Web Analytics is the structure and analysis of digital data with the intention of creating a predictive orientation and helping professionals to make more accurate decisions, in order to optimize strategies and improve business results from the reading of information.
The importance of the use of data for decision making is increasingly present in the companies that conquer the best results in their market.
The intelligent use of marketing investments is the great attraction for professionals who use information processed in the digital universe to direct their actions.
Measuring work and consumer behaviour with increasing accuracy moves away from the use of divination in day-to-day business for data analysts.
This makes the Web Analytics strategy essential for a company that wants to achieve considerable growth.
Find out how in this post!
What is Web Analytics?
Every day a huge amount of data is generated by consumers and their actions.
Having a well done analysis helps to understand the behavior of your audience and take more concrete and accurate actions.
Web Analytics is exactly that!
Structure and collect data from the digital universe, either on your site, on your platform or by external Big Data tools, to analyze and make decisions with more security and less risk.
The goal is to optimize your business based on past results.
Improving your product and improving your team can be consequences of adopting this strategy.
Google Analytics Guide
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The relevance to your strategy
Web Analytics helps marketers make better marketing decisions.
It analyses data from the past and helps to create a predictive orientation for the actions implemented by the Marketing team.
Everyone who works in the area cares about putting the money where it really works, right?
Unfortunately the estimate is that 200 billion dollars a year could be better used for marketing.
Directing your investments through data analysis will help execute an even smarter strategy.
A lot of information is waiting to be analyzed.
The size of the digital world doubles every two years and this results in increasingly better data on consumer behaviour.
The more you understand your customers, the better your product and sale will be.
Data analysis can also be responsible for the results of your teams.
According to a Harvard study on Big Data, companies that adopt Web Analytics manage to be 5% more productive and 6% more predictable when making data-based decisions.
But just joining Web Analytics is not synonymous with success. You have to learn how to use it in the best possible way.
Understanding the right questions to ask to get the data is the big secret of your analysis.
Have you already tested your knowledge in Google Analytics? With this quiz you can see how much you already know about the tool.
There are two main groups of questions you should use.
The first focuses on descriptive analysis and has as its focus questions based on “what” and “which” to result in simple summaries of the information obtained.
The aim is to visualise the meaning of the information in the present in order to direct this information towards predictive and prescriptive analyses and to relate it to future actions.
How about going back to school to understand a little more about those tests?
When you received your newsletter, your note was an example of a descriptive fact:
This question is asked in order to understand exactly what your test and work results were.
It is usually given as a percentage and gives us what we call standard report.
From this, you can ask other questions and understand even more about the information that has been given.
“What was my grade at each stage?”
The answer to this is what results in an ad hoc report .
These are questions made from other results already analysed. They are not periodic reports and are made on demand.
“What subject is most responsible for my low grade?”
By knowing your grade in each subject, you can understand where you should focus to improve your results.
This is the time when we started to detail our report even further. This part is called Drill Down .
“What actions should I take to improve my grade?”
With all the above questions answered, its time to start thinking about actions.
This is the moment when we create the first alerts and start to bring the information for predictive and prescriptive analysis.
Predictive and Prescriptive Analysis
After learning more about the data you received, its time to understand more about how it works, what your main statistics are and what your standards are.
With these analyses you will be able to “foresee” the future and know the consequences of each action.
Going back to your school report card, it is interesting that you recognize the standards of your grade.
“Why is this happening?”
If youve seen that your math grade is what you need to improve, you need to understand more about it.
In the first questions you analyzed your newsletter as a whole and managed to detail the information.
Now it is time to analyze each of these details.
By gathering other data you have, it is possible to see that in mathematics you have always had a lower grade than the others. Therefore, this result is a standard in your school life.
To increase your overall score, you should focus more on this subject and thus improve your next results.
“What if I studied more on the weekends?”
This is the time when you begin to understand more about the possible outcomes for your actions and attempts.
Knowing that you need to improve your math score, you create attempts – in this case study more on weekends – to understand the best way to achieve what you want.
“What happens next?”
You know that when you study you perform the tests more easily.
This is information you already have! So the opportunity to get better results by studying more on the weekends is great.
This is what we call the predictive model .
