Web analytics is undoubtedly one of the most effective marketing tools that are available to marketers today. Though web analytics services enable businesses to measure hundreds of metrics to improve their marketing performance, it ultimately boils down to how they interpret the data and use those insights as a key differentiator. By engaging with web analytics service providers, businesses can not only gain insights on their web traffic but also analyze ways through which their traffic can be improved. Such granular insights not only help streamline business processes but also drive revenue through improvements in marketing efforts. Web analytics highlights the performance of a website and reveals how users interact with the data. It not only allows businesses to analyze their websites’ performance but also offers insightful information about visitors. Businesses can also leverage web analytics services to make future marketing decisions and tailor their B2B approach to suit the needs of their customers.
Digital marketing is gaining tremendous importance across all industries and within an environment where there is an immense value of ROI. Therefore, for companies, it is imperative to measure and quantify all web and social media activity to monitor the effectiveness of digital marketing campaigns and media investments. But businesses face several issues in evaluating their digital presence in the era when a strong online presence can be the key to business growth.
A recent report indicates that only 23% of companies have data-driven initiatives achieving remarkable results. 77% of marketers are still not able to report or measure how their business is performing online and how their customers react to their products or services. This is where companies need to realize the importance of web analytics services.
“Web analytics services equips businesses with the ability to decide what’s working and where there is scope for improvement.”
At Quantzig, we understand the impact that web analytics services can have on your business. And to help companies stay ahead of their competitors, our team of experts have created a comprehensive guide on web analytics services, that offer extremely helpful insights on leveraging web analytics services to improve business growth.
Web analytics services have the potential to help companies analyze and understand their brand sentiment, provide information on the competing brands and effectiveness of their promotional activities. But before we move on to the benefits of web analytics services, let’s understand the definition of web analytics.
Are you wondering how to analyze the effectiveness of company communications and customer interactions on different digital marketing platforms? Customized KPIs and metrics may hold the key to success. Get in touch to know more about the benefits of our web analytics services.
What is Web Analytics?
Today, for any business to analyze its digital presence, web analytics tools have become very important. It helps measure various things like the number of visitors, the source of visitors, page views, and analyze their action on the website. So, it has become very important for digital marketers to analyze the reports generated by several web analytics tools to make the required changes in the strategy and take immediate actions for better and improved outcomes.
What is Web Analytics?
In layman terms, web analytics helps businesses to determine the interest of the market, market segmentation, target audience, understand market trends, and analyze the behavior of the visitors on their website. Web analytics tools also help understand the interest of the visitors and their preferences.
According to Quantzig’s web analytics experts, “The data gathered equips businesses with the ability to decide what’s working and where there is scope for improvement.”
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Web analytics and customer analytics are often confused with one another. However, both these terms are distinct from one another. Web analytics refers to the collection and analysis of web data to maximize the usage of the site. Web analytics measures things that are considered by the webmaster. This includes factors such as the number of views, page loading time, time spent by the visitor on the site, and other factors. The performance of the website can be greatly improved using web analytics. It also helps to measure the effectiveness of advertisement campaigns. Customer analytics, on the other hand, is the process of identifying the customer information, which will help companies to deliver and meet their needs. Customer analytics forms the backbone of any marketing activity for a business. It includes techniques such as data visualization, predictive modeling, and segmentation. Here are some of the key parameters that distinguish web analytics from customer analytics:
Data and product teams are the end users of the data gained from web analytics. It does not have anything to deal with customer-facing departments. Customer analytics, on the other hand, includes customer-facing departments, who play a major role in implementing customer knowledge into action in the organization.
Web analytics is not designed to provide information at an individual customer level. It is used to identify trends and patterns in the behavior of a group of customers. Customer data analytics provides in-depth insights on each and every individual customer of the business. This can help businesses track the traits of customer’s individually and target the right customers especially for marketing and ad campaigns.
Web analytics does not have the capability to help companies predict the future based on the traffic driven to the site or by the number of customers visited the site. It can merely depict how successful the marketing campaigns of the company has been. Customer data analytics involves understanding customer behavior before reaching out to them. This behavioral study will let the company predict future leads, new customers, and references. This tool is really helpful for companies who have a huge number of customers like B2B, insurance, and real estate.
Marketing and data teams obtain information about the website traffic with the help of web data analytics tools. Customer analytics tools provide contact and business information to sales and customer support teams who face the customers directly. This helps the customer-facing teams to get in-depth behavioral insights about the customers.
