A new report shows that good analytics strategies are as rare as yellow lobsters.
I've been curious about what kind of effect the economy is having on how companies use Web analytics. Econsultancy just released its "Online Measurement and Strategy Report 2009." This is its second annual report, and the results are fascinating.
First, the pleasantries:
Overall, the interest in Web analytics and using it to improve continues to creep upward. The report also clearly shows that as the interest grows, so does confusion:
Another trend is that more companies are using Google Analytics: 23 percent use it exclusively, compared to 14 percent last year. For Internet marketing consultant Andy Beal, this is why the following is also a key finding in the report:
Obviously some companies are hiring analysts rather than paying for analytics or some other technology. A welcome bit for those trying to make a career as Web analysts.
Still, I wonder how these analysts are faring. We all know the challenge in finding qualified candidates. When asked if companies were getting a return on investment from their analytics, a whopping 65 percent of respondents didn't know or said they weren't getting a return.
Andrew Hood, managing director at Web analytics consultancy Lynchpin (which cosponsored the report), said: "While the technology gets more and more sophisticated (and arguably more accessible from a cost perspective), the challenges in interpreting and actioning the data only get bigger...Resources [are] still a massive issue, and while companies are looking to increase spend on people, there looks to be an underlying skills shortage operating against this."
It seems like good Web analysts are like yellow lobsters: they're very rare.
What's a Company to Do?
Before you do anything else, define your business goals. What do you need visitors to do to make your company more profitable? How will you measure success? You must tie your business goals with online efforts, or this is all for nothing. When you invest in improvement, you must at least know where the goal posts are.
Next, don't let budget be a barrier to improving your Web site. What you don't have in the budget you can pay for with a little more time and effort. Take the time to learn.
I've said it before and I say it enough: commit to a culture of continuous improvement, not a culture of set it and forget it. If you only focus on improving a few landing pages here and there, testing a few variations here and there, tweaking creative here and there, you'll never reach your highest potential number of conversions.
Don't worry, your customers won't go unsatisfied. Sooner or later your competitors will figure out how to satisfy your visitors' needs. Hopefully that will motivate you to get your goals on target by investing in continuous improvement.
What is your company doing with your analytics these days? How do you turn your analytics into actions that improve on your goals? Let me know below.
Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, Oct 3 to take advantage of Early Bird Rates!
Bryan Eisenberg is coauthor of the Wall Street Journal, Amazon, BusinessWeek, and New York Times bestselling books "Call to Action," "Waiting For Your Cat to Bark?," and "Always Be Testing." Bryan is a professional marketing speaker and has keynoted conferences globally such as SES, Shop.org, Direct Marketing Association, MarketingSherpa, Econsultancy, Webcom, SEM Konferansen Norway, the Canadian Marketing Association, and others. In 2010, Bryan was named a winner of the Direct Marketing Educational Foundation's Rising Stars Awards, which recognizes the most talented professionals 40 years of age or younger in the field of direct/interactive marketing. He is also cofounder and chairman emeritus of the Web Analytics Association. Bryan serves as an advisory board member of SES Conference & Expo, the eMetrics Marketing Optimization Summit, and several venture capital backed companies. He works with his coauthor and brother Jeffrey Eisenberg. You can find them at BryanEisenberg.com.
IBM Social Analytics: The Science Behind Social Media Marketing
80% of internet users say they prefer to connect with brands via Facebook. 65% of social media users say they use it to learn more about brands, products and services. Learn about how to find more about customers' attitudes, preferences and buying habits from what they say on social media channels.
An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising
If you're considering implementing a marketing attribution model to measure and optimize your programs, this paper is a great introduction. It also includes real-life tips from marketers who have successfully implemented attribution in their organizations.
October 23, 2014
1:00pm ET/10:00am PT