up hygienically is the only insurance in such a situation. Keep it loose, and soon it’d be difficult to identify genuine traffic. So think about spends carefully. Identifying which platforms to invest in and garner data from is the key to a successful digital strategy.