Assuming that you decide to take the plunge into data analytics, what can you expect it to do for you? In short, you will be armed with information that should ideally help you to
- Understand and anticipate what the customer needs
- Formulate effective sales and marketing strategies based on insights from data
- Build an effective digital marketing strategy
- Assess usability and effectiveness
- Examine and understand the click trail of every visitor (for web analytics)
- Optimize conversions
These aspects can be facilitated through the measuring of key performance indicators and regular updates about levels of customer engagement.
Digital analytics sounds like a great idea when one takes a look at all the benefits. The magic, however, stops with the collection and recording of data. What you get then is a lot of data and very little idea of what the data means to your business or how you can put the information to use. There is also a fair chance that the data collected could be incomplete or inaccurate. Needless to say, when there are inaccurate data, the secondary reports that are based on the original logs become misleading. Data that is neither actionable nor meaningful is of no real use to your business.
Data and information alone are not going to make any difference. What else would you need?
- Insightful analysis
- In depth understanding of the situation as depicted by the data
- Formulation of appropriate Plans of Action to improve/enhance the current situation
- Application of those strategies
- Measuring effectiveness of those strategies and making any changes if required
Data analytics should ideally provide cues and clues to where your business needs extra attention and help monitor the solutions that are being applied. But if all data analytics provides you is voluminous amounts of numerical data, maybe you're better off without it.