Best Analytic Tools to Track your Business Growth

Best Analytic Tools to Track your Business Growth

“Insights-driven businesses will take $1.2 trillion dollars by 2020,” predicts Forrester Research, after looking at the growth of 40 companies that aggressively collect more and better website data and analytics. “Using conservative estimates, they will grow 27% annually and the startups will grow 40%.”

 

Even smaller companies that have a simple but efficiently executed data strategy see a huge business impact. They are five times more likely to make faster decisions, three times more likely to get the results they want, and two times more likely to be in their industry’s top 25% of financial performers, says global management consulting firm Bain & Company.

 

So do you want profitability, agility and efficiency – and a piece of a $1.2 trillion pie? Start with this article. We list some of the best web analytic tools, and more importantly, how to use them. Without a clear strategy, you can’t turn data into insights and action plans. You get graphs, not value.

 

Align web analytic tools with business goals

 

Web analytics tools collect, analyze and report all activity that happens on your digital properties: number of visitors and their location and demographics, how they found you (traffic source), what pages they viewed and how long they stayed there, what they clicked, and at what point they decided to leave.

 

This information can help you:

 
  • Understand consumer behavior, preferences and purchase process
  • Identify customer pain points (e.g. pages or processes that are causing customers to leave)
  • Improve your market segmentation for more personalized campaigns
  • Refine your product catalogue
  • Measure the success of your omnichannel marketing campaigns (ex: which Google ads, social media posts, or emails led to clicks and conversions)
  • Perform A/B testing and other marketing experiments
 

How to choose the web analytic tools for your needs

 

There’s a plethora of tools that offer different features, add-ons and subscription packages (some are even free!). What should you ask before signing up?

 
  • What information do I really need? What kind of business questions do I want my data to answer? You can start with the marketing goals we listed but ask specific questions like “does this website feature get people to sign up?” or make use cases.
  • What features are non-negotiable vs. just nice to have? This can include things like real-time analytics, shareable dashboards, campaign attribution tracking, etc. If you’re a mobile-first company, then you’ll want a mobile-first analytics tool, or one that can efficiently track users across different devices and ID’s. If you’re a huge business looking for very complex, enterprise-level analytics, sit down with your website development team for more technical features (like third party integrations) or system requirements and compatibilities.
  • How is the data gathered and reported? You want to know what databases it will tap, and whether it can filter and summarize data in a visual and easy way. You don’t want to be stuck with the problem of having to interpret a lot of confusing graphs or be overly dependent on your IT team to find the data you need. Ideally, you get a user-friendly dashboard, can view in different tabs, and save and share reports in PDF – these often-overlooked details make your job a lot easier!
   

Find Web Analytic Tools for your needs

 

Once you know what you want, you can find the most cost-effective tool. Consider this list as a sampler of the kind of tools companies usually look for and an example of a vendor who’s gotten excellent reviews in their category.

 

Google Analytics

 

Best known for: being the Swiss Army Knife of Web Analytics

 

It’s used by more than 50% of the top one million websites, mainly because of its multiple features – if you’re willing to figure them out and customize the metrics. You can measure how efficient your content is (page views, bounces, goal completions), analyze keywords, break down your traffic sources, measure your mobile performance, and track tagged campaigns. You can also set up data goals (like number of engaged users) or specific metrics (like conversion rate per user or revenue per user). And because it is Google, it integrates well with other Google platforms and has a state- of the-art API.

 

Unfortunately, it’s not the most intuitive tool to use. You need a dedicated data analyst to maximize its features and interpret its reports, but there are many online tutorials and communities who can help you figure out the basics.

 

The premium version (if you’re willing to spend $150,000 a year) has Analytics coaching and 24-hr support, customized dashboards and reports, more powerful tools for Big Data, and can integrate with Doubleclick and Salesforce.

 

Kissmetrics

 

Best known for: tracking customer journeys

 

Google’s data is broad and powerful, but it’s anonymous: you can’t trace the behavior to one person, and then follow his customer journey. That’s what Kissmetrics does, and what makes it particularly relevant for marketers despite the hefty $220 monthly subscription fee. Studies show that 80% of customers will do business with a brand if they get personalized content and offers. So from this point of view, it may be more important to your business to see a customer as an individual versus the behavior of a large but abstract demographic.

