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.
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Bryan Eisenberg is co-founder and chief marketing officer (CMO) of IdealSpot. He is co-author of the Wall Street Journal, Amazon, BusinessWeek, and New York Times best-selling books Call to Action, Waiting For Your Cat to Bark?, and Always Be Testing, and Buyer Legends. Bryan is a keynote speaker and has keynoted conferences globally such as Gultaggen, Shop.org, Direct Marketing Association, MarketingSherpa, Econsultancy, Webcom, the Canadian Marketing Association, and others for the past 10 years. Bryan was named a winner of the Marketing Edge's Rising Stars Awards, recognized by eConsultancy members as one of the top 10 User Experience Gurus, selected as one of the inaugural iMedia Top 25 Marketers, and has been recognized as most influential in PPC, Social Selling, OmniChannel Retail. Bryan serves as an advisory board member of several venture capital backed companies such as Sightly, UserTesting, Monetate, ChatID, Nomi, and BazaarVoice. He works with his co-author and brother Jeffrey Eisenberg. You can find them at BryanEisenberg.com.
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Gartner Magic Quadrant for Digital Commerce
This Magic Quadrant examines leading digital commerce platforms that enable organizations to build digital commerce sites. These commerce platforms facilitate purchasing transactions over the Web, and support the creation and continuing development of an online relationship with a consumer.
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