Numbers, data, mathematics and analysis are key pieces to face such a competitive present. Today, we need tools to move forward. For this reason, it is mandatory to work on the compression and appropriation of the main statistical concepts. Measuring every business effort is a requirement today! Good business leaders know this and that’s why they turn to web analytics.
The ability to assimilate information — to process and learn it and then use it in decision-making — is a transcendental attitude for modern organizations, as it is the only way to survive in the Finland Phone Number List world. If you want to stay current, you can’t turn your back on optimization, and this can only be achieved by committing to measurement and analysis. The information helps us to improve and be more efficient. In addition, with relevant data and an intelligent interpretation, the value and contribution of each asset or effort can be recognized – especially in digital environments – in order to understand the impact of each activity carried out or resource invested. Likewise, thorough analysis can identify mistakes and mismanagement early to quickly redirect course and reduce risk and waste. A good job with the data will help to identify the points where you are strong and weak, to enhance the former and minimize the latter. That is the key to the matter!
First thing: what is web analytics and metrics?
A digital analysis —by definition— is a set of techniques related to the capture, processing and organization of data related to user behavior on a digital platform. In a digital analysis, the origin, the navigation route, the length of stay, the geographical and demographic characteristics and other aspects of the users are validated to understand their particularities and discover the alternatives that will lead to offering a better experience. With a digital analysis, work is done on the search for opportunities for improvement in the planning and execution of the tasks associated with the digital business strategy.
Digital analysis draws specifically from two disciplines: metrics and analytics. The metric is the area of knowledge that is responsible for all the data and indicators that emerge from the consumption of a Finland Phone Number List platform. The metric figures are obtained and stored by a tracking tool – Google Analytics or Adobe Analytics, for example. For its part, analytics is the discipline responsible for processing data to draw conclusions, qualitative responses and reflections with the intention of improving the performance and results of a digital effort. In short, the metric measures and the analytics analyze what is measured. Easy!
The primary objective when working in the two disciplines is the search for insights – a term borrowed from psychology, coming from English, which can be translated as “perception”. The insights will help us to improve and enhance the digital activity of the business. The word insight is a noun that describes the ability to gain an intuitive, precise, and deep understanding of a person or thing. In Spanish, the closest word to define this concept could be “understanding” —without being a literal translation. The metrics and analytics, then, are the areas of knowledge that serve to seek the understanding of the representative elements of the trends. The insights are the expected result! Those pieces of information and knowledge that will help you enrich your digital performance.
5 reasons to optimize your digital strategy with metrics and analytics
Data shows you the way to results. There is no way to advance in the digital world if you do not invest time in collecting and analyzing the information to obtain good insights from your audiences and actions. The keys to your future will be in the insights you manage to obtain! And these are only achieved with a good dose of metrics and analytics. With this understanding, we can focus on the main benefits of these disciplines for people or businesses. Here we share five of those benefits so that you can work decisively in these two areas of the digital world:
1. Improvement in the use of the —generally scarce— resources allocated to the digital strategy It is a fact, organizations invest few budgetary, human and technological resources in their digital projects. We do not expect to change this overnight – although we believe it will change soon. There are many leaders who follow this meager behavior towards digital investments. Perhaps out of fear, ignorance or lack of vision. Now, if, in addition to being scarce, they are invested badly, there is a loop of loss of confidence that ends in the isolation of digital and in the loss of striking opportunities within current markets.
Imagine this scenario: a manager — after hours of reflection and pillow talk — decides to invest some of his resources in a digital endeavor. Your work team designs a plan and begins to consume those resources that were assigned to them. Time passes and the return is poor or never appears. The team, which does not rely on metrics and analytics, does not understand the reasons why the results are not as expected. What happens next? Receive an ultimatum! Either the results change or I take the resources to what we have done all our lives. We all know what follows: the manager withdraws resources and the team wastes the opportunity to migrate to digital marketing by not measuring and analyzing.
That vicious circle that we have just exemplified is broken only when the members of the team that receive the resources develop an austere initial activity that provides them with data to learn from the audience and thus refine before investing again. Metrics and analytics are the key pieces in this exercise. They are responsible for collecting data and analyzing behaviors to make good investment decisions. In other words, thanks to measurement and analysis, goals can be set and met for each peso, person or minute invested in the digital world.
2. Permanent increase in return on investments
In the previous point we talked about the impact of metrics and analytics on resource management. An aspect that makes them useful tools for making decisions related to how much and where to invest. In this second section we will highlight another important issue: how they can be used to demand permanent improvement of the results of each of the investments and of the performance of those involved in the associated tasks. Investing well is not enough! We have to improve every day. By evaluating the achievements obtained by each investment and reviewing the forms and responses of the management of each activity, opportunities for improvement appear. Each movement produces a result and a teaching. Companies that properly own metrics and analytics never settle for what they get. They take every piece of data and put it into context to gain new insights . Organizations that do this repeatedly become more efficient entities in achieving goals. A powerful benefit, because it helps them develop competitive advantages that are difficult to counter.
3. Detection of the factors that make digital activity efficient
In the digital world there are little things that make a big difference in results. How to detect them? Doing experiments, measuring, comparing and learning. Through these tests you will find new ways to get closer to a result. Data reacts immediately to any change, and good analysts need little rehearsal to recognize which small adjustments end up being critical to the efficient performance of a digital project. With experiments, measurement and good analysis you will be able to recognize the factors that turn a mediocre effort into a powerful and enriching one for the business. Having an efficient digital activity means carrying out tasks with the least amount of resources and with the best possible results. In other words, achieve more with less! or achieve more in less time! How to achieve this? With an unrestricted commitment to the measurement and analysis of everything that is done.
4. Improving the user experience on digital platforms
Another important contribution of metrics and analytics is the improvement of the user experience within the digital ecosystem. A satisfying and enjoyable user experience goes a long way towards customer retention and loyalty. Working on improving the user experience is not a minor issue, it is very important! It is proven that it is cheaper and more profitable to retain old customers than to acquire new ones. Therefore, investing resources in its improvement should be a priority for the business. Achieving good digital experiences requires a lot of effort, evaluation and study. Developing A / B tests, observing and hypothesizing about behavior is the right route to achieve those outstanding and captivating experiences.
READ THIS ARTICLE »
5. Identification of mechanisms for building strong relationships with the audience
Finally, metrics and analytics are the ideal tools to create close relationships with an audience. It is not possible to approach or arouse the interest of people if you do not know their characteristics, passions or motivations. You cannot strengthen ties if you do not investigate the interlocutor and learn what interests him. The measurement and analysis of user behavior will yield powerful insights on this topic. These insights will help you adjust the offer to attract the consumer. The digital business team must rely on metrics and analytics to answer questions such as: What does my community like? What does it dislike? How does it consume information or choose products or services? What hours are you exposed to the digital world? How often do you do it? and how much time do you invest? In doing so, they will find valuable inputs for decision making. The answers to these questions are the key to creating those relationships we want and strengthening them over time.