If your business is online or even if you use a website to support your otherwise offline business and you want to monetize it profitably and reach the maximum number of customers, then should you have analytics? We say yes!
Marketing trends and market research are the most important research based tools for any business. These tools help in understanding which way the business is going. They are also helpful is gauging the reactions of customers, their likes and dislikes and what they are looking for in any given product or service. This is where web based analytics steps in. Web analytics, as a form of market research, has become extremely affordable. Now you can do all your analytical market research online!
What is it?
Analytics is a tool that is used by businesses to gauge patterns that are meaningful within a given set of data. This data is usually recorded in form and is used to review the quality of performance and probable trends. Arguably, the most important function of analytics is to help in market optimization which looks at the various trends in the markets and how individual markets can use these trends to profit.
The Use of Analytics in Businesses
- For businesses that are run via websites, analytics becomes a great source of information. Web analytics helps users in translating the coded language of the collected data. This makes data interpretation a relatively easy job.
- The primary job of analytics is to record the number of visits that the website receives within a frame of time.
- Analytics collates this information about visits from various search engines, direct and indirect advertisement, referral websites and promotions via e-mails.
- Another important function that analytics serves is it personalizes the information for its users. So, now a business can see which specific pages on its website receive more visitors and on which pages the visitors spend the least amount of time.
- A detailed study of demographics and proper segmentation of customers depending on their preferences are two very valuable services that analytics can offer for your business. With demographical knowledge, business owners can understand the areas where their work is optimum and also gain information about specific areas where they need to increase their presence or better their performance. Similarly, knowing one’s customers via segmentation is very handy knowledge. This can help entrepreneurs in targeting their consumers with a more direct and specific angle.
- Analytics is an ongoing process using which you can see whether the changes that you have implemented have been effective or not. Because, web analytics predicts trends too, you can use it to even implement the changes in the first place.
- It is a system which lets you know if you are doing your job well. For businesses which use both, internet based analytics and physical tools for analyzing their operations will see that the first option gives them more value for money, is more cost efficient and less time consuming.
- Finally, you have a great tool such as analytics at your disposal; at least give it a try! Most of these services are user-friendly. All you need to do is set-up an account with them and you are good to go!