Web Analytics
Web analytics is the analysis of the behaviour of internet users. It serves the following key objectives:
- Monitor the health of a website — Track and measure web traffic to assess performance vis-à-vis benchmarks and metrics.
- Improve effectiveness of the website in terms of conversion rates and other performance parameters by means of controlled website tests.
- Improve effectiveness of elements of the marketing mix. For example testing/evaluating digital marketing campaigns.
Web analytics tools use information from logs, cookies and/or page tagging processes to segment site visitors and track their progress down the prospecting funnel, from leads to enquiries, enquiries to prospects, and prospects to customers. They track conversion rates at each stage of the prospecting funnel.
Widely used web analytics platforms include:
Though platforms like Google Analytics are very versatile and highly sophisticated, they are syndicated services with limited scope for customization.
Custom designed platforms such as the one depicted in Exhibit 20.1 are better suited for specialized applications. However, they do incur high development costs and are therefore advisable only for big platforms that can afford to develop and maintain them.
Web analytics is an ongoing process of improvement that comprise these cyclical steps:
- Data Collection — Server (Web) Logs, Page Tagging.
- Data Processing — Metrics.
- Reporting — Analysis and Visualization.
- Industry Benchmarks and Competitive Intelligence.
- Optimizing.
This chapter dwells on each step to explain the web analytics process in detail.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Digital Marketing Workshop
Two-day hands-on coaching on Digital Marketing and Advertising, to train participants in developing and executing effective digital marketing strategies.
What they SHOULD TEACH at Business Schools
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Dare to Play
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.
