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The Web Analytics Association describes web analytics as "the objective tracking, collection, measurement, reporting and analysis of quantitative Internet data to optimize websites and marketing initiatives." Web analytics information about visitors, traffic patterns, marketing campaigns, and conversion dynamics provides marketing information to fine tune a website and campaign performance to maximize return on investment (ROI).
Introduction to Analytics
Business can :
- Identify website trends
- Understand how visitors interact with a website
- Identify navigational chokepoints that prevent visitors from completing a purchase
- Segment type of visitors
- Measure profitability of search marketing campaigns across search engines
- Assess profitability of Search Engine Optimization, Pay-Per-Click and Pay-For-Calls advertising.
Determine Needs
Websites offer visitors a multi-step process which culminates in a purchase. Typical sales take three or four steps, and include the use of a shopping cart. Shopping cart abandonment rates hover between 50 and 60 percent -- more than half of online shopping carts are abandoned. DoubleClick estimates that shopping cart abandonment results in $4.51 of lost revenue for every $1.00 of revenue made from sales.
Analytics tools can measure loss between any two steps in a sales path analyzing the total loss from start to finish. Knowing which steps have the highest abandonment rate will identify areas for improvement. Loss reduction at any step in a sales path will have a positive impact on overall conversion to sales rate.
Identify Goals
Identify key activities and actions that need improvement, quantifying objectives. Objectives depend on the nature of the business website. An objective might be to "increase website widget sales by 10 percent in January by reducing the sales steps from four to three." It is important to define a specific change and set expected goals.
Define Metrics
Measurement and analysis tools work for a vast array of website data including such bottom-line variables as costs and revenues. Business processes that can be identified can also be manipulated to achieve higher profits. Below are questions to identify metrics for analysis :
- Are targeted visitors attracted to the site?
- Are visitors spending time on the site, and if so, where?
- How well do you convert visitors to customers?
- Is there navigational help indicating a visitor is ready to buy?
- How does the behavior in customer segments differ?
- How can profiling help cross-sell and up-sell?
- What is the churn rate?
- Describe your best customers?
- How do you measure loyalty?
Once the most important processes leading to conversion are identified, clear, quantifiable goals for improvement are set.
Collect Data
Web analytics uses two types of tools for data collection :
- Web server log data
- Page tagging with JavaScript.
Test Improvement Strategies
Conversions from prospects to customers are essential to e-business success, a program of A/B split testing before final implementation of site changes provides for two different versions for testing copy changes on a call-to-action landing page, one at a time to see if one is more successful than another.
Measure Results
In 2003 an industry study reported that 3 in 10 marketers were not measuring search campaigns, while 4 in 10 were using outdated web metrics such as click-throughs.
A 2005 search metrics study stated that nearly 1 out of 2 search marketers who outsource SEO and paid search services either did not measure ROI, or were unable to calculate ROI, or to distinguish between SEO and paid search ROI even though most vendors had access to web analytics tools.
Start Again!
Continuous monitoring of conversions and adjusting goals and metrics provides information to stay ahead of the competition. By studying data and implementing different strategies, the areas needing improvement to increase ROI are identified. Like all internet marketing, the best way to succeed is to continually review and adjust based on information.
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