BUS 2202 - Week 4 WA

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Brevard Community College *

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2202

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Business

Date

Nov 24, 2024

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docx

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Uploaded by tbb11007

The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention Week 4 Written Assignment Bus 2202 – E-Commerce Author Withheld Professor Stephanie Thomas 3 May 2023

The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention Abstract The world of online business has come to recognize the increasing significance that web analytics holds. Companies can obtain better insight by assessing data and scrutinizing patterns, enabling them to administer improved customer services while optimizing their virtual presence. This discourse puts forth a thorough breakdown of aspects such as key performance indicators (KPIs), events, and goals about web analytics by providing instances of each one's usage across various industries and discussing how Google Analytics is used for customer retention and improving businesses. Ultimately this discussion will offer an elaborate perspective on the role played by comprehensive data analysis when it comes to future reliance considerations within digital enterprise settings.

The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention Introduction Companies within the business domain have big data regarding customer demographics and behavior. With internet-based commerce on the rise, web analytics has become indispensable for accurately measuring and analyzing this information trove in real-time. This written work will delve into essential web analytics components: objectives, incidents, and Key Performance Indicators (KPIs). Also scrutinized is how contemporary businesses employ Google Analytics to optimize operations while retaining customers' loyalty (Hu & Cercone, 2004). Lastly, yet importantly, we assess with a critical eye what lies ahead for online enterprises hinging significantly upon reliance on various forms of data analysis tools moving forward beyond the present age. Despite the tremendous strides businesses have made in improving their overall strategies through web analytics, there has been a growing concern regarding privacy and data collection due to its pervasive use. Objectives, occurrences, and key performance indicators (KPIs) are vital web analytics components. Objectives represent the anticipated results that an enterprise intends to reach through its digital footprint. For instance, a company may lay out objectives such as enhancing website traffic volume or boosting conversion rates while lowering bounce rate percentages. To be effective, goals must follow SMART criteria by being precise in definition and measurement metrics with realistic targets for attainability within relatable timeframes determined beforehand (Nakatani & Chuang, 2011). Occurrences on a website are actions people perform. This can involve pushing a key, observing visuals, or submitting information. Tracking these occurrences is feasible via Google

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The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention Analytics and serves as an approach to evaluate user fascination and conduct patterns. In addition, organizations may track such events to identify which areas of their website resonate well with visitors versus those sections that need to measure up against expected performance standards (Dale Wilson, 2010). . Furthermore, a company's key performance indicators (KPIs) can differ depending on its aspirations and aims. To illustrate, an e-commerce enterprise could utilize KPIs like cart abandonment rate, average order value, and conversion rate to appraise the sales effectiveness of their website with the end goal of boosting it (Hayes, 2022). At the same time, alternatively, a non-profit establishment may use metrics such as volunteer retention rate, donation frequency, or volume in addition to web traffic analysis to evaluate engagement levels with their target audience alongside overall impact assessment. The digital apparatus, Google Analytics, is an influential instrument that empowers firms to follow and assess website traffic, customer conduct, and engagement. This technology allows companies to gain valuable insights into their audience's inclinations, desires, and prerequisites. For instance, registering the number of visitors patronizing a company's site or page views enables them to monitor performance strength while spotlighting specific areas requiring improvements by recording bounce rate (the percentage at which users exit immediately) and average session length on-site per visitor. In addition to these metrics analyzed above-mentioned earlier in detail via google analytics, businesses can gain access to data related to customers' age group distribution characteristics such as location, plus information about gender is provided through it for targeted marketing campaigns towards audiences suited best based on knowledge collected from said demographics mentioned prior gleaned using googles analytical toolset (Chai, 2021).

