For any ecommerce merchant, analytics is a key component is creating sales and marketing strategies to engage their consumer base. It is critical for digital marketers to know how to use their results to grow their audience and increase their Internet presence. From interrogating key SEO buzzwords, understanding block chain and algorithms, analytics can also feel overwhelming at times but it isn’t impossible to manage. Before you can master your analytics usage, you have to understand that it is more of a philosophy rather than a rigid set of rules. A lot of vendors have a lot of misconceptions surrounding what comes with good analytic managements and here are a few tips on how to better optimize your analytical results.
It Doesn’t Have to Be Expensive
One of the biggest misconceptions of analytics is that it is very expensive – and it can be with some vendors electing to hire third-party contractors to oversee this task for them. Software programs like Adobe’s Marketing Cloud can cost upwards of $100,000 a year, which can be a heavy financials burden on smaller, independent companies. You do not have to rely on this type of service to manage your analytical data when services like Google Analytics, HubSpot, and Hotjar can do the same job for a much lower price.
Collecting vs. Understanding
Many vendors fall into the mistake of putting too much focus on collecting as much data as they can on their audience. However, collecting the data is only one half of the equation. What many tend to neglect is the process of actually interpreting and understanding the data they have. Collecting the data the will not help you understand the consumer. A vendor must create a process to thoroughly review and master. What does the data tell you? What are the factors are driving this data? What are your conclusions and reviewing the data? All of these are important questions ask after you gather your information to analyze.
Reporting Isn’t Everything
This may come to a surprise to some but it is a very important truth. Reporting isn’t all there is to analytics. As mentioned earlier, it is more of a philosophy and a process that starts with gathering your data to drawing your summary of the information you have. Depending on the type of online store and your traffic, there is no definite answer on how often you can report your results. It can be monthly, quarterly, or longer. It is about what works best with your operation.