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Despite the fact that 94% of Chief Marketing Officers believe web analytics will help them reach their goals, adoption has been sluggish. Only an estimated 15-20% of companies use data to drive marketing and business decision-making.Although it’s easier than ever to begin tracking data, given the new glut of software and built-in social dashboards, there are so many different data solutions providers that the task of choosing one can be overwhelming for CMOs. Furthermore, not everyone has the patience to sift through so much information to find the most actionable points from web analytics!However, web analytics are vital for helping CMOs make informed decisions to and successfully increase your revenue.If you’re still weighing the pros and cons of making the shift to using web analytics in your day-to-day operations, check out these 5 reasons why CMOs need web analytics:
5 Reasons CMOs Need Web Analytics
1. Web analytics data answers key marketing questions.
Web analytics data helps you determine just how effective your company website truly is. Ultimately, you want people to not only SEE your website en masse, but also to stay a while, learn, buy, and buy again. A good website stirs increased interest, builds credibility, and drives action. Collect data that answers the following questions:– Acquisition: What brings users to your website?– Behavior: What do users do once they arrive?– Conversion: Did users perform the desired action?2. Web analytics data can help improve your sales pitch.
Analytics is not only used to sell, cross-sell, and up-sell by illuminating the best marketing opportunities, but also to aid sales representatives.If your business offers dozens – or even hundreds – of products, web analytics data can help your sales representatives narrow them down and show customers the handful of products they’re most likely to be interested in.Web analytics can also help your team better identify and solve unmet customer needs, keeping them happy and coming back to buy from your company again and again.
Image Source3. The power of predictive analytics helps cut attrition rates.
As you know, it’s much more expensive to onboard a new customer than it is to retain one – in fact, it can cost up to 7x more to acquire new customers!Predictive analytics helps CMOs identify customers who are most likely to defect from your brand and to stage an intervention before it’s too late.Related: 7 Social Media Monitoring Tools That You Need to Know4. Web analytics helps CMOs and businesses stay competitive.
Though every business is unique, it is still important to keep a pulse on what the competition is doing in your industry. Businesses are spending more on web analytics than ever; in fact, it’s estimated that the percent of marketing budgets spent on marketing analytics will increase from 5.8% to 17.3% in the next 3 years alone!
Image Source5. Analytics lead to measurable financial gains.
Although collecting and analyzing data can be expensive, the payoff makes it well worth the investment. According to a study by Bain & Company, companies who use analytics the best are 2x more likely to have top quartile financial performance.This trend holds true among a variety of industries, particularly in B2C sectors, as you can see below.
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