The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention Enterprises are harnessing the power of analytics to promote growth and cultivate loyalty amongst their customer base. To illustrate, corporations may use analytics to enhance their precision of marketing initiatives by crafting bespoke campaigns predicated on customer behavior patterns and preferences (McKinsey, 2015). In addition, organizations can leverage analytical data for purposes such as rectifying UX roadblocks that lead to elevated cart abandonment rates or bounce rates within company websites. Finally, companies can also take advantage of analytic insights by gauging efficacy levels concerning advertising endeavors, thus ensuring maximum ROI via requisite adjustments (What Is UX Design? 15 User Experience Experts Weigh In, 2015). As technological innovations surge in the future, it is anticipated that data dependence will persist and amplify. The collection and scrutiny of data by corporations would pave the way for informed decision-making, bespoke customer experience creation, and operation optimization culminating in peak efficiency levels. Nevertheless, apprehensions about safeguarding one's personal information are also on the rise, necessitating companies to proactively tackle security concerns to sustain consumers' reliance upon them. In closing, it is evident that web analytics are indispensable for businesses seeking to gauge their website's performance and bolster their virtual footprint. A powerful tool in this regard is Google Analytics. This tool offers valuable insights into customer conduct and proclivities, enabling firms to tailor their marketing stratagems specifically toward the target audience they seek (Google, 2019). Furthermore, in an effort geared at optimizing user experiences on-site while ensuring continuity of patronage by personalizing promotional efforts as well as tracking ad campaigns' effectiveness, companies have embraced data-driven approaches, thus increasing

The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention operational efficiency along with customers' satisfaction, albeit amidst concerns around privacy breaches or cyber threats attendant with such practices. References Chai, W. (2021). What is Google Analytics and how does it work? SearchBusinessAnalytics. https://www.techtarget.com/searchbusinessanalytics/definition/Google-Analytics Dale Wilson, R. (2010). Using clickstream data to enhance business‐to‐business web site performance. Journal of Business & Industrial Marketing , 25 (3), 177–187. https://doi.org/10.1108/08858621011027768 Google. (2019). Analytics Tools & Solutions for Your Business - Google Analytics . Google.com. https://marketingplatform.google.com/about/analytics/ Hayes, M. (Ed.). (2022, October). 67 Key Performance Indicators (KPIs) for Ecommerce . Shopify. https://www.shopify.com/blog/7365564-32-key-performance-indicators-kpis- for-ecommerce Hu, X., & Cercone, N. (2004). A data warehouse/online analytic processing framework for web usage mining and business intelligence reporting. International Journal of Intelligent Systems , 19 (7), 585–606. https://doi.org/10.1002/int.20012 Jeon, M. M. (2017). Analyzing of Customer Satisfaction and Customer Loyalty Based on Brand Image and Perceived Service Quality-David Publishing Company . Www.davidpublisher.com. https://www.davidpublisher.com/index.php/Home/Article/index?id=16741.html

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The Power of Web Analytics: Utilizing Goals, Events, and KPIs to Drive Business Growth and Customer Retention McKinsey. (2015). Marketing & sales big data, analytics, and the future of marketing & sales. In McKinsey.com (pp. 18–40). https://www.mckinsey.com/~/media/McKinsey/Business %20Functions/Marketing%20and%20Sales/Our%20Insights/EBook%20Big%20data %20analytics%20and%20the%20future%20of%20marketing%20sales/Big-Data- eBook.ashx Nakatani, K., & Chuang, T. (2011). A web analytics tool selection method: an analytical hierarchy process approach. Internet Research , 21 (2), 171–186. https://doi.org/10.1108/10662241111123757 Piga, A. (2022, April 20). Council Post: 5 Important Digital Marketing KPIs To Track . Forbes. https://www.forbes.com/sites/forbesagencycouncil/2022/04/14/5-important-digital- marketing-kpis-to-track/?sh=7e3479604040 What is UX Design? 15 User Experience Experts Weigh In . (2015, September). D/UX. https://www.dreamerux.com/articles/azvedbavq5j0gd025sb9jpzahv8j78 Wishart, J. (2022, December). 40 KPI Examples for the Service Industry (Updated for 2022) . Www.rhythmsystems.com. https://www.rhythmsystems.com/blog/40-kpi-examples-for- the-service-industry

BUS 2202 - Week 4 WA

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