With the information you already have and the patterns you already know, you can predict some results or decrease the risks of your actions.
“Whats the best thing that can happen?”
By analyzing the above-mentioned issues and the information you got from the tests, you will take a big step to optimize your study and increase your grade more and more.
With these 8 question styles, it is possible to make a complete analysis of your data, generate good reports and extract a lot of relevant information from it.
You will understand your present and establish priority metrics to improve your business and take increasingly assertive actions in the future.
Some metrics must be accompanied according to your company and product.
But there are numbers that you should always analyze, regardless of your tracking or work model.
They are fundamental to the health of your business.
Understanding how much you spend on investment to convert a customer and also how much that customer has brought back to your company will make the scale of your marketing investments clearer.
Cost of Acquisition per Client (CAC)
The Acquisition Cost per Customer is the result of a simple math account that clearly shows the value spent to acquire a new customer.
From it it is possible to create acquisition promotions like the indication shares that are quite used nowadays.
When you receive an amount for indicating an application for a friend, that return value was calculated on the cost of the acquisition of that customer.
In this way the action manages to attract new customers in a healthy way.
The CAB is calculated as follows:
CAC = Investment in customer acquisition / Number of new customers
This calculation is also important for measuring the efficiency of your investments.
Attracting customers with lower and lower costs is always a goal of a marketing professional.
Lifetime Value (LTV)
Lifetime Value is the representation of the value your client brings to your company in the relationship period they have.
It is calculated on the average ticket and the average time of your plans.
For example, the average price of your product is US$500 and your client stays in your company for about 8 months.
Therefore, you have a contract value of 8 x US$500, which is US$4,000.
This means that each client that converts will be worth $4,000 to your company.
Along with the CAC will show you if you are spending more to bring your clients in than they are bringing in revenue.
These two facts are completely important for you to understand the health of your business and also to optimize your investments, decreasing the cost of acquisition and increasing the LTV through shares of your equipment.
There are several tools you can use to track your data.
The best ones are always going to be the ones that deliver the metrics you want to accompany and in the way that enhances your work.
But some of them are the main ones in the market and essential for your strategy to stand out.
Yes, to work with data analysis it is essential that you know this tool.
Microsofts spreadsheet program will help you structure information and perform quick, organized calculations.
In addition, it offers graphics that will facilitate the vision of the data for analysis and also to present it to the rest of the team.
Google Sheets is very similar to Excel, but is a tool offered by Google and works in the cloud.
This function may be more interesting for the person who shares the sheets with other team members.
With it it is possible to share the document with other people. It is also possible for several people to work simultaneously on the same worksheet.
Because your documents are saved in the cloud, you can open them anywhere if youre connected to a Google Account.
A solution for your internal data.
It is the most complete tool for a company that generates a lot of information in addition to allowing integration with other programs such as Salesforce and Hadoop.
Its design is another attraction, it creates graphics and tables with a striking appearance.
Google Analytics is the tool most used by professionals who monitor the results of their websites and digital campaigns.
The use of the platform is very simple and delivers very complete data about your online business.
Information such as visits, new users and time spent on the page are just a few of the many that the program offers.
The solution is very similar to Google Analytics, but also offers solutions for retailers and merchants who need to integrate their business with their digital information.
Adobe promises a complete knowledge of the client, helping the professional to have insights increasingly objective, which can positively influence your results.
The newest tool on the market and it comes with a promise to revolutionize marketing data analysis.
Its great move is to unite all the information obtained by the other Google data platforms and still bring clearer insights that will facilitate the visualization of the professionals in the area.
It also allows a segmentation of this information by the companys sales funnel, which allows even greater detail of its data.
Use and abuse of data
The amount of information we have from our clients, from consumers and from the market is no longer a novelty.
With a well-structured Web Analytics strategy you will optimize your business every day.
Understanding your customers, which implies understanding the buying journey and their relationship with your company, is fundamental to being competitive.
By analyzing the information it is also possible to have a much greater understanding of the market and its competitors.
This way, you can anticipate actions and always be ahead of the others.
The data analysis strategy is no longer a differential, but fundamental for the growth of companies.
Want to know more about how to grow your marketing strategy? Learn about Growth Hacking and get exponential results for your company!