How to Turn Your Web Analytics into a Money Making Machine
Now that your website is set up with analytics, what’s next? What do all of the numbers mean?
How do you find anything useful in the endless amounts of data provided? How do you turn those reports into insight and action? Here’s what the experts have to say:
Avinash Kaushik – Analytics Evangelist, Google was up first.
1. Smart Paid Search – Focus on user behavior
- Bounce Rate is a great behavior metric.
- "Days to Purchase” is a great metric.
- Don’t say "buy now" all over your landing page. Get them hooked by registration or "email me if the price goes up/down by x%". Change made the company $19 Million. Most people are still within the research phase of the buying cycle and will get back to the most helpful website to make a purchase later.
- Kim Kardashian is most famous celeb in New York – got data from ad planner. Then get the list of all the websites which got search, gender, age. Mash them up and get a list of websites where these people went to. Conclusion: "Rich old men" search for Kim Kardashian.
2. Match Types Matter
It is important to figure out revenue by Match Type.
- User Query
- Broad, Phrase, Exact
- Reduce Cost, Improve ROI
- Revenue / Profit per Keyword
- Gross Profit
- Net Profit – This is something you should pay most importance to.
3. Convert Opinions
Don’t let opinions prohibit your company from making a profit. Take the opinions and start testing. ALWAYS BE TESTING!
- A Luxury car company didn’t want to buy their brand keywords because they were #1 in Organic. They ran an experiment over 6 weeks. During the time of paid search ads, organic traffic decreased (they were now paying for the traffic that you use to get for free), but they increased conversions a lot.
Bryan Eisenberg of Future Now challenges the audience to create a ‘Conscious Improvement Process’.
1. Conscious Improvement Process
Make a To-Do list every month:
- What marketing efforts or parts of your site have challenges?
- What needs to be improved?
- What do you want to test?
- What effort should you do less/ more of?
How many resource hours do you have allocated?
Prioritize based on the answers above, specifically which will impact goals. The biggest failure of many companies is generating a report and doing nothing with it.
Average metrics produce average results
- Simple vs. Robust personas
- What does success mean? Define a metric for your company.
3. Always Be Testing
A/B and multivariate testing, available with Google Website Optimizer.
Last up was Jim Sterne -Chairman, Web Analytics Association
- ‘Assist’ Attribution – building up the desire to convert
- Brand and Broad purchasing matters
Keep in mind that a conversion happens from a sequential search process. For example, a visitor searching for camera, then digital camera, then 8 megapixel camera, then a search for a Nikon coolpix. Yes, the Nikon coolpix converts higher, but don’t discount the value of ‘camera’ and ‘digital camera’ played as ‘assist keywords’. They led the visitor down the road to purchase.
There is tremendous amount of data that a web analytics tool can spit out but most people don’t do anything with it. Instead, use the valuable information for insight and action plans. Most importantly ALWAYS KEEP TESTING!
Contributed by: Mariko Kato, Milestone Internet Marketing