A myriad of web analytics terms has been introduced by both the field of digital marketing and the field of analytics, itself. These terms help us better understand the metrics we collect and use daily to inform our business processes.
While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.
MarketsandMarkets forecast that the multichannel analytics market will grow from $3.61 billion in 2014 to $9.89 billion by 2019. So, what exactly is it?
Similar to social media monitoring, social listening is the process of identifying and responding to what is being said online about a brand, product or company. However, it goes beyond monitoring into a consequent analysis of that information in hopes of extrapolating insights to help direct a course of action.