Web analytics is no longer as simple as it used to be a few years ago. In this digital age, capabilities such as social, cloud, mobile analytics, and associated data technologies have emerged as catalysts for core business disruption. The amount of data available today can easily prove to be overwhelming while formulating a marketing strategy. Moreover, there is a proliferation of devices and channels from which data has to be tracked, making digital analytics an even more daunting task for marketers. However, the developments in digital analytics have grown leaps and bounds in the past couple of years. In this age where companies follow a data-driven marketing strategy, digital analytics is the way ahead for forward-thinking companies. Let’s take a look at some of the top digital analytics trends that will dominate in 2018.
Prescriptive Analytics
This year, companies will be upgrading from predictive analytics to prescriptive analytics. This means that marketers will now get insights on not only what will happen next but will also be enlightened on what course of action must be taken during a particular event. Automation is the new trend everywhere, and automated data-driven insights and decisions are definitely on the cards for digital analytics this year.
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Multi-Channel Attribution
The number of devices and platforms that customers use online is growing with time. Ergo, it is the context of a particular content that decides which platform and device the users generally prefer. It is also affected by factors including the amount of time a person has, the task they want to achieve, their location, and even their state of mind. For instance, for a quick search for details regarding products, customers may rely on a mobile platform, but the actual purchase might happen on a desktop. So, top companies are undertaking digital analytics for different platforms before they formulate their next marketing strategy.
Data Monetization
Modern businesses are blessed with an abundance of data, but the big question here is how to correctly leverage the data and turn them into useful insights for driving future action and cause a direct impact on bottom-line revenues. To undertake data monetization successfully, companies must assess data around customer transactions and interactions across devices and channels. This should be done either in the form of increasing revenue streams or using the data to create efficacies within the organization that would eventually result in reduced costs. E-commerce giants such as Amazon are already routing their efforts in this direction.
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Return on Analytics Investment
Most companies have realized the importance of having an in-house digital analytics team. But since this requires a considerable investment, businesses must keep track of the return on analytics investment. It is the analytics teams that ideally measure the performance of other teams, but now they need to do the same for themselves, it’s a step towards being a cost center to a profit center.