If you’ve ever tried to get your head around AI web analytics and had trouble understanding the terms, here are some questions to ask yourself:
- What type of site am I running?
- What data can I collect from this site?
- How would I like this data to be presented back to me?
You’ve noticed a lot of tech giants talking about how they’re using artificial intelligence (AI) for their business decisions. But if you’re a small business owner and not on the bleeding edge of technology, you might think “AI for what?” It turns out that many of the tech companies making big investments in AI rely on big data—data that sets them apart from their competitors. The reason for this is simple: AI needs data to work. If a business wants to make better business decisions, it needs the right data and then it needs to know how to use it. This blog will help you ask the right questions about what kind of data you need and how to use that data. Let’s start by exploring a few distinct types of data.
Data from the Web
The biggest category of data that companies collect is certainly web analytics data. Analytics help you evaluate your site so that you can make decisions about your business. To get the best out of web analytics, you need to understand how site usage works. Let’s say you decide to measure the amount of traffic you receive to a site under the categories of “visitors” and “page views.”
How many visitors did we have on this page?
This simple question can tell you how many visits a page receives, but it doesn’t tell you anything about any user behavior. You need to measure the time spent on each page by category (e.g. “visitors” and “page views”), the average length of time spent on a page, the average times users spend on various pages, and so on.
Data from your Customers
Customer data can help you make business decisions beyond normal analytics. For example, you may use data to identify your most valuable customers so that you can send them high priority orders. Or you want to know what kind of deals best motivate customers to purchase more or recommend your company to their friends.
Customer data is usually collected through tools such as surveys, email marketing, and website tracking scripts. It depends on the business model you operate under, but some examples include in-app purchases, paid ad placements, and direct marketing.
Data from Your Advertisements
Advertising platforms provide a wealth of data about your advertising campaigns. They track campaign performance as well as individual customers who engage with your ads. With this information, you can better understand how your advertisements are performing and make changes if necessary.
Data from Your Competitors
Competitive data is also a thorough source of information. For example, using competitor data, you can be certain that your prices are as competitive as possible. You can also use this data to evaluate your competitors’ products and services and see how they stack up against yours.
Data from Your Vendors
Vendor data is a reliable source of information for small businesses on a tight budget. For example, new vendors can be identified so that you can improve your competitive advantage. You can also use vendor data to identify trends affecting vendors and get better pricing as a result.
Data from the Web
Web analytics are another way to improve business performance by using the same information repeatedly. You can measure where your visitors come from (e.g. Google), what they’re doing on your site (e.g. signups, posts, and purchases), the amount of time spent on your site, where you can make improvements to your site (e.g. more signups or more purchases), and more.
Analytics can be a major source of information, but only if you ask the right questions about them.
Data Collection – Unsure where to start? We’re here to help.
Technology is constantly changing, with current trends and methods of data collection popping up every day. With so many options out there, it can be hard to make sense of things and decide on the best method for collecting your data. Our team can help you navigate this process, from deciding what you need and why you need it, to choosing the right software for your business.