From the moment a visitor clicks on your website to the point the visitor leaves and sometimes even beyond that, every moment is being tracked. Understandably, that means generation and collection of a massive amount of data for businesses made possible by cutting edge tools and technology. However what to do with that data has always been a daunting question. Do you really have access to the information and insights it stores. Did your vendors or web analytics team actually unearthered hidden opportunities. Or better, do you have one in the first place. Our interaction with businesses, corporates and decision makers revealed most are not using this information fully. Listed below are five common traits if you too are among them you would find yourself agreeing.
Your web hosting vendor provides stacks of data- that makes hardly any sense. Either they seem dumb or too overwhelming to put to use. Many questions have always remained unanswered. Yes that means losing your way in the wilderness of data and you need help.
You have split your expenditure on web data analytic in essentially two halves or so- that means 50% of your budget buys tools and the rest are paid to hired analyst. Before a get into how much a good analyst should be paid- let’s ruffle the criticality of having one. Your tools can collect data fully, summaries it to large extent, but interpret it minimally. While that’s really the most important , it requires a human to apply knowledge , experience analytics methodologies to really glean out the insights for your company to act on.
You are into adopting and owning every new tools or technical innovation hitting the market- but often have you thought – why?
Social media is the way to go, Google AdWords is the most powerful. A paid web analytics is better than a free one. The news every day provides tons of such updates. You were convinced and moved to implement tools and methods spent to create a video , launch a campaign on Facebook or Google , constructed a new high end website , but little have you know the outcome. How well is your marketing expenditure converting to increase sales or generate more lead or more traffic.
So what? The question that rise most often when you look at click stream data.
The paradox of data says- no data means no insights but a lot of dumb data also means no insights. Clicks, visitors, visits and seconds spent on your website- So what? What does that mean, who does it benefit and how is a business benefiting, if at all.
Whom are you competing with on the web- the next question on your minds? Are they the same guys you have competed with so far, or are there new competitors? What are the rules of the game on web and how to make the most of it?