Web Analytics

How to use Web Analytics the right way to enable growth

We talk about web analytics a lot. Seems only logical. After all, we are a web analytics company that, just as any other business, wants more and more customers to use our product. That’s not the only reason though. We talk about web analytics so much because, as marketers, we have seen up close the potential it has in propelling the growth of a business. Analysing your web analytics data to achieve faster, more meaningful growth is a herculean task though, which is why we started building Benne Analytics in the first place. We wanted our customers to have access to a web analytics product that would help them achieve growth without being dependent on the presence of marketing expertise in their team.

If you look at web analytics tools, there are a few free options available, the undisputed king being Google Analytics. But, as we have talked before, there are quite strong and valid reasons why you may want to avoid using Google Analytics.

Today, I thought let us look at some web analytics strategies we strongly recommend businesses use.

Why you need a sound web analytics strategy. Spoiler alert: most businesses don’t have one.

The reason we are emphasising the need of a ‘web analytics strategy’ and not a ‘web analytics product’ is simple - most businesses do embed the GA tracking code on their websites before making it live. So, as far as having access to web analytics data is concerned, they have checked that box.

Unfortunately, off of all the businesses that are using a web analytics tool, a vast majority don’t know how to get the most out of it and end up just checking the most basic reporting metrics intermittently.

As per a report from Econsultancy, 64% of businesses do not have a data analytics strategy.

64%

That’s huge. It means almost 2 out of 3 businesses are flying blind as far as having a data-driven approach to business is concerned. And if you do not have a sound, well formulated data analytics strategy to support your business, you are indeed flying it blind.

What is web analytics, and why is it crucial?

When you take your car to the service center, they run a full diagnostic on it to get a complete picture of what’s what. When you visit your physician, he asks you to get a full body scan every once in a while. Web analytics is similar. It is a full diagnostic or a full body scan to access the performance of your websites vis-a-vis its visitors.

In simple terms, web analytics gives you a complete sitrep on how many visitors are coming to your site, where are they coming from, how frequently are they coming, how long do they stay once they are on it, what do they do while they are here etc.

Web analytics data and its analysis can help you get closer to finding an answer to every single question you may have about your visitors and your website.

The impact every little blip in your traffic can have

Businesses are about numbers, and the one number businesses track the most is conversion. Out of every hundred visitors, how many perform a particular action. It could be subscribing to the newsletter, signing up for a free trial of the product, or upgrading to a paid account, we are always measuring the performance of our business and our marketing efforts in terms of percentage conversion.

The typical conversion rate of an ecommerce website vis-a-vis its overall traffic is just over 1.3%, with more than 2% conversion considered a good conversion rate for any business, including SaaS products. And if your conversion rates are 3.5-4%, your conversion rate is amongst the highest peformers in your industry.

What this essentially means is that at a mere 2% conversion, every 100 additional visitors you bring to your website gives you 2 additional sales. And if you are a SaaS business, then that’s 2 more customers contributing to your MRR.

So, leveraging every single opportunity you get to increase traffic has a direct impact on your revenue.

Now, onto the heart of the discussion. How do you use your web analytics tool to empower this growth?

Know what’s working and what isn’t

Imagine a scenario where there is just one path to purchasing your product.

Is that button getting enough clicks?

The page that button is on, is it getting enough pageviews?

What percentage of those pageviews are actually resulting in the visitor coming across the button? (remember we talked about setting up display triggers in a previous story)

What percentage of those pageviews get scrolled to the point where the content makes the most impact in closing the sales? (we talked about setting up scroll depth in the same story as display triggers)

Where is the traffic to this page coming from?

Are there contextual links to this page from your top performing content (the page or blog post that gets the most visits - from search engines and other sources)?

The answer to every single one of these questions helps you understand the shortcomings which when fixed helped you increase traffic to this page, and button, and your web analytics dashboard, when used right, helps you get all these answers.

And if your traffic is good, but the conversion low, you know you need to improve the messaging and/or value you are offering your customers to help drive more sales.

Which campaigns, and which traffic sources are the most promising, and deserve more focus, bandwidth, resources

All things are not equal, and your marketing channels are no different. There would be some marketing channels that would be driving customers to your product faster than others, there would be another that would be driving customers at the most economical cost, there would be some that have a very limited lifespan, but they drive enough customers to fulfil their purpose, there would be some that drive customers to you consistently all year long and then there would be some that can best be described as duds.

It obviously would not make sense for you to allocate equal amount of resources, bandwidth or focus to all these channels. By mapping out your channels with respect to these performance indicators, you would know exactly how to apportion your resources at any time, depending on the current business objectives.

With just a little bit of set up, you will be able to get access to all this information within your dashboard within seconds. (To have a system to efficiently measure this, you would need to set up UTM parameters. We talked about it in an earlier story.)

Visualize the progression of your business objectives by setting them up as goals

Whether you are focused on driving more trial signups, more newsletter subscribers, or a higher conversion ratio from free trials to paying subscribers, you can set up Goals for each of them on your Benne Analytics dashboard and track the performance and progression of these goals on a daily/weekly/monthly basis.

A deeper analysis will help you access the different factors contributing positively to the conversion of these goals, which essentially puts you in a strong position to try replicating these individual successes on a site wide level.

These are just some of the examples of how your web analytics tool is more than just a dashboard to help you see how many visitors your website gets on a day-to-day basis. Unlike your typical analytics products, with Benne Analytics, a lot of these analysis and performance indicators is included in the system and the system shows you actionable insights based on a deep analysis of your traffic data. Insights that you can benefit from while formulating your marketing strategy or planning your next campaign.

What are the short term and long term goals of your business? If you want to figure out how web analytics can help you achieve those goals better and faster, you know where to find me. Hit me up, and I’ll try to help you out.

That’s it for today, see you tomorrow.

Cheers

Abhishek

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