What is Analytics ? A list of Analytics Terminologies that Drive business decisions :
I have been reading about this new buzz word i.e.” Analytics” for quite some time and trying to understand the deeper meaning of this new word which has suddenly become a key word in business. It is not that I was not knowing or aware about doing this type analysis in business as I have been in Corporate and in business for more than three decades now but because many soft-wares tools such as SAS, R etc. have been developed and made available these days by experts which have made these analytics more systemic and user friendly, hence, I have become more curious to know more about the word “Analytics”.. These days, many students and professionals are even taking up formal courses and training to get themselves certified to take jobs and career in the field of Analytics.
Analytics : What it’s mean ?
Analytics at it’s most basic level is the information resulting from the systematic analysis of data which enables organization to monitor it’s performance and taking business decisions.
I am giving below a list of Analytics terminologies which are commonly used and practiced by organizations for performance monitoring and taking business decision
1.Behaviour Analytics : The paths that visitors take while visiting a web-site and how they interact with each page are critical data to understand how your site can be optimized for increased engagement and conversion. Too many folks just design a pretty site and forget that it’s actually a gateway to doing business. There’s a ton of usability science and experience that can be applied to increase the value of your site to your business.
2.Business Intelligence: or BI analytics centralize all aspects of your organizations performance, from marketing to operations and accounting, for senior leadership to monitor the company’s behaviour. BI is central to medium, large and enterprise organizations’ for performance monitoring, planning and decision making.
3.Conversion Analytics : A conversion on a online site is an activity of value. The most obvious is a purchase on an e-commerce site. However, if your site is promoting a service, a conversion may be the number of visitors who sign up for a free trial, a demo, a down load, a webinar or any other activity that has been shown to provide value. Conversion analytics often incorporate testing of elements so that you can optimise the site to convert more visitors into customers.
4.Customer Intelligence Analytics: Many companies do not actively monitor whether or not their customers actually like them nor what the roadblocks to a perfect engagement are. Systems that allow customers feedback through social channels, surveys and other data collection points can provide invaluable research into how your company is perceived and what can you do to improve it.
5.Customer Lifecycle Analytics : Understanding the stages of your customer is essential to increasing customer retention, driving up customer value and then profiling future leads against the most successful engagements you have.
6.Measuring Analytics: Marketing automation, email, inbox reporting, SMS, phone, and other messaging systems offer analytics to provide you with activity per campaign, subscriber activity, and often integrate with other analytics systems to help improve your messaging and campaign execution.
7.Predictive Analytics : Based on the past performance of your web site , these platforms actually predict what the future behaviour of visitors will be. Predictive analytics platforms often offer models where you can make adjustments and predict the impact of those changes on the performance of your site.
8.Real-time Analytics : provide insight into the current activity and behaviour of the visitors on your site at the current time. Real-time analytics can be tapped into to modify the behaviours of visitors, increase the likelihood of conversion, and provide awareness of the minute response –time of your site.
9.Sales Analytics: Sales enablement is a growing technology sector. Sales dashboards like our sponsors at Salesvue integrate directly with your Salesforce CRM and provide sales management with all the detail they need to see and predict sales performance. And for the Salesperson, these systems help them to increase productivity, optimize touch-points and close deals faster.
10.Search Analytics: backlinks are the gold standard of ranking on the Internet and rank drives traffic and conversions. As result, tools that help you monitor your search engine keywords, competitors, and how your content is ranking can help you attract new visitors and build content strategies that drive business. Paid search analytics provide you with keyword performance and conversion metrics so you can drive down your cost per lead and increase sales.
11.Social Analytics : As the internet has developed, individuals and companies have built authority that garners them a growing following. Social analytics can measure that authority, track your social ranking, help you understand why people follow you and what topics they interact with you the most on. Helping you grow a social following and authority often leads to increased trust amongst your audience or community-which can be used to echo your promotions or even drive direct conversions.