Data Analytics: Making Sense of The Data
There is a massive amount of information available to businesses these days, so much so that it has become difficult to determine what is good data and what data is a waste of time.
There are digital analytics tools available to help companies create reports and dashboards, but often the problem is only further compounded with the data being spread over a number of these tools. This often leads to unclear insights, wasted resources and undesirable business outcomes. This article has been written to help you better utilise the data produced through your digital analytics.
Setting Key Performance Indicators
Data is one of the advantages businesses have received in the information age. The volume of data available to companies about their market, customers and competitors is unfathomable. Collecting and analysing all of this data however will not provide you with actionable insights quickly. It is more efficient to set priorities for the data that you actually require in the form of key performance indicators (KPIs). By setting, tracking and measuring KPIs for your company, the data becomes more useful and you can make more informed decisions that are backed by data.
Selecting The Right Tools
There are numerous digital analytics tools available for you to use, both free and paid. Before you make any investment in an analytics tool, however, it is better to determine what your objectives are for the tool. First, you should review the KPIs you set earlier, ensuring that they are complete and reflect the kind of information that would be helpful in making strong decisions. Next, conduct a website audit to determine traffic flow and site visibility. Evaluate your content strategy, marketing strategy and customer journey through your sales process. Shortlist the tools that meet your requirements and determine which will provide the most complete solution. By selecting the right tools, you can be confident that the data is more accurate and relevant for your businesses processes.
Once you have the right tools for the job, it is important to implement them. Digital Analytics tools that are correctly implemented can provide you with accurate, timely insights. Incorrect implementation can actually have adverse effects on your business, providing you with inaccurate data and can lead to poor decision making. Sometimes it is best to leave this to a digital analyst. A good digital analyst should be able to provide you with:
Testing and Optimisation
Digital Analytics provides you with the data necessary to make informed decisions. This information can also be further utilised by a digital analyst to provide testing and optimisation across all of your online platforms. Your visitor’s experience on your website and social media accounts can be optimised to increase conversions. This is achieved through:
Conversion Rate Optimisation
Increasing engagement, while reducing cost per customer acquisition by optimising your website for conversions. The conversion rate of your website and marketing should be a KPI as this data establishes whether your efforts in these areas are effective or wasted. Optimising for conversions should lead to better customer engagement and more effective marketing campaigns.
You won’t know if there has been any improvement unless you test what you change. A/B Testing provides you with the ability to test two different pages and compare the reslts to determine which method is more effective. This can be used to test a marketing strategy, lead page or web page.
Similar to A/B Testing, Multivariate Testing tests multiple versions of a web page, lead page or marketing strategy in order to provide you with measurable results. This can provide you with accurate results, even with smaller sample sizes.
Landing Page Optimisation
The days of the brochure like website are slowly coming to an end, instead, being replaced with landing pages. Each landing page should provide information about a specific service or product. Optimising these landing pages provides better conversions, a greater visitor experience and a better return on investment.
As humans, we are visual creatures by nature. Complex algorithms and long spreadsheets filled with data are not something that we usually find appealing. This is where data visualisation through dashboards can help in the interpretation of data. Using dashboards to make data more understandable can help you identify business trends, opportunities, threats, and focus areas. You can see KPIs that are being met and those that are not. You can even gain insights into your specific sales process and areas that may be friction points that reduce sales. By producing these reports, you are better able to make informed business decisions and potentially detect future problems that may arise.
Big Data is often viewed as the realm of large corporations, but digital analytics is quickly becoming available to small and medium businesses. When you are provided with accurate data, you are able to make more informed decisions. These informed decisions lead to better business practices and better outcomes for you, your business and most importantly, your customers. Are you using digital analytics in your business yet?