Digital marketing is forging ahead at a relentless pace with best practices and strategies needing to evolve as new opportunities open up.
No organization can afford to be without a solid web analytics foundation and informed actionable insights from a Google Analytics Certified Partner.
Here are the five steps to maximizing the rich data Google Analytics provides:
#1 You can’t manage what you don’t measure … so measure it
John Wanamaker – considered by some to be the father of modern advertising - said it best: "Half the money I spend on advertising is wasted; the trouble is I don't know which half." For years marketers lacked a definitive link between contribution and outcome. Now the clamour of companies demanding accountability and measurable return on investment is getting louder.
Web analytics provide measurement of rich data so profitable; some are comparing it to oil. Forrester forecasts US businesses will spend $953M dollars on Web analytics software in 2014.
#2 Concentrate on outcome based metrics
Customer paths are more dynamic than ever, with a variety of online and offline interaction points and social influences that make it challenging to define metrics and measurement from lead to pipeline to conversion. The smart focus is shifting from output based metrics like page views and time on site, to outcome based metrics like retention rate, referral rates, customer engagement and lifetime value.
#3 Focus on business outcomes and actionable insights
Web analytics tracks goals set for your business such as increasing new visitors to your site, customer retention rates or growing revenue through conversion optimization planning. Google Analytics is a powerful tool, but “These tools are not self-installing money generators. They require commitment from senior management,” says Jim Sterne of the Web Analytics Association. While Google Analytics is free to use, its true value stems from the actionable insights from analytics experts. Those insights, together with Key Performance Indicators (KPIs) projections, can really prove return on investment when effectively communicated to senior management.
#4 Focus on the right data for your company
Many organizations aren’t as data driven as they like to think they are. Google Analytics provides instant insight into campaigns and the information is presented in user focused dashboards. Behind the glossy dashboards is more depth of actionable insights than ever before. Many companies focus solely on traditional metrics such as views, visits, and bounce rates. Every business is unique and as such, focusing on the relevant key performance indicators and creating actionable goals, are key to mining success.
#5 Remember, it’s all about ROI & allocation of resources
Marketing campaign performance measurement and management focuses on maximizing every marketing dollar spent. Data, analytics and key metrics play a critical role in measuring marketing performance. The smart money is on producing an actionable dashboard, which allows organizations to understand the impact of marketing decisions and refine and adjust course as needed. After all, web analytics is measuring a living, breathing, evolving web experience that - with the right inputs - will maximize business performance.
T4G is a Google Analytics Certified Partner with offices across Canada and in the US. It works with clients to maximize return on data investment through providing Google Analytics consulting, custom implementations, CRM and Business Intelligence integration and campaign analytics. If you want to find out more, please contact Kathryn.Tector@T4G.com