How to create a culture of analytics
November 27, 2013 at 1:30 PM
by Mikul PatelDigital Marketing Consultant at Matraxis
Following on from my previous blog article on how companies should approach their measurement strategies and setting KPI’s, another useful breakout session that I attended during this year’s Webtrends Engage conference, covered the dilemma of creating a culture of analytics within businesses.
The business world is evolving and companies that are not focussing their attention online are at risk of losing out to competition. In this article I will summarise some of the useful tips discussed during the breakout session and how users can to promote a change in attitude towards analytics strategies.
Start small and the grow your analytics strategy
Whether you are a small company or a large corporate, creating a culture of analytics takes time to develop. For those starting out, communicating quick-wins for groups of users who have a strict budget can help to demonstrate the power of useful analytics – reacting immediately to results to benefit the business.
Analytics products such as Google Analytics are constantly changing over time with new features. Businesses need to keep on top of these by creating analytic champions through training sessions. From there, it is possible to slowly build teams of internal experts.
One interesting slide that came up during the session was Stratigent’s Framework to Gaining a Competitive Advantage in Web Analytics. You can just about make out the items (I was a bit slow with taking an image!), but it essentially outlines the expected stages for an long-term analytics strategy:
Basic reporting – setting out the standard components for measurement
Advanced reporting – added to your analytics tools with advanced configurations
Advanced analysis – exploring multi-channel analysis and bringing together multiple analytics sources
Sustained competitive advantage – developing automated processes with real-time analysis and action
Sticking to your analytics plan
Companies without any structure often fall into the trap of abandoning initiatives if there is no immediate return. Equally, this mentality should not be applied to an analytics strategy. Create visuals, through graphs and flow charts, can easily demonstrate the planned steps to measuring success – important for higher management to keep track of activities.
The key to using analytics products is to focus and make sure they are answering your business questions. However, an analyst should always remember that analytics can only provide half the answer to a question – creating valid theories can help to make better sense of results. No analytics plan is perfect, so you should expect to get things wrong the first time round – learn from your mistakes.
Analytics measurement plan
Albeit simplified, these 4 steps are key points that should be included in any analytics measurement plan:
Corporate Goals – what are the long term aims for the company to be successful?
Business Objectives – what actions are needed to meet those goals?
Measure of Success – are you under or over performing against your KPI’s?
Operational Tactic – how is the business going to react to success results? (good and bad)
So to summerise, by creating a culture of analytics, you can better achieve your business goals and a competitive advantage by being able to react faster to market changes. KPI's help monitor the performance of business activities but most fail to correctly define their KPI's. What useful tips can you use today as part of your measurement strategy?
Matraxis is the leading independent UK company specialising in digital marketing analytics and associated consultancy services. Matraxis have a broad range of expertise in delivering web analytics as the foundation for acquiring visitors, maximising the number of conversions and securing visitor retention. Get in contact with us today to discuss how you can build a culture of analytics within your organisation.
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