Data is organized around the website like page views, landing pages and others in the case of web analytics. Customer data analytics, on the other hand, organizes data about the customers. Instead of focusing on the website data, if we concentrate on the customers’ data then the data becomes easier to control. This is because data related to customers are simpler to understand and use.
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Today, most businesses have established their online presence. But with the enormous data and traffic that online platforms provide, it might become challenging for businesses to gain a comprehensive outlook on their online consumer behavior. This is where web analytics comes into the picture. Web analytics delivers data about your website, your visitors, and their behavior so that you can measure what’s working and what isn’t, improve your website’s performance, and conversion rates. Website data analytics tools will help companies to get detail information on user behavior, age, demographics, gender, and source of traffic. Using web analytics, companies can gain direct insights into how the website is performing and what the customers are saying about the products or services. The data gathered equips businesses with the ability to decide what’s working and where there is scope for improvement. Here are why advanced data analytics capabilities like web analytics are important for your business:
Ascertain web traffic
Web analytics helps measure the number of viewers visiting a particular website, where they are coming from, and the keywords used by them. It shows the number of visitors arriving at the site from different sources like search engines, emails, social media, and display ads. Moreover, they show the number of conversions through each of these platforms. The information is vital for any business and helps them decide on the channels that they should pay more attention to and invest in.
Optimize marketing campaigns
Marketers can measure the performance of campaigns and understand which campaigns garner the best results using web analytics. Companies can align their resources in the right channels and the campaigns that yield maximum returns. By doing this, marketers can invest time on optimizing the right strategies, and drop the strategies that aren’t working; thereby, maximizing their return on investment (ROI).
Better page quality
Web analytics is meant to help businesses see not only the differences in data on a week-on-week basis but also to shows the changes in trends over time. But they must take precautions before jumping to conclusions too quickly. It must be ensured that with the trends and segmentation, companies are able to find out what is driving people away from their site.
Track bounce rate
Bounce rate refers to the number of visitors landing on a webpage but leaving the page without taking any action. A high bounce rate could mean visitors are not finding what they were looking for on the target page. Marketers must keep track of the bounce rate for each page and the pages with high bounce rates should be improved. With this, they can improve visitor website journey and experience. This is one of the most noteworthy advantages of web analytics.
Track target market
Marketers must identify the different need of customers and tailor-make their offerings for conversion optimization. The findings of analytics services reveal the current market demands and the market demand varies with geographic location. Once marketers identify what attracts customers from various locations, they can make their offerings accordingly.
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What the Client Wanted
Effectively optimize operations, maximize margins, and better understand the customers
Created advertising campaigns for specific customers
Summary of the interactive media services industry
The interactive media services industry can be divided into multiple layers and is becoming increasingly integrated vertically. The most important among these are the roles of portals, aggregators, and back office – all of which rely heavily on customer management. Over the past few years, the interactive media services industry has proliferated rapidly, assisted by the boom in internet usage, and is expected to grow further in the coming years, driven mainly by e-commerce and an infrastructure consisting of internet services, mobile phones, video games, and digital broadcast satellites.
Competition: To remain on top of the game in today’s competitive landscape, companies in the media and entertainment industry must look to increase their focus on moving to a more audience-based approach. Besides, the capability to deliver better communications and offers are expected to impact the relationship between consumers and marketers.
Diversification: Interactive media services providers are growing at a rapid pace and are increasing their reach to new markets today. As a result, it becomes essential for the companies to develop innovative service lines to increase profitability and optimize their ROI.
About the Client
An American multinational interactive media services provider with an annual revenue of over USD 3.5 billion.
The client wanted to integrate new web applications to improve sales performance and meet their potential business needs. Additionally, the interactive media services provider was facing challenges in implementing and improving web analytics for their websites. As a result, they wanted to deploy fast-growing and conversion-driven analytics to increase traffic; thereby, enhancing the ROI.
Summary of our engagement
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With the help of Quantzig’s web analytics solution the client, a leading interactive media services provider tracked the flow of traffic and determined the appropriate space to invest marketing dollars and time. Additionally, the client promoted products based on customers’ browsing activity in terms of demographics. This helped them decrease bounce rates and increase sales.
Web Analytics Solution Insights
Quantzig’s web analytics solution helps firms in the media and entertainment industry to understand the campaigns contributing to conversions by utilizing a robust analytics attribution channel. Additionally, firms can identify and increase focus on the call-to-action that generates the most interest based on geographies.
