In marketing, there is a concept of a purchase funnel. A basic purchase funnel includes the following steps:
- Acquisition involves telling people about your product/service and getting potential customers interested
- Behavior is when people engage with your company website, ads, social accounts etc.
- Conversion is when some of these people become customers by using your service or buying your product
All of these interactions can be easily tracked in the connected world. Google analytics makes it simple to track what online behavior led to purchases and use that data to make informed decisions about how to reach new and existing customers.
This data is compiled into Analytics reports, which you can use to perform in-depth analysis to better understand your customers and their purchase journey. Then you can test out new solutions to improve your business.
Think about an online store, such as a t-shirt store. It might have a goal to sell more t-shirts. Using digital analytics, the store could collect and analyze data from their online advertising campaigns to see which are most effective and expand those marketing efforts.
The store could analyze geographical sales data to understand if people in certain places buy a lot of shirts and then run additional advertising campaigns in those areas. They could also use analytics to understand how users progress through their online shopping cart. If they notice that users have trouble with a particular step on their website, they can make changes to the site to resolve the problem.
Let us know if we can help set up analytics for you, or if you’d like help in analyzing and reporting on your existing data set. Our experts can create custom campaigns, setup Analytics 360 reports, and capitalize on momentary customer attention with fresher insights.