Why Web Analytics
- Take Control of Your Marketing Budget
- Enables Holistic Mult-Channel Digital Strategies
- Take the Frustration Out of Scaling Your Business
- Enables Fast & Profitable Data-Driven Business Decisions
- Escape the Lackluster Results of Siloed Digital Marketing
- Dominate Competition with the Highest Conversion Rates
- Enlighten the Path to Market Leadership
Types of Web Analytics
What type of analytics program is your company running?
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
The type of analytics program your company is running will determine the benefits you’ll receive from your web analytics data.
Imagine that your top competitor has a more advanced analytics program than you do. Can you see how they would have a competitive advantage? Put another way, do you see how a more advanced analytics program can give a company a competitive advantage?
Ultimately, the purpose of using analytics is to understand marketing initiatives and your corporation as a whole and produce reports that help business leaders answer questions that lead to strong growth and business optimization. The ability of your analytics program to provide the information is your analytics maturity.
There are four levels of maturity, which are you at;
- What - Hindsight
- What and Why - Hindsight
- What, Why, and What May - Insight
- What, Why, What May, and How To - Foresight
- Leads to market leadership
- What - Hindsight
Most companies are at level one. Some are at level 2. Fewer are at level 3, and still fewer at level 4. The higher the level, the more data-driven a company is, and the more data-driven a company is, the easier it is for business leaders to make the best decisions about how to grow.
Taking It To The Next Level
Taking analytics to the next level is not an overnight task. According to Stephane Hamel, five areas need to be considered, which include;
- Management, Governance & Adoption
- Objective & Scope
- Team & Expertise
- Continuous Improvement Process & Methodology
- Tools, Technology & Data Integration
An Analytics Maturity Model is created to help everyone understand what needs to happen to move up and then set reasonable expectations around getting there. It gets the conversation.
Keep in mind; it takes time to go from one level to another. It is not a plug-n-play event, and everyone must be on the same page, which is where the analytics maturity model comes into play.
Digital Analytics Measurement Model
The Digital Analytics Measurement Model per Avinash Kaushik, Analytics Evangelist at Google and author of Web Analytics 2.0, is the difference between winners and losers when it comes to web analytics.
An Analytics Measurement Model is the foundation of all your digital marketing success allowing you to measure marketing’s impact on business success; and critical to holistic strategies.
Without a measurement model, a company is forced into siloed digital marketing and will struggle to answer growth questions. This type of digital marketing always uses a shotgun approach of digital tactics hoping something sticks, which is suboptimal; and inherent in companies with immature analytics programs. But, that’s how it goes as a digital strategy is impossible without a measurement model.
With a measurement model, companies gain control over their marketing budget and growth optimization.
The more mature a companies analytics program is, the more sophisticated the measurement model can be, and the more control over growth a company will have.
How’s Your Analytics Doing?
Do you want better results or need some guidance? Sign Up for an Analytics Consultation, and we’ll take a look together.