4 Things Businesses Must Know About Product Analytics

Analytic tools are boosting the success of businesses around the globe. Using data analytics, companies are able to look at information and use it to inform their decisions.

A successful business is a smart business, and that's where product analytics come into play. By simply looking at the data that is already running in your business, you can increase your customer base while cutting down on marketing costs.

The power of analytics shows you who your users are, what it is they want, and exactly how to keep them.

Here's everything you need to know about analytics for your business.

1. Who Will Benefit From Using Product Analytics

Your business will benefit from using analytic tools, as well as those customers who are looking for you. Product analytics will especially be beneficial to e-commerce based companies who get the majority of their revenue from digital platforms.

Anyone with an online business will benefit from having their data analyzed. Companies learn where to spend their marketing money. Perhaps your clientele is surfing social media and you just didn't know it.

When it comes to boosting revenue and getting more traffic, you have to go where your users are. Put your marketing dollars in the right place by knowing where they are with product analytics.

2. What They Offer

Product analytics can show you which marketing channels are driving your most loyal customers. It can show you where your business might be showing it's best but isn't having an effect on the crowd.

It can even show you what percentage of customers are coming back on a daily/weekly/monthly basis.

Furthermore, it can offer you a client profile. You'll learn what kind of attributes your users share.

From geographical to behavior properties, you'll know exactly who to target and how.

3. When To Strike

You might think you need to use analytics right as you are starting up your business, but that isn't the case. You first need to focus on getting your initial clientele base.

You can not use the same tools established companies use because they have a large amount of traffic and users for which an analysis can be done. Once your company reaches a certain benchmark, go swiftly in the direction of analyzing your data.

Doing so too early might leave you disappointed as you don't learn very much because your traffic simply isn't there yet.

However, if you're a business with lots of traffic and have yet to consider analytics tools, now is the time.

4. Objective Needs

The best analytics projects are ones that have a very clear goal and objective behind them. Know what you want to learn, whom you want to learn about, and why you need to learn them.

Figure out exactly what information your business needs to help inform your decisions. Spend your money well by finding the hot spots for your users.

Having a tracking plan in place so you can easily tap into what you need to see.

Tools, Use Them

Analytics tools are there for us to learn, grow, and use. With an ever-increasing number of tools on the market, choosing which ones will benefit your business will be easy.

However, you won't find just one tool that will do everything (that magic tool doesn't exist.... yet).

Choose the best 2-3 tools that can get you started on the right path. When you are ready to gain the ultimate customer insight and up your conversion rates, contact us today.