Businesses surely understand the importance of their data and what can be done with it to grow profit margins.
Investing in web analytics tools is one of the most fruitful investments that a company can make. Not only does it provide you with detailed reports of your current strategy, but it also helps you make improvements for the future.
Using these analytics results as a base, you can save a lot of money you are spending unnecessarily on the paid advertisement and drive your efforts and money in the direction that brings more traffic and sales.
This article will comprehensively explain the ways to make money using advanced analytics.
What is Advanced Analytics?
Advanced analytics is a systematic analysis of web page data and content using a variety of automated tools and techniques.
Implementing advanced analytics in your business helps your marketing strategy by understanding what your customers like and what factors drive them to your business or wooing them away from your brand.
It can help you plan future strategies and campaigns with confidence and precision.
There are majorly four kinds of advanced analytics:
- Descriptive Analytics
- Diagnostics Analytics
- Predictive Analytics
- Prescriptive Analytics
Why is Advanced Analytics Important?
Advanced web analytics not only helps in improving your customer experience but also improves your sales margin and profits.
Here are the top reasons why you should opt for advanced web analytics:
- Web analytics helps you know your visitors better and enhance their user experience.
- It lets you identify your best-performing page and your top traffic-driving content so that you can focus more on such content.
- It helps enhance your search engine optimization strategy to rank higher on the search engine results page.
- Analyzing your website helps your track top referrals and create strategies to gain more of them.
- It helps you easily track your ecommerce metric and valuable insights to utilize for increasing your sales margins.
- You can also track your traffic sources and emphasize more on the ones that are getting you more visitors.
- Web analytics tracks the links to whom you are referring and provides a detailed report of your top-mentioned links. Further, you can analyze those websites and connect with them for partnerships.
Top Ways to Make Money Using Advanced Analytics
Here are the best methods to adopt to generate more profits using advanced analytics:
1- Research and Analyze What Keywords Are Turning into Conversions
Set up marketing goals with your analytic tool and then identify the mechanism they apply to identify the search terms driving more conversions. This will help you in conducting your search engine optimization and pay-per-click.
Once you know what category keywords are working for you, it becomes smoother to observe your site visitors. You can identify the best-performing keywords and replace or eliminate the less-performing search terms from your PPC campaigns and other marketing strategies.
This will help you save a lot of bucks without extra ad spending and maximize your conversion rate, further resulting in prospect sales.
2- Analyze How Landing Pages Are Converting
All your web pages might not perform equally well for visitors. There are different conversion rates for different sets of web pages.
By examining landing page performances with advanced analytics software like Finteza, you can track conversions by channels, ads and keywords. It is easy to create sales funnels and find weak spots in your sales funnel to increase conversions.
The more authentic and valuable your content on each page, the more the chances of getting backlinks and customer conversions, increasing your credibility among visitors.
3- Identify the Missing Long-Tail
Implementing advanced analytics to your site provides you with the highest traffic-driving page and the lowest traffic-generating page.
Your idea of analyzing various web pages should be that a large number of audiences from your highest-performing page should also match the lowest-performing page. If that’s not the case, then you are missing an opportunity.
As a business owner, you should be grabbing all the profitable opportunities possible, and applying the long-tail concept through analyzing the numbers will help you do so.
4- Evaluate Latent Conversions
A latent conversion occurs when your visitors are directed to your website via pay-per-click, leave your site, and then come back later via another source, such as paid click, bookmark, or organic clicks and then convert to leads and customers.
This conversion analysis can adversely affect your PPC campaign because the conversion does not provide credit to your pay-per-click. If you are acquiring organic clicks that turn into conversion and not paid clicks, you are wasting your ad spending in the wrong direction.
Additionally, latent conversion evaluation lets you know that if your visitors convert into substantial leads through PPC and bring in more revenue, you can invest more in the same direction and maximize your ROI.
5- Compare Traffic Analysis
Automated web analytic tools allow you to conduct a detailed comparative analysis of your and your competitors’ traffic and sources.
By entering your competitor’s URL in the search bar, you can easily monitor your site’s traffic against your competitors. You can track what tactics they are adopting to draw traffic and where they are acquiring backlinks from.
Focus on the traffic of the highest-earning competitors and spend your time, effort, and money only on them. Merge and implement their techniques with yours to grow faster, increase your online reach and escalate your profit margins.
There are plenty of money-making tactics available for your business using advanced analytics. I have listed the top ideas that you can implement in your marketing strategy to maximize your profit margins and minimize your ad spending.
Web analytics tools use metrics such as bounce rates, visitor session time, the number of clicks, total traffic, referral resources, and traffic sources to measure your company’s present performance. This helps you improve your strategy and predict future business contingencies.