Data is The importance everywhere, but not all data is created equal. Sometimes, numbers can tell you very little about what they represent. When it comes to business data, there are two main types of analytics: descriptive and predictive. Descriptive analytics presents a snapshot of the current state of your business in terms of metrics like revenue, web traffic, or conversion rates. Predictive analytics uses past data to predict future events or outcomes. Here are some ways you can leverage descriptive analytics to grow your business and achieve better results.
What are descriptive analytics?
Descriptive analytics is a key component of data management, focusing on presenting data in a way that helps you clearly visualize and analyze the information it represents. For example, you can use descriptive analytics to help you understand how web visitors behave when you make changes to your website. Descriptive analytics can be integrated into many areas of a business, including: Marketing Sales Hiring Delivery Operations Data governance Descriptive analytics also presents valuable data in an accessible, visual way. By presenting a given metric in a format that the average person can understand, you increase the likelihood that the metric will be measured and the analysis done in the correct context.
Why do you need it?
These analytics can help you with the following activities and projects: 1. Pay for performance There are several tools you can use to measure online activity. One key metric you can use to pay for performance is sales job function email list conversion rate. This is essentially the rate at which visitors convert into customers. To increase sales, you can increase your marketing budget, create engaging content, and improve the experience your visitors have when they arrive. For example, if your conversion rate is currently 4%, you can tweak your website to increase your conversion rate to 8%. As a result, you will see your revenue increase, your brand image improve, and your return on investment increase.
How to use them for your business
Lead Scoring Lead scoring involves taking data about how users interact with your website and using it to decide how interested they are in your products or services. For example, if you ask someone to buy a hotel room, they adoption of innovations and technologies usually have a lot of options, so you’ll likely get a wide range of responses, which you can analyze. When you have a system that analyzes these responses, you can narrow down their purchasing options to a few that are appropriate. You can also use this data to improve your sales. For example, you can analyze which hotel rooms are booked the most and then market the best-performing ones to your target audience. You can even implement guest service technology and increase your conversion rates by 2.5x.
Understand the current state of your business
To get the most out of your descriptive analytics, it’s important to understand what metrics you have available. By looking at your website’s traffic and engagement numbers, you can assess where your current revenue is coming cn numbers from. If your business is predominantly made up of repeat visitors, it makes sense that most of your revenue would come from them. If your traffic comes from all over the place, you’ll find that your business’ revenue is less consolidated. The added value of analyzing web traffic is that sometimes visitors to your site will only stay for a short period of time, while others will spend a little longer browsing. By analyzing your website’s traffic, you can see which pages are the most engaging, which convert the best, and what your conversion rate is.
Identify key metrics and KPIs
Even before you can analyze your data for predictive analytics, you need to define your key business metrics. These are metrics that help you understand the strengths and weaknesses of your marketing strategies. They can also identify trends that can help you improve your return on investment. For example, a low-performing keyword may indicate that a better SEO strategy would improve your keyword rankings in search engine results. By understanding your key performance indicators (KPIs), you can calculate the ROI of any investments you’ve made and improve your marketing strategies. Analyze Your Business Performance Once you’ve defined your metrics, you’ll need to analyze them to better understand your business and its current position. The goal is to identify where you can make improvements.
Tracking Metadata
Think of metadata as a! snapshot in time for your ! website that tells you everything about how people are! interacting with your site. For example! you can track: Your homepage ! title Average time visitors! spend on your homepage The average time visitors spend on a specific page on your site Inbound content engagement metrics Website traffic Single sign-on (SSO) user activity Website activity There are several ways to access and track metadata. Track website traffic with Google Analytics, for example. Before you can accurately analyze website traffic, you need to understand the traffic that’s coming in.
