Find out how your marketing strategy can be optimized with Web Analytics – WAU
The importance of using data for decision making is increasingly present in companies that achieve the best results in their market. The intelligent use of investments in Marketing is the great attraction for professionals who use the information processed in the digital universe to direct their actions. Measure work and […]
The importance of using data for decision making is increasingly present in companies that achieve the best results in their market.
O smart use of investments in Marketing is the great attraction for professionals who use the information processed in the digital universe to direct their actions.
Measure consumer work and behavior more and more accurately removes the use of guesswork in the day-to-day lives of data analysts.
This makes the Web Analytics strategy essential for a company that wants to achieve considerable growth.
Find out how in this post!
What is web analytics?
Every day a huge amount of data is generated by consumers and their actions.
Having a well-done analysis helps you understand your audience’s behavior and take more concrete and accurate actions.
Web Analytics is exactly that!
Structure and collect data from the digital universe, whether on your website, on your platform or by external Big Data tools, to analyze and make decisions with more certainty and less risk.
The goal is optimize your business based on past results.
Improving your product and improving your team can be consequences if this strategy is adopted.
The relevance to your strategy
Web Analytics helps Marketing professionals to make better Marketing decisions.
It analyzes data from the past and helps to create a predictive guidance for the actions implemented by the Marketing team.
Everyone who works in the field is concerned with putting money where it really works, right?
Unfortunately the estimate is that 200 billion dollars a year could be better used in Marketing.
Direct your investments through data analysis will help to execute an even smarter strategy.
Countless pieces of information are waiting to be analyzed.
The size of the digital world doubles every two years and this results in increasingly better data on consumer behavior.
The more you understand about your customer, the better your product and sales will be.
Data analysis can also be responsible for results of your teams.
According to a Harvard study on Big Data, companies that adopt Web Analytics can be 5% more productive and 6% more predictable when making decisions based on data.
But just joining Web Analytics is not synonymous with success. You must learn to make the most of it.
Understanding the right questions you should ask for the data is the big secret of your analysis.
There are two main groups of questions you should use.
The first is focused on descriptive analysis and focuses on questions based on “What” and “which” to result in simple summaries of the information obtained.
The objective is to visualize the meaning of information in the present to, thus, forward to the predictive and prescriptive analyzes and relate to future actions.
How about we go back to high school to understand a little more about these analyzes?
When you received your newsletter, your note was an example of descriptive data:
This question is asked to understand exactly what the results of their tests and work were.
It is usually given in percentage and gives us what we call standard report.
From this you can ask other questions and understand even more about the information that was given.
“What was my grade at each stage?”
The answer to that is what results in a report ad hoc.
Are questions made from other results already analyzed. They are not periodic reports and are carried out on demand.
“Which subject is most responsible for my low grade?”
Knowing your grade in each subject, you can understand where you should focus to improve your results.
It is time that we started to detail our report even more. This part is called Drill Down.
“What actions should I take to improve my grade?”
With all the previous questions answered, it’s time to start think about actions.
It is the moment that we created the first alerts and we have already started to take the information for predictive and prescriptive analyzes.
Predictive and Prescriptive Analysis
After learning more about the data you received, it’s time to understand more about how it works, what your main statistics are and what your patterns are.
With these analyzes carried out, you will be able to “predict” the future and know the consequences of each action.
Going back to your report card, it’s interesting that you recognize the standards of your note.
“Why is this happening?”
If you saw that your math score needs improvement, you need to understand more about it.
In the first few questions you analyzed your newsletter as a whole and managed to detail the information.
Now is the time for you analyze each of these details.
Gathering other data you have, you can see that mathematics has always been a grade that was lower than the others. Therefore, this result is a pattern in your school life.
To increase your overall score, you should focus more on that subject and thus improve on the next results.
“What if I study more on weekends?”
This is the moment when you start to understand more about the possible results for your actions and tests.
Knowing that you need to improve your math score you create tests – in this case, study more on weekends – to understand the best way to achieve what you want.
“What happens next?”
You already know that when you study you take the tests easier.
This is information you already have! So the chance to get better results studying more on weekends is great.
It’s what we call predictive model.
