7 Must-Know Web Analytics Facts
7 Must-Know Web Analytics Facts
By 2026, the global web analytics market is expected to reach $7.05 billion, up from $3.01 billion in 2020. This remarkable growth is primarily due to the continued growth of online shopping and marketing automation.
Despite growing awareness of the critical nature of effectively utilizing large amounts of random web data, many web analytics tools continue to struggle to comprehend how customers behave on websites. For example, the majority are unaware of why customers abandon a business's website without converting.
You've come to the right place if you're still in the dark about web analytics. We've included everything you need to know about web analytics in this guide to help you make the best choices.
How Is Web Analytics Defined?
Web analytics is a process that collects, analyzes, and reports on website data with the goal of comprehending user behavior and optimizing performance.
This web data is collected using a variety of analytics tools. These tools monitor activity on a particular website. When it comes to making business decisions, the data collected can be extremely beneficial.
What You Should Understand About Web Analytics
Now that you understand what web analytics is, it's time to examine some critical web analytics statistics that every business with a website should be aware of. Let's get started.
1. Data Is Not the Same As Information
Certain web analytics tools conflate data and information. What is the distinction?
The term "data" refers to an apparently unconnected collection of values and numbers. By contrast, information provides context for the data. Additionally, information categorizes or labels the content.
After obtaining data, you must organize it in such a way that you can make decisions based on what you see.
2. Web Analytics Benefit Your Business
If you're going to invest company resources in web analytics, the first question you should ask is whether it's worthwhile. The truth is that web analytics is priceless.
Web analytics enables you to easily analyze various key performance indicators (KPIs) that contribute to the success of your business. For example, you can monitor your site's traffic sources, such as the most frequently used keywords, referral sites, and search engines. This data enables you to determine where you should direct your time, effort, and money.
3. No Personally Identifiable Information is Shared Through Web Analytics
Due to privacy concerns, web analytics data does not include personally identifiable information. For instance, the IP address of a web user is hidden from the end user's view. Certain web analytics companies go a step further to protect users' privacy by prohibiting the integration of analytics data with personally identifiable information in any application, online or offline.
4. Customers Can Be Involved in the Process
Web analytics is not straightforward. However, developing a closer relationship with your clients can assist you in determining what truly interests them.
For example, are the majority of your clients desktop or mobile users? The responses to such questions can be extremely useful when making marketing decisions.
5. Recognize Your Objective
Everything you measure must always be connected to your business's overall objectives. That is why it is critical to have a well-defined business plan and company mantra.
Is your objective conversion? If this is the case, determine your customer's intent whenever they visit your website.
Without a clear conversion objective, it's difficult to segment data based on the various actions users take on your site.
6. Dashboards May Be Deceptive
It's unlikely that you'll receive all of the data you require regardless of which web analytics dashboard you use. The critical aspect is that the dashboard contains the critical metrics. More importantly, wherever possible, these metrics must be linked to revenue.
Without this vital piece of information, determining which tactics you are employing is difficult.
7. Filtering and Grouping May Be Beneficial
There is no such thing as a perfect web analytics platform. That is to say, you will always be required to perform some level of filtering.
Filtering is critical for resolving any data integrity issues. Additionally, filtering can assist you in relocating the first ten or fifty entries.
Also, grouping can be beneficial. For example, it can assist you in simplifying granular data in addition to creating complex segments.
Conclusion
Businesses that have access to data have an advantage in today's competitive business environment. This is why you should invest in web analytics. It's one of the most effective methods for determining how your customers behave when they visit your business website and utilizing that data to your advantage.
