What are analytics? Analytics is the systematic computational analysis of data or statistics. So what makes analytics so important to businesses? Everything around is analyzed by data, there is data on your phone, people are data, how often you do something is also data, needless to say that data is apart of every day life.
In a study about the Business Benefits of Google Analytics, Koozai gives us some insight to the benefits of (Google) Analytics for businesses.
Audience: Who is visiting your website?
Acquisition: How they are getting to your website?
Behavior: What they are doing on your website?
Conversions: Have they completed what you wanted them to?
Marketing Campaign Optimization
Helps you to understand what works and doesn’t work, which allows you to be able to invest your time in the right activities for your marketing campaign and stop using the activities that don’t work.
Website Usability Improvement
Being able to see what visitors on your website are looking at, it allows an in depth report on how visitors are using your website. Having this advantage lets the business adapt to how the visitors use their websites and change what hasn’t been working and also allows the business to make their website compatible for mobile devices.
Target Audience Identification
The audience reports in google analytics gives you an in depth analysis about who is visiting your website, so it allows for the business to focus on their target audience and make changes to their website to benefit their target audience.
By seeing what works and doesn’t work, it allows the business to see where they need to invest their budget. There are reports within Google Analytics which will actually offer you a percentage budget increase/decrease dependent on the specific model of attribution you choose to use. Google Analytics is also great for helping you identify gaps in your budget allocation. For example, you may identify, using the user location report, that 20% of your visitors are coming from Germany – a country you previously did not invest in. This would indicate the requirement for budget to be allocated to targeting this location. I find this to be very helpful when it comes to budget because allocating your budget is one of the most important things so having analytics to analyze where you need to be spending is crucial to business success.
Free and Easy
Everyone loves free, Google Analytics is free and easy to set up, so there are no costs required in order to help your business grow and be successful. Sounds like a win-win to me!
An example of a company that benefits from using (Google) Analytics is General Electric, GE will use google analytics to track country of origin for their site users. This can provide GE with a rich insight into where market demands are arising and how to better cater their web pages to different languages and cultures. GE is one of the top companies in the entire world, so it is no surprise that they are a benefactor of using Google Analytics. In my mind, there are so many positives to using Google Analytics, so I think that more companies need to come on board and start using it for the improvement and success of their business.