With information you already have and standards already known, you can predict some results or reduce the risks of your actions.
“What is the best that can happen?”
Analyzing the questions mentioned above and the information you got from the tests, you will take a great step to optimize your study and increase your grade even more.
With these 8 question styles, you can perform a complete analysis of your data, generate great reports and extract a lot of relevant information from them.
You will understand your gift and establish priority metrics to improve your business and take increasingly assertive actions in the future.
Some metrics must be tracked according to your company and product.
But there are numbers that you should always keep an eye on, regardless of your follow-up or work model.
They are fundamental to the health of your business.
Understanding how much you spend on investment to convert a customer and also how much that customer brought back to your company will make the balance of your investments in Marketing clearer.
Acquisition Cost per Customer (CAC)
The Cost of Acquisition per Customer is the result of a simple math account that clearly shows the amount spent to acquire a new customer.
From it, it is possible to create acquisition promotions such as referral actions that are widely used today.
When you receive an amount for referring an application to a friend, that return value was calculated based on the cost of acquiring that customer.
In this way, the action is able to attract new customers in a healthy way.
CAC is calculated as follows:
CAC = Investment in customer acquisition / Number of new customers
This calculation is also important for measuring the efficiency of your investments.
Attracting customers with ever lower costs is always a goal of a Marketing professional.
Lifetime Value (LTV)
Lifetime Value is the representation of the value that your customer brings to your company in the relationship period that you have.
It is calculated based on the average ticket and the average time of your plans.
For example, the average price of your product is R $ 500 and your customer is around 8 months in your company. So, you have a contract value of 8 x R $ 500, which is R $ 4,000.
This means that each customer that you convert will have a value of 4,000 reais for your company.
Along with CAC it will show you if you are spending more to bring in your customers than they are bringing in revenue.
These two data are completely important for you to understand the health of your business and also to optimize your investments, reducing the acquisition cost and increasing the LTV through your team’s actions.
There are several tools that you can use to track your data.
The best will always be the ones that deliver the metrics you want to track and in the way that enhances your work.
But some of them are the main ones on the market and are essential to your strategy
Yes, to deal with data analysis it is essential that you know this tool.
Microsoft’s spreadsheet program will help you structure information and make quick and organized calculations.
In addition, it offers graphs that will facilitate viewing the data for analysis and also to present to the rest of the team.
Google Sheets is very similar to Excel, but it is a tool offered by Google and works in the cloud.
This function can be more interesting for those who share spreadsheets with other team members.
With it it is possible to share the document with other people and that several people work simultaneously on the same spreadsheet.
As your documents are saved in the cloud, you can also open it anywhere if you are logged into a Google account.
A solution for your internal data.
It is the most complete tool for a company that generates a lot of information in addition to allowing integrations with other programs like Salesforce and Hadoop.
Its design is another attraction, it creates graphs and tables with a striking visual.
Google Analytics is the tool most used by professionals who track the results of their websites and digital campaigns.
The use of the platform is very simple and it delivers very complete data about your online business.
Information such as visits, new users and time spent on the page are just one of the many that the program offers.
The solution is very similar to Google Analytics, but it also offers solutions for retailers and retailers who need to integrate their business with their digital information.
Adobe promises a complete knowledge of the client, helping the professional to have increasingly objective insights, which can positively influence their results.
The newest tool on the market and comes with a promise to revolutionize Marketing data analysis.
Your big move is to unite all the information obtained by other Google data platforms and also bring clearer insights that will facilitate visualization for professionals in the field.
It also allows a segmentation of this information by the company’s sales funnel, which allows an even greater detail of your data.
Use and abuse of data
The amount of information we have from our customers, consumers and the market is no longer new.
With a well-structured Web Analytics strategy you will achieve optimize your business everyday.
The understanding of your customers, which involves understanding the purchase journey and the relationship with your company, is essential to be competitive.
Analyzing the information it is also possible to have a much greater understanding of the market and its competitors.
Thus, you can predict actions and always be ahead of others.
The data analysis strategy is no longer a differential, but fundamental for the growth of companies.
Want to know more about how to grow your marketing strategy? Discover Growth Hacking and get exponential results for your company!