Data, the omnipresent and omnipotent commodity in today’s world, has infinite value if one knows how to harness its power. With every person creating 1.7 MB of data per second, collectively, we produce over 2.5 quintillion data bytes every day. Everything we do, from browsing social media and visiting websites to viewing ads and making a purchase online, we create quintillions of data bytes every day. This data reflects who we are, how we think, and how we behave as individuals.
Businesses, both big and small, have realized the potential of such data and are trying to leverage this resource to gain insights into the preferences of their target customers. In addition, knowledge of this data helps create a competitive advantage. Here is where web analytics plays a significant role.
Four reasons why web analytics is essential for your business
In modern digital marketing, web and social media analytics is a proficient and valuable tool for businesses to leverage data and use it to create a customized product strategy and marketing plan that captures the interest of the target audience. These analytics provide a wealth of data for businesses to succeed online. Let’s take a look at some benefits of web and social media analytics:
Get a sneak-peek into the minds of customers:
Web and social media analytics offer unique insights into the minds of your customers and allow you to understand what makes them tick. You can use these insights to identify potential business opportunities and build new products (or services) to stand out among competitors.
Drive strategy:
Insights from web analytics can help businesses drive both marketing and pricing strategy by creating a marketing message and product offering tailored to the needs of your target customers. This way, you can build a loyal customer base that will advocate for your company, creating brand awareness and a strong brand image.
Improve user experience:
Web and social media analytics allow you to understand the experience users have while interacting with your website and brand online. These insights are critical to ensuring that the customers are satisfied with your online presence and tweak the aspects that are causing them dissatisfaction.
Optimize costs and maximize revenue:
Web analytics lets you know which aspects of your strategy work and which parts you need to tweak (or get rid of). This includes your product offerings and marketing campaigns. You can stop investing resources in the aspects that are not working out and instead focus on those that meet customer expectations.
The ease of accessing data is transforming businesses, industries, and economies. Armed with the right technology and tools, such as web analytics, organizations can ensure positive outcomes in the form of improved productivity and efficiency, better decision-making, and increased revenue.
Key takeaways
Be sure to choose a web analytics platform that complements your business and does not require the technical implementation or tools that you lack. Study the market and figure out what your competitors are using. Define the key performance indicators and metrics that you want to track to improve your business, identify your target audience, and increase profits. Before finalizing a platform, take the time to understand what parameters best fit your business requirements.
You can also hire experts who offer tailor-made web analytics solutions for your business without having to invest in resources, experience, and in-house expertise. With services such as web and social reporting, automated web analytics solutions, and predictive analysis solutions, you can optimize digital assets to serve consumers better and improve customer satisfaction while optimizing costs.
Web analytics solutions have become an integral part of business as we transition towards a more digital business ecosystem. But the bigger question is whether you’re prepared to harness the power of the web through analytics.
Written by Scott Weathers
Source: TG Daily – Web Analytics: Harness The Power Of Data To Build A Successful Business