The world has been changing and developing and so have business practices. There has been a major increase in data collection over the years and for a very good reason. Having information greatly impacts the way a business makes choices on products, partnerships, strategies, and overall business decisions. Collecting information is a crucial part to a company’s success.
The Importance of Analytics
Without analytics, it is extremely hard to make informed decisions that will benefit the company. Analytics help a company to understand what is working and what needs improvement. Essentially, it helps identify strengths and weaknesses.
Analytics act as a roadmap for a business when looking at what their customers want and need. Tracking analytics provides insight and clarity into how they can market and adapt to customer needs and capture more interest that leads to sales. Tracking analytics can lead to discovering patterns, trends, and insights on customers and their behaviour.
There are many different metrics that can be analyzed that will help the company narrow down what should be worked on.
What to Track
Gathering information is important, but companies need to know what to track in order to make the data useful.
The key to your company’s success is finding the right data to track for your business. Each company will have slightly different goals which means there could be some differences in what companies find important to track.
Here are some of the basic metrics that businesses should track:
Number of Visitors
This metric may seem a little basic, but if no one is visiting your site, the other metrics may not really show you much information. The first goal of the company should be to make a website that is relevant and gets people to click on it. The number of visitors metric is the overall traffic that is viewing your website, and it is very important to gauge how well your marketing efforts are working. This metric gives an overview of performance, but it is only a snapshot. Based on this information, you can get a more complete picture of your performance when looking at the following metrics. In addition to the number of visitors, company’s should also watch the return visitor metric as well.
This metric measures how long a customer stays on your website. This metric should be used in tandem with other metrics since as a stand alone metric, it does not provide much detail on why consumers might be leaving the site. There could be many different reasons that a customer leaves your site such as slow loading pages, not finding the information they wanted quickly enough, poor aesthetics, or more. It also doesn’t show the full picture if someone looks at the website and then after reading, leaves the site and calls the company.
A high bounce rate means that people are leaving the site quickly, but there are a couple things that can help improve this such as:
- Enhancing content so customers find it more interesting
- Target a more specific, relevant audience that will respond to the website content
Average Time on a Page
This is an interesting metric to analyze when wanting to measure user engagement, and if your customers find your site relevant to their needs. If your users stay on your site for an extended period of time, your site has successfully caught their attention and also retained it.
Click Through Rate (CTR)
This metric measures how many people click your site from the results page which can help your company understand how well your site is performing from search engine results. This metric can indicate whether your search results are compelling and if your customers find your site relevant. CTR can be a better measure of organic search performance.
It can be good to know what device people are visiting your website with since this can determine the type of content you may want to focus on and how you are formatting your website. If the majority of customers are viewing your website through a mobile device, it is crucial to ensure that your site is optimized for mobile and that it is easy to read and navigate on a smaller screen.
Analyzing each of these metrics will help you understand the exact areas that you may need to improve on your site or the parts that are working well. Looking at just one of these metrics will not provide the full picture, so ensure that your company is monitoring all of them.
How Clientric can Help You
Does all that analytic talk sound a little daunting? No problem, we are here to help! Our team at Clientric is dedicated to bring you an easy way to track all the important analytics so you don’t have to worry about it.
You can reach out to us at email@example.com to find out more information.
Read more about Measuring the Health and Profitability of Your Business Using Dashboards on the blog!