Advancing Your Analytics + Business Intelligence
Most companies are now aware that analytics implementation on their websites is a good idea. But there are varying degrees of analytics that perhaps you have not considered yet.
1. Analytics Implementation: As I mentioned before, many decision-makers realize that this is an imperative part of their digital media strategy. Deciding on your analytics tools, from free Google Analytics to a more in-depth solution like Adobe’s Digital Marketing Suite, is the first step. Choosing a tool based on your needs and team’s ability are among factors to take into consideration as well.
2. Aggregating Intelligence: So you’ve begun tracking and analyzing initiatives, but now what? Remember, all this data is only as good as the person interpreting it and gleaning actionable insights from it. Therefore, it’s important to have a dedicated team to look at trends and create plans for how to best capitalize on these trends. Whether it is changing digital media planning and buying, marketing messaging, or more business-related needs such as switching up inventory, it is imperative that you have the right people asking the right questions of the data in order to interpret how it can be utilized best.
3. Offline + Online Matching: This is a more in-depth process than most people are used to. This process entails several complex steps of data matching, which requires getting information from marketing initiatives, website transfers and user behavior, as well as offline purchases. For example, if your brick-and-mortar store runs a paid search ad about your winter sale on shoes, you want to be able to tell how many people saw this ad and purchased not only online, but in your store, because of it. It can be done, but it rarely is. Database development can help lighten the human power it takes to harness these sources of disjointed data and retrieve the right answers.
4. Predictive Modeling: This is by far the most in-depth analytics level, but probably the most beneficial to any business. Essentially, predictive modeling allows businesses to overlay historical data, current trends and external variables to create a process that enables businesses to make data-driven decisions about their marketing, sales, research and development, etc. This form of advanced analysis can impact business across the board, giving companies the ability to manipulate variables to choose the most profitable outcome.
No matter what your level of analytics implementation is now, there is always room for improvement. Whether it is your strategy, intelligence or technology itself, analytics is more than just tracking code and conversion numbers. At the heart of analytics lies the foundation of your business intelligence. The more you have, the more you know.
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