WA 11 Web Analytics Actionable Analytics

Updated: Nov 3, 2020

JSS -DM303 : Web Analytics-BL01M04-Day10-03Nov20

Day10-Tues

STUDY NOTES


Agenda - Module 4: Making Web Analytics Actionable, Context,


Turn data into actionable insights

1. Measure the right things. ...

2. Ask the right questions to stakeholders. ...

3. Use segmentation to drive action. ...

4. Use clear visualizations to convey your message. ...

5. Discover the context of your data set. ...

6. Build a solid optimization plan. ...

7. Construct a great hypothesis. ...

8. Integrate data sources.

What are actionable analytics?

Put simply, Actionable Analytics is getting access to relevant data in the correct context; the ability to take action immediately, the power to acquire meaningful outcomes. ... Though the reigning trend makes Business Intelligence (BI) and Analytics a top CIO investment priority, user surveys by Gartner, Inc.

An actionable metric is one that ties specific and repeatable actions to observed results. The opposite of actionable metrics are vanity metrics (like web hits or number of downloads) which only serve to document the current state of the product but offer no insight into how we got here or what to do next.

What makes data actionable?

Actionable insights are direct, meaningful actions that can be taken from analyzing any type of raw data. ... An insight is created by analyzing information and then being able to draw conclusions and make decisions from it.

What is actionable data in Web Analytics?

At its best, Web analytics is progressive and actionable. It's about testing hypotheses and taking action based on your findings. Yes, your customers will have vastly different goals, but by asking just a little bit more of them, you can really maximize the benefits of working with your Web analytics program.

What are actionable insights?

Actionable insights are direct, meaningful actions that can be taken from analyzing any type of raw data. They're often the result of data analytics that provides enough data for organizations to make a well-informed decision. ... Actionable insights are not more information, or more data.

What is insights in data analytics?

Insight is gained by analyzing data and information to understand what is going on with the particular situation or phenomena. The insight can then be used to make better business decisions.

How do you present Analytics?

1) Make sure your data can be seen. ...

2) Focus most on the points your data illustrates. ...

3) Share one — and only one — major point from each chart. ...

4) Label chart components clearly. ...

5) Visually highlight “Aha!” zones. ...

6) Write a slide title that reinforces the data's point. ...

7) Present to your audience, not to your data.

What are vanity metrics?

Vanity metrics are metrics that make you look good to others but do not help you understand your own performance in a way that informs future strategies.

Which KPI is a vanity metric?

What Are Vanity Metrics? Vanity metrics include data such as social media followers, page views, subscribers, and other flashy analytics that are satisfying on paper, but don't move the needle for your business goals.

Examples of Financial KPIs

1. Growth in Revenue.

2. Net Profit Margin.

3. Gross Profit Margin.

4. Operational Cash Flow.

5. Current Accounts Receivables.

6. Inventory Turnover.

7. EBITDA.

What makes a good metric?

Strategic. To create effective performance metrics, you must start at the end point--with the goals, objectives or outcomes you want to achieve--and then work backwards. A good performance metric embodies a strategic objective. It is designed to help the organization monitor whether it is on track to achieve its goals

What's another word for metrics?

1. benchmark

2. standard

3. barometer

4. yardstick

5. bar

6. criterion

7. measure

8. mark

9. grade

10.touchstone

From micro-communities to household names, we've broken down the five types of social media every marketer should be well aware of.

Social Networking Sites. ...

Image Sharing & Messaging Sites. ...

Video Sharing Sites. ...

Social Blogging. ...

Social Community and Discussion Sites.

Quantitative Indicators. Quantitative indicators are the most straight-forward of KPIs. ...

Qualitative Indicators. ...

Leading Indicators. ...

Lagging Indicators. ...

Input Indicators.

Process Indicators. ...

Output Indicators. ...

Practical Indicators.

Lakshminarasimman V Rao | 303 WEB Analytics |Digital Marketing| Study notes | Study Material | MBA | Corporate Neeti Consulting | Mysuru

corporateneeti.com

All data above is a combination of data from Internet, purpose of this doc is for research and education only and responses received from Class students and interaction.

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