Analytics: 1 Epic Way to Save Corporate Money and Get Major Success
If you have a good online business, then you or one of your data people are familiar with analytics. Extracting important information out of piles and terabytes of data to implement changes in your core business and continue down the road of improvement is vital for staying ahead of your competition in today’s precise digital world.
Sometimes investing in an analytics tool is worthwhile if it’s going to deliver a particular type of data, or automate a
process you can’t formulate efficiently elsewhere, especially if your website is so complex that one or two analysts simply can’t keep up with what’s going on.
In the end, it doesn’t matter what program you pick to capture your data if you don’t have the right people to extract the necessary gold out of it!
10:90 Ratio
Avinash Kaushik, a veteran in the analytics industry, suggests the 10:90 ratio – meaning if he were to spend $10 on an analytics tool, he would spend $90 on “intelligent resources/analysts” – ideally people who are analytics geniuses and also have business know-how & decision-making skills.
If your business isn’t following this ratio, and throwing a precious $50k-200k away every year with few actionable insights being derived from it, Avinash suggests cancelling that subscription, signing up with Google Analytics (a great, useful and FREE tool), hiring a quality analyst and letting them derive more actionable insights than ever before.
Of course don’t forget the importance of having the person who can use those insights and take action! As business owners, we all know that without action…
“Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless.” – Tim Blixseth
If your company would like to see some more analytics insights with the tools you already have in place, or would like to get some tools in place and understand what is really going on with your website so you can start deriving greater value from it, please contact K-Kom and we will be very glad to answer your questions!
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