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.
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?
Isolated data points and vague, vanity metrics don’t really tell you how your marketing campaigns are performing. Clear objectives and measurable goals are essential to understanding the performance of your marketing efforts. Because businesses need to use data insights that can influence strategy, utilizing key metrics to measure performance has become an essential part of marketing.
It is important to measure the progress of your online efforts but even more important to use metrics that will help improve your brand. Analytics can be defined as the process by which you collect and analyze data. In regards to your company website, you are collecting and examining information about user activity, system performance and so on.