10 Things Your Boss Should Know About Analytics
At an era when companies in different industries give a cut throat competition to each other and the points of differences getting highly reduced analytics come to the fore to bring in a complete change in the way the companies are operating by using data to attain qualitative difference from the competitors and the ability to acquire and retain the customers by providing a personalized customer service.
- Better Customer Loyalty Programme: The first thing that the boss would focus is to retain the loyal customers. Analytics helps to determine the recency of the customer visit .Frequency of customer visit is one of the important aspects to sustain a business in long time which can be tapped by using analytics.
- Identify the areas that fetch in more gains: Analytics helps in the process of segmentation thereby identifying the amount of revenue generated by each area which helps in determining the key success areas in a business.
- Better Customer Acquisition: Analytics help to determine what the customers want thereby focusing on those segments and targeting the right set of customers .This will help to reduce the cost of acquisition and helps in better pricing and promotion of the products.
- Integrate performance across different marketing channels: Marketing can be used to integrate different channels such as social media sites such as facebook and twitter pages, websites, e-mail and blogs. For instance based on the contents of a blog a person may access the website and view all the products offered by the company.
- Key Perfomance Indicators At a glance: Analytics provides with features such as dashboards and visualizations which are used to determine the health of the business and the opportunities present in the related business segment.
- Identify the Bounce Rate: Web Analytics can be used to determine the number of customers who have visited only the entry page and have logged out before the process has been completed. The customers might have added the product to the cart but before the purchase could be realized some technical glitches might have occurred in the payment gateway,or the site traffic might be heavy etc. .This bounce rate can be tracked by analytics and measures can be taken by the business organizations to ensure better conversion rate.
- Better guide to make decisions: One major problem with the emergence of vast amounts of data today is the amount of noise or irrelevant information which may dampen the right insights and analytics help in cutting out the clutter and driving the business safe.
- Prevent from excessive spending: Instead of spending excessive money over advertisement and campaigns performing multivariate analysis on the sample data and applying it to the population at large thereby determining the model holds good or not is a better way especially to test new opportunities and to save money.
- Benchmarking against the competitors: Analytics helps not just in tracking the performance of the organization but also that of the competitors such as the search engine performance by looking out for the phrases that have been ranked higher, how significant is the domain of the competitors? And what new phrases can be used to outrank them. How well is the customer traffic and visitor frequency is present for the competitors?
- Improve the content :Web analytics and SEO’s can help to improve the quality of the content thereby providing the customers what they are looking for thereby achieving better customer loyalty.