In this paper, I will define and discuss the element of web analytics, which are goals, events, and key performance indicators. I will provide examples of each and describe how companies are utilizing analytics to increase business and retain customers. The web analytics is the measurement collection and analysis of data to help companies improve the effectiveness of what they do online (Peterson, 2015). Analytics can help answer the basic questions about the visitors’ behaviors, such as where they are coming from, what pages they visit on the website, whether they are actually buying the product or getting distracted by something else along the way. The options of trackable behavior are endless. Goals are important in analytics because it …show more content…
Key performance indicators answer the quantifiable piece of the goals and objective. Putting great key performance indicators together and making sure they work well, the company needs to have the following attributes: measure, target, source, and frequency. The reason they need to work well is because key performance indicators are the heartbeat of the performance management process. They show whether the company is making progress. So, the measure is the verbal expression in words of what we are measuring, which is fairly straightforward. The tricky thing is companies need to be as expressive as they possibly can with the measures. The expressive would be number of new customers this year or number of new customers for a certain product or certain service. The target is the numeric value that companies want to achieve. For example, companies want to achieve a thousand new customers by the end of the year. So, the due date and the target work hand-in-hand. The other thing is that measuring the target needs to work hand-in-hand. The source is what companies identify where the data is coming from, and the source will save companies a lot of time. The frequency is how often companies are going to be reporting on the key performance …show more content…
The source of traffic is the process how the people arrive on a website. It could be by social media, blogs, Google searches, etc. Companies want to find out how people are finding their websites, so that they create a strategy for the content moving forward. Bounce rate is when a visitor leaves before clicking on another page within the website. The higher the bounce rate the worse off the business is. The conversion rate counts as any call to action a person fulfills the purpose of the website. The conversion could be buying the product or service. The conversation rate is tracked as percentage of the traffic, and the higher it is the better off the business is. The total traffic, source of traffic, bounce rate, and conversation rate are great insights into the health of the website (Saleh, n.d.). There are a lot of web analytics platforms to track them, but the most popular one is Google
A goal setting approach will provide effective goals and create attainable goals for employees to reach. An example of a goal oriented theory that can be implemented at Engstrom is the idea of the Path-Goal model. This theory is based on specifying a leader's style or behavior that best fits the employee and work environment to achieve a goal (House, 1974). The entire idea behind a goal based theory is to increase your employees' motivation, and satisfaction so they become productive members of the organization (House, 1974). When organizations can engage their employees to become productive members, it is only then that the employee will change their attitude and have a sense of motivation that will show when the outcome is received.
Introduction Key Performance Indicators (KPI) are navigational tools. These tools ensure a company stays on target with stated goals (Marr, 2012). Companies may have different stated goals however, there are some self-evident objectives a business may consider. Core business objectives can be: • Support company core values • Increase market share • Increase profitability (Sharma, 2011).
Decision Making Prasheel Kumar Grand Canyon University: BUS-660 April 18th 2016 Analytics competitors are the companies which take their future decisions based on the available data. This will make them efficient in reducing the capital and increasing the consumers. In other words the analytics competitors are on the top level in their business domain, it may be entertainment, finance, food, gaming etc. Some successful companies in analytics competition are Netflix Inc., Amazon.com Inc., Capital One Financial Corp. and Harrah's Entertainment Inc.