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Web crawlers, or bots, as some people like to call it, has been around for more than a decade now. It is only recently that the power of such web crawlers has been highlighted. Today, a majority of the content and information is derived from the Internet. TV and radio viewership is going down and broadband and internet penetration is rising rapidly. With the amount of information available on the internet, companies have realized the importance of insightful data for business growth. Many people only identify web crawlers as a tool used by Google to index all pages on the web to return the relevant result. However, web crawlers and data extraction technologies can be put to use in different industries to gather meaningful insights.
Automatic site maintenance
Depending on the freshness of content, Google sends crawlers to your website on a periodic interval. However, the site may go through design, system, or layout changes from time-to-time. Instead of Google, running a web crawler through the website can help identify all blocks and navigational errors on the site. It is essential for some businesses that depend on fluently running websites to make money. Sending out crawlers to the website can show if all the links and nodes are working.
Check freshness of websites
Web crawlers can constantly check relevant web pages and build simple indexes out of them. This way, it is possible to check the freshness of the website and content of all hosts and their services frequently. This is a good indicator to know which links need to be changed or promoted in order to rank higher in search engines.
Monitoring news and social media
People talk a lot about your brand in the social media. Also, news and media houses can frequently cover your company time and again. It may be impossible to keep track of all such mentions. It is important for a company to respond to such mentions whether it be positive or negative. Companies can turn towards web crawling to monitor social media sites, news sites, and industry forums to know what is being talked about them. Such an information is invaluable to the marketing team to either activate damage limitations or acknowledge positive comments.
Going to your competitor’s site and finding relevant information on new products and services is a tedious task. It’s also old school, which doesn’t utilize the level of technology available today. A web crawler can grab that information with ease so that the marketing team can concentrate on analyzing the data rather than spending days gathering data. Web crawling makes competition tracking easier, and in this age, if you don’t know about your competition, the business is bound to suffer.
Dynamic ticket pricing
Online ticketing systems are complex, and all airlines follow dynamic pricing. The prices are bound to change every time you refresh your screen, and the changes are vivid when the prices of all airlines are aggregated. Web crawling can get dynamic pricing from multiple platforms, which makes it easier to identify tickets with lower prices. Using such tools enables service providers to create a platform for better pricing, seat plans, and availability.
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When it comes to data analytics, a lot of complicated terminologies are constantly used. Clickstream analytics is one such terminology that is widely used these days. In the context of website data, clickstream analytics refers to the process of collecting, analyzing, and reporting data on website visits by the user and their journey. In simple terms, it monitors behavior of the user by recording which part of the computer screen they click. One may wonder what is the use of recording such data, but it is valuable in trying to determine which section of the website is ineffective and which one works out. However, clickstream analytics incorporates a broader measurement scope as it takes into account webpage performance as well as e-commerce clickstream data. So how can a business benefit by using clickstream data?
Identify customer trends
Clickstream information can supply companies with information of the path taken by the customer to get to their site. By collecting and analyzing such data for a large number of the customers, businesses can identify trends which can be leveraged by the organization to drive more traffic. For instance, if the business notices that a large number of customers are coming through social channels, they can pour more money into that so as to increase the overall traffic. Also, it can give companies idea of what search term the customers use to get to their website, so they rank better for the same search term.
Discover new mediums
Clickstream analytics records the different routes taken by the customer to reach the product page. By analyzing such details companies can increase the efficiency of the path chosen by customers. They can also make sure that customers land on their product page using as fewer steps as possible. For instance, using basket analysis, marketers can discover what common interests customers have and the common path they took to arrive at the specific page.
It is common to see customers put items they like in their cart and end up not buying them. Most people add items to the cart for future reference or as a means to bookmark them. As a result, majority of the customers end up abandoning the product in their cart. Clickstream analytics can help marketers understand the underlying user behavior leading towards discarding the products. Also, it can identify where in the sales funnel the customers actually leave. For instance, if a large number of customers exit from the payment page, it may imply that the payment process is complicated or has some bugs. Clickstream data can also reveal customer information regarding their demographics which can be helped to create targeted ads.
Understand user behavior
Clickstream analytics will tell you a lot about your user behavior. When enough user samples are collected, companies can easily analyze where people are clicking to gauge what works and what needs improvement. For instance, if it is found that a particular page with the specific design is getting a lot of clicks compared to another page, it can be concluded that visitors prefer that particular type of design. Additionally, it can be used in e-commerce websites to know where users are clicking so that they can drive their revenues.
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