Put Your Sales on Rails with Web Analytics

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1 Put Your Sales on Rails with Web Analytics Web Analytics are defined by the measurement, collection, analysis and reporting of website-specific aggregate user data. The data is then applied to predictive marketing models and used to optimize on-site web taxonomy, content and offerings. Understanding how empirical data affects website conversion is vital to gauging the overall success of marketing efforts. An investment in analytics is an investment in a business operational efficiency and overall business growth. Industry-leading applications like Google Analytics use elaborate and complex algorithmic formulas to process and configure a multitude of diagnostic reports. Remaining competitive in today s online marketplace is contingent on how well web data is mined and how the resulting information is used for important managerial decisions. Statistically-driven strategic insights empower managers to improve their businesses with successful strategies that leverage strengths to capitalize on uncovered opportunities while mitigating risk. Thorough analysis of key performance indicators can effectively optimize conversion funnels and fast-track revenue growth.

2 Nurturing a Data-driven Culture Many organizations, that were traditionally brick and mortar, find it difficult to transition to the real-time marketing science on which the web currently runs. Online, it s not about a gut feeling or personal belief. Everything is tracked and tested for optimal results and business processes are continually improved-upon. Being a successful agent of change requires that the value of web analytics as a critical component of any strategy must be proven to company brass. Here s how it s done: Focus on goals versus impact Connect website goals to real-world return on investment (ROI) and develop a model that stakeholders can understand and support. Review and disseminate statistics daily Achieve team buy-in and establish a common vision through transparency by sharing the numbers. Include preliminary insights or observations and clarify any confusing results daily. Invest in analytics resources Employ marketers who understand research and web data to own the analytics efforts and develop insights for managerial decision-making. Share in success Positive results should be promoted internally. Team efforts that result in the meeting or exceeding of goals should be recognized publicly. Open dialogue helps to ensure that staff have a sincere and vested interest in the success of individual efforts and overall strategy.

3 Defining Key Performance Indicators (KPI) KPI Key Performance Indicators are commonly used by an organization to gauge a particular, predetermined user or website activity. Often times, KPIs are used to measure incremental stages toward strategic end goal. Success at the KPI level is delineated by positive movement toward maximum conversion. Common Key Performance Indicators: Daily Site Visitors Time on Page Bounce Rate Abandonment Rate Deriving Useful Insights Deriving actionable insights not only takes KPI variables into consideration, but also takes a holistic perspective by asking qualitative questions to support the KPI data that is aggregated. Channel Effectiveness Determining which traffic acquisition channels are driving sales, and which website visitors contribute most to firm profitability and business objectives are essential to the overall success of any online marketing strategy. This exercise will help to understand which customers are the most profitable, and how to market to them in a more personal, relevant and customer-centric fashion.

4 Content Engagement Establish what type of site content is compelling to the audience. Effective use of original content will inevitably lead to better results. Search engines are designed to look for authoritative content and determine if that content contributes to site goals. Process Effectiveness Reflecting on the effectiveness of a website s conversion funnel may lead to optimizations within its design. Using KPIs and real-time data may uncover drop-off points where skilled and innovative marketers may find solutions to keep the customer engaged and committed throughout the process. Performance Tuning Determine if goals and milestones have been reached by benchmarking data. If an initiative is failing to deliver, adjustments must be made to test different approaches and implementations until the optimal solution is found. As consumer behaviour continues to evolve along with the web, strategies will need to evolve as well, along with the tactical executions of those web strategies. Predictive Modeling Develop and deploy incremental testing methodology to lay the groundwork for future marketing efforts. Since everything on the web in measurable and quantifiable; segmenting and testing marketing programs against past efforts helps to establish benchmarks and best-of-breed marketing models. These models provide effective frameworks for processes that can optimized over time.

5 Monetizing Opportunities Once KPIs are defined and website goals are established, potential opportunities must be identified. It is advisable to begin with the low-hanging fruit by isolating negative conversion variables that can be changed quickly or eliminated. Creating a short list of necessary alterations that demand minimal effort to implement can result in immediate positive impact and the greatest return on investment. Prioritize initiatives based on ROI. The short list approach is a measurable and useful initial strategy for several reasons: 1. Allows you to test your analytics insights quickly and effectively 2. Limits the development time and investment needed to affect results 3. Potentially increases ROI and helps establish stakeholder confidence in new strategies 4. Creates positive momentum and allows decision-makers to support further predictive strategies Conclusion Online marketing is a science as much as it is a creative discipline. Thinking outside of the proverbial box is not a luxury; it s a requirement. Traditional marketing paradigms are often reinvented to fit current moulds. Deploying a best-of-breed analytics platform, such as the one integrated into IgnitionWeb allows for a deeper-level understanding of online marketing strategies and the consumer behaviour exhibited at status quo. Managers often have several questions regarding their firm s performance; whether they are left scratching their heads or finding the answers in their web data is up to them. Analytics are essential to any business, but especially valuable to those conducting business online where data is richest, most up-to-date and telling. Marketers must measure all the time; analytics tools must be included in every marketer s toolbox in order to optimize processes and drive conversion.

6 Help to develop a culture of statistics within your organization by becoming an analytics champion! Ignitionweb 3.10 was built from the ground up to help you flex your marketing muscle with built-in enterprise-level SEO & Analytics capabilities with seamless Google Analytics integration. It s time to put your web strategy into overdrive with HTC s IgnitionWeb Internet Marketing platform. For more information on how web analytics can impact your online marketing efforts, contact: Tom Kouri or Freddy Davy at (514) High-Touch Communications Inc. HourGlass and IgnitionWeb are registered trademarks of High-Touch Communications Inc. All rights reserved.