Analytics, provided they're "fed" with information that's current, correct and topical, give you an easy way to take that picture. The "What" - the question of what your company is currently capable of versus where you'd like to be, will give you a goal to aim for. This firm, numerical "window" can be shared with both ground-level staff and management in the C-suite: it helps everyone work towards a common goal and helps eliminate
This experience allowed me to put the theoretical knowledge I had learned in my program of study to use in real-world scenarios. Analysis of performance data and frequent reporting to the marketing team were important aspects of my job. I monitored and analyzed the effectiveness of social media campaigns, content engagement, website traffic, and other pertinent metrics using a variety of analytics tools, including Google Analytics and social media analytics
Key Performance Indicator In the case of Key Performance Indicator (KPI), Bergfeld declares that it represents the progress of a certain task evaluated in terms of effectiveness and efficiency. The indicators can be seen as further analysis of the KSF, the KPI provide valuable data in how efficient a sequence task is done, describes what is needed for executing a task, the description of efficiency is quantifiable and can be scalar or percentage. KPIs become even more important when the Startup reaches the efficiency as well as further stages, because they provide the company measurable information related to the efficiency of the relevant executing business tasks. These indicators cover different topics, for example financial sustainability,
Goals are extremely important to set up, in order to accurately measure what it is you are trying to achieve through web analytic analysis. Perhaps a company that is selling shoes (for the purpose of this paper I will use a company named Aldo) wants to triple their online sales rates by 20% within the next year. This would be a very specific and measurable goal that would be assisted through analytics. Another goal that can be established by through this type of analysis (and is similar to a sales goal) is to set a goal of doubling their conversion rate of customers from 20% last year to 40% this year (UX Booth 2016).
Mr. Contreras: I have utilized KPI's, (Key Performance Indicators) with a heavy emphasis of Continuous Improvement for the majority of my career. Therefore, my favorite has been using the KPI's. It has taught me that by tracking what is important to our business model, things will not get overlooked if subpar performance is occurring. KPI's are managed hourly, daily, weekly, and monthly and provide real time data.
Optimizely has made answering both of these questions simple. To calculate how many visitors must go through a test, you can use Optimizely’s Sample Size Calculator. All you have to do is input two simple variables. Baseline Conversion Rate: This is the current conversion rate.
The best way is to warehousing the technology to perform everything online and the data derive valuable insights. The insights are used to develop predictive models that further enable the growth of the organization by more precisely assessing customer needs. Increasing, the business is moving toward the deriving value from the analytics applications in real time with the help of integrated data from real time and place data warehousing
We can do a lot of different things to bring value to our customers with help of analytics embed processes that we run or by doing the analytics projects which will help the customers realize the outcomes they were looking
Essential to the accuracy of website metrics, is a solid understanding of how cookies and URLs contribute to the overall analytic design. According to Kaushik, data collected from URLs and cookies “have more effect on everything we do in web analytics that any other piece of data” (Kaushik, 2007, p.126). That’s a pretty profound statement, which should implore website analysts to take a closer look at cookies and URLs. A cursory knowledge of cookies and URLs can help an analyst capture data metrics, but are those metrics an accurate assessment of the website’s activity? The following paper will examine cookies and URLs and how understanding them is key to building a good analytic page design.
As a web business strategy consultant in a world connected intricately through social media, a question I’m always asked by companies is “How do we know if our social media techniques are working?”,“Is our message reaching the appropriate audience?” ,“How can we identify if which social media platforms are performing well and which ones aren’t?” In today’s blog post we will discuss how to monitor and track your social media platforms while forming stronger relations with your customers. The key to understanding your social media’s success is Social Media Monitoring/Tracking. Social Media Monitoring is the utilization of software to supervise a company’s overall activity online. This process isn’t exclusive to just social media networks, and many monitoring tools expand to different types of websites such as
As big data things continue to grow in this modern era, today we can learn how to predict or assume anything that will happen in the future with data from the past. This studies known as Predictive Analytics. Predictive analytics combine methods from machine learning, data mining and statistics to find meaning or pattern from a huge volume of data. Tom H Davenport, a senior advisor at Deloitte Analytics has broken down three primer models on doing predictive analytics: the data, statistics, and assumptions.
INTRODUCTION Performance management Performance management is an important part of the company. Companies based on criteria set by the partner for evaluation, so that company manger can knows the performance of employees. Also make the partner aware of their position in the company, pragmatic to complete the work. Background of Starbucks Starbucks is the world’s largest multinational coffee chain.