Starting out? Confused? Welcome to the world of analytic tools! Today collecting your data and finding the right tool to from can be a big challenge! Start by digging deep into Google analytics and learning the lingo that goes with it. There is an abundance of excellent tools and communities that will help you find your way. Google offers great analytics support and tutorials on each segment of your analytics dashboard – use them, they are free!
Let’s start with the basics
One of our favorite data dudes is Yehoshua Coren or as known on twitter as the @AnalyticsNinja - he suggests that the first metrics you should be measuring is conversion rate, path length, and top entry pages.
How many visitors came to your site that did something that you want them to do. A conversion can be defined as signing up, asking for a demo, or buying something. Tip: Divide your conversion stats into lead generation and product sales.
Number of Leads Collected / Total Traffic to Site x 100 = Conversion Rate
Number of Sales / Number of Visitors x 100 = Conversion Rate
However this calculation incorrect if you are getting traffic from around the world but your company is not active or doesn’t sell or service globally.
OptimzeSmart has a great articles on optimization and how-to calculations for various metrics.
The path length of any given goal will show you how many interactions were made before there is a conversion. There is a basic overview from the Cardinal Path Blog that will walk you through the definitions and set up.
Another excellent source of information is On-Behavior – you will find huge collection of articles, videos and interviews all about analytics! Here is an article on multi-channels and path length until conversion.
Top Entry Pages
On google analytics it is easy to see which landing pages are your best performing. Don’t forget to take a look at the return visitors on your landing pages too.
Bonus Google Analytics Resources and Articles:
A great resource for anything google analytics is anything Avinash Kaushik! Follow him on Google+ and on Twitter
Google Analytics Academy – Improve your Google Analytics skills with free online courses from Google.
Google Analytics Blog – The official Google Analytics blog for news and features updates.
Google Analytics URL Builder – The URL builder helps you add parameters to URLs you use in Custom Campaigns.
Google Analytics on YouTube – The official channel for all videos about and related to Google Analytics.
14 Key Ecommerce Events to Track in Google Analytics by Kunle Campbell
11 Google Analytics Metrics Bloggers Should Track by Roy Povarchik
Google Analytics Cheat Sheet: Steal My Go-To Blogging Dashboard by Rita Barry
Click on the image to see the whole infographic (http://bit.ly/1GxBKcl)
There is more than just your website analytics and the use of Google analytics, the latest trend in how to crack the code to client behavior is Customer Analytics. You want to recognize customer behaviors, analyze them and act and re-act accordingly.
According to a recent survey by McKinsey & Company
“49% of companies who champion the use of customer analytics are likely to have profit well above their competitors. 50% of companies who champion customer analytics are likely to have sales significantly above their competitors.”
“Companies championing the use of customer analytics are 6.5 times more likely to retain customers, 7.4 times more likely to outperform their competitors on making sales to existing customers (upsell and cross sell strategies), and nearly 19 times more likely to achieve above-average profitability.”
The survey is a good read – you can download it here.
Today customers have access to your information through multi-channels on and off line, it is crucial for you learn and listen to effectively leverage the big data available to predict how your customers will react to your product and how they interact with your company. The more you know about your customer, their needs and their preferences the better your predictions on how they purchase will be.
Your online data can be analyzed to provide accurate predictions, you just need the right tools to help you do this.
Ok, now which tool do you use when there are so many new tools out there? Whichever tool you use it should be able to help you understand how your leads are obtained and how your onboarding funnels are working. We have taken a look at Kissmetrics and Mixpanel – Both tools give you easy to set up funnel analytics, retention graphs and revenue functions.
We are not making this up, it is our favorite description from saasfoundry.io (by the way check out their blog)
“Google Analytics tells you what happened, Kissmetrics tells you who did it” (I’m not affiliated in any way with Kissmetrics, but they kick serious ass with their customer analytics platform) “
Both are great platforms and they offer very similar tools for the user. We suggest that you try them both out, let us know which one you use and why.
Are you already using one of them or a similar platform? Let us know – share with us your data finding secrets!