 

You can use Kissmetrics to build acquisition and retention funnels and study how your customers move from one stage to the other. You can also track the people you weren’t able to convert (which can initiate campaigns to get them back) and create custom campaign or “triggers” (like sending messages or call to actions) for different groups of people. The more premium plans allow A/B testing and revenue reports.

 

Localytics

 

Best known for: analyzing mobile apps

 

If your app plays a critical role in your business, then you may want a specialized analytics tool. Localytics tracks how many times people open your app, how long they use it, what they actually do with it, and the areas or actions where they tend to cancel or close the app. You’ll even be notified when someone uninstalls, allowing you to reach out to win them back or get valuable feedback.

 

Localytics lets you create individual user profiles, and divide them into segments based on their behavior or preferences, which can lead to really targeted (and effective!) push notification campaigns.

 

Crazy Egg

 

Best known for: heatmapping

 

Crazy Egg uses a mouse-tracking technology to measure how your visitors are reading your content. You’ll know exactly what part of a page they’re reading and interacting with, and conversely, what they’re ignoring. The “Heatmap View” shows you where people click the most – which tells you immediately where to put ads -- while the “Scrollmap” shows you where they tend to stay the most.

 

Pricing starts at $9, and can be a good complement to other web analytics tools. It can’t give you all the data you need (like market segmentation or sales funnel reports) but it does an excellent job at checking not just what pages people read, but how they read it. For a marketer, that’s the next best thing to actually standing behind your consumer’s shoulder.

 

Matamo (formerly Piwik)

 

Best known for: simple interface for small businesses or entrepreneurs

 

It’s free, and unlike Google Analytics, you don’t have to give up your personal data to get it. It doesn’t have as many features, but it’s much easier to navigate. You can set goals and find reports in a few clicks, and you can customize your dashboard and view your reports anytime with the mobile app. If you run multiple business websites, you can separate the data so one merchant can’t access the other.

 

The problem is the API, which isn’t fully up-to-date and can cause headaches to your IT team. If you’re running fairly simple commerce websites and aren’t running complex programs, that won’t be a problem. But if you’re a big business with omnichannel campaigns, this isn’t for you.

 

The data is just the beginning

 

To grow your business, you can’t just get the right tools, you need to promote a data-driven mindset across all levels of your organizations.

 

First of all, break down the silos in your organization. Your product experts, sales and marketing team, web project managers, and data scientists are working together. LinkedIn uses “Insight Teams” composed of people from different disciplines to solve specific business missions. This adds to a powerful combination of data analysis and human imagination and innovation.

 

Second, make the information accessible to your employees, and train them on how to read and use it. More than half of Uber’s employees use their insights platform to fix problems on their level.

 

In the end, your business growth will be propelled not by the analytical tool but what people will do with the data. As Carly Fiorina, former CEO of Hewlett Packard said, “The goal is to turn data into information, information into insight, and insight into action.”

   

About the Author

 

Danielle CanstelloDanielle Canstello is party of the content marketing team at Pyramid Analytics. They provide BI Analytics. In her spare time, she writes around the web to spread her knowledge of the marketing, business intelligence and analytics industries.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Rated Articles

How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca

LEARN MORE

Will Marketing Automation Help Your Business Grow?

Marketing automation software can benefit your business in a number of ways. It is a great way to increase traffic, enco

LEARN MORE

How CRM Can Maximize Customer Lifetime Value (CLV)

"Keep your customers always on the frontline," this is a key philosophy to running a successful business. Customers are

LEARN MORE

Recently Viewed

How Important are Small Businesses to the Economy

There are in excess of 2M small businesses in Australia and the number is billowing with every passing day. These small

LEARN MORE

6 Sydney Business Meetup Groups you Should be a Part Of

Being a member of a meetup group in Sydney is a great way of networking with people from your field. You can find new

LEARN MORE

5 ways to Increase the Profit in your Business

  Would you like to make more money from your business?   I bet you would!   In fact, one of the m

LEARN MORE
  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler