Today, most of the forward-thinking companies have a strong presence on the internet. In fact, websites have become the new address for businesses. One of the key benefits of operating on digital platforms is that companies have access to a large amount of data that they can leverage to track and improve performance. However, a notable challenge of digital analytics lies in knowing what metrics to track, and what value to gain of them. Moreover, the knowledge and expertise required to set up and use digital analytics programs are complicated. The investment for digital analytics tools and required expertise can also be high. Often, despite putting in the best efforts many clients see unclear returns from their analytics programs. This might be due to some of the following mistakes in the company’s digital analytics strategies:
1: Unclear Goals
The first challenge of digital analytics is not having a specific goal for using digital analytics tools. Marketers are often unclear on what metrics to track, and what value want to derive out of them. This results in businesses finding it difficult to link their business results with the factors that drive those results. So, it must be ensured that every analytics program answers specific business questions and concerns.
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2: Choosing Overkill Analytics Tools
Companies tend to believe that choosing over-the-top or expensive digital analytics tools give deeper insights and solve their problems better. And this assumption could prove to be a grave mistake for them in the future. Advanced digital analytics tools may offer more sophisticated analytic capabilities when compared to the features offered by fundamental tracking tools. But the big question is whether the business needs all those capabilities or not. The idea is to select an analytics tool that is based on the company’s goals and business needs, not by how advanced the tools are.
3: Failing to Detect Tracking Errors
Tracking errors can produce unreliable data and misleading analysis and can hence prove to be devastating as far as a company is concerned. Yet many companies tend to overlook tracking issues when they occur. Tracking errors can occur in the form of the developer mistakenly removing the tracking pixels, transferring incorrect values, and the tracking code firing unstably or multiple times. In order to tackle this problem effectively, companies must frequently check their data accuracy and look for unusual signs in reports.
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4: Following too Many Metrics
When companies have access to advanced digital analytics tools and strong computational power, it could become tempting to make the most of the tool by capturing every data point possible. However, following too many metrics can dilute the company’s focus on the core metrics that reveal the pressing needs of the business.