Google analytics is revolutionising the way business is done online, with this vast and expansive platform providing the potential tools to expand our understanding of how consumers think, their habits and how it affects our business. It also provides ways to save costs as well as know which areas to focus so as to boost sales and drive revenue higher.
Today I would like to discuss some general guidelines on how to use Google analytics to earn more as well as save money. But before we dive into that I ask, what are the challenges as well as advantages of using google analytics?
Challenges of Using Google Analytics
To be able to use google analytics effectively, you have to understand that there are some inherent challenges that come with it. Challenges like massive data size and volume, making analysis often cumbersome, being able to make real and quality inferences from the data we have as well as the how to integrate Google analytics on various platforms are all problems that have to be tackled if we are to use analytics effectively.
Why Use Google Analytics?
There are many reasons why you should start using or at least taking google analytics seriously. All this cannot be over emphasized but I will give you five good reasons why Google analytics is the go to for understanding consumer behaviour.
Google Analytics is very cost effective and helps the user save money.
Google analytics helps administrators keep track of changes and measure metrics relating to consumer habits
Google analytics is widely compatible with many different platforms available out there.
It also helps in Data visualisations.
Now that we know some basic challenges as well as reasons to use google analytics, I would go on to explore some general principles to use google analytics to earn more as well as save money.
How to Use Google Analytics to Make and Save Money
Acquiring, Integrating and using new data.
One of the key ways to make more money with Google analytics is to continuously collect, save and analyse big data. This sometimes cumbersome task is an absolute must if you want to earn more and utilise your Google analytics properly. For example in a report by Taking Stock, it was revealed of how a Fortune 500 retail company optimized big data to save on premium costs of up to $2million! Don’t lose to your competitors just because you don’t know what the average consumer wants, how long he is willing to stay online, how much he is willing to pay, how often he purchases a product or service as well as his willingness to look for alternatives if his needs are not met.
Napoleon Bonaparte once said War is ninety percent information. To succeed and earn more in any market against any competition, you need to use analytics as a force to understand what drives the market. So one of the easiest ways to use google analytics as a financial tool is to integrate it into your platform, so you can easily understand what market you are working with.
Testing knowledge and data set to aid improvement.
After you have collected all the consumer data with your Google analytics, what next? You will have to design and test models that help you analyse and understand the data you have available to you. Using the Google analytics model comparison tool, many people develop and effectively utilise data to create value. It is very important to test the knowledge you get from your data as this provides room for fine tuning of your organisational goals and gives insights as to how you could use your data more effectively.
Using data sets to engage in targeted marketing.
One really important way to make more using Google analytics is through targeted marketing. After you know which demographic consumes your product or service more, with a variety of tools, you can launch a very rigorous ad campaign to reach out directly to those people. Have you deduced that teens are the ones who patronize your sites more? Well, you could launch a Facebook ad campaign targeting that age group.
Understanding what metrics to track and how to track them.
Though tracking data and data changes are important, you do not track the number of clicks when all you need to track is conversion rates. Understanding what to track can be the difference between wasted resources tracking a metric that has no tangible value to your business. Many people, whether out of excitement or lack of know how to expend too much energy trying to track metrics that have no impact on the business direction they are taking. For example, a retail site that tries to track the conversion rate of his site should first of all try to track the bounce rate of the site to make sure that consumers (or potential customers) do not leave the site almost at the same time they arrive.
Success Stories with Google Analytics
Everyone loves a success story, so in order to let you know just how well (Google) Analytics works, here are some success stories to help propel you to make that right choice.
Alternatives to Google Analytics
Google analytics is not the only analytics software out there for all you entrepreneurs and bloggers. Google analytics is just one of many various possible alternatives available to your company as well as entrepreneurs to help understand consumer behaviour. Some of the alternatives include Piwik, Kissmetrics and Woopra. So if you are not satisfied with the results of one analytics tool you could go out and just get its alternative.
In today’s world, information is and has always been power.With major corporations like Apple, Microsoft, Amazon controlling the market largely due to the magnitude of market information they have and control, Google analytics provides an opportunity for small and medium sized business owners to collect, analyse and utilise data to their advantages so as to earn more and cut down costs.