Join Matt Bailey for an in-depth discussion in this video Understanding business objectives, part of Learning Web Analytics.
- [Instructor] Now, here is where we start making analytics much more understandable, and applicable for your business. First, we decide upon our business objectives. What is it that makes you money? So, it could be sales, direct sales, especially if you're an eCommerce site, developing leads for sales, or if you're a publisher, it could be be page views, which lead to ad views. Those are business objectives, I define those as things that make you money directly.
Next, are goals. Now, goals are what visitors do that help lead to revenue. It may not be a direct source of revenue, but it leads to it, such as, putting in an order, filling out a lead form, subscribing to content, registering for an event, filling out a contact form, asking for directions, or even making a phone call to your website. These are things that lead to revenue, but they are goals that visitors can meet, that we can track.
Now, any of these goals, that lead to revenue, are also called conversions. For the purpose of analytics, and in most digital marketing circles, these are called the conversions in that, you are converting a visitor to a customer, or to a lead. The third thing, are key performance indicators. Now, these are things that indicate trends. They're not a specific goal, there are always some exceptions, but in large part, these are just numbers that help us understand the relationship of how many people are coming to the site, what they're looking at, and how that then contributes to people meeting our goals.
But by themselves, they are just performance indicators. They don't have a direct impact on the revenue produced by my website. So, here's what I want you to do. List five goals, or objectives, for your users, that lead to revenue. Then, I want you to find the equivalent measurement aspect. And so, if people can buy something, contact you, fill out a lead form.
An objective that you can measure, let's list that on this form. So now, we are back on our example website of Wisdom Pets, and let's look to see, what are the objectives that users can meet. The first one, is the contact form on the contact page. They can fill this out, and we can track that because that is a goal on the website, and it leads to revenue. We can also look at the about us page.
On the about us page, there is a button for people to sign up for the newsletter. That is a new subscriber, and we can track that activity, and it's a goal as someone comes to the website. Those are two goals that we can start tracking on the site, that help us understand how these goals then, will lead to revenue.
- Implementing tracking code
- Customizing business goals
- Measuring bounce rates
- Tracking acquisition
- Measuring the performance of your landing pages and content
- Understanding the three Cs of analytics: Context, contrast, and comparison
- Tracking your audience by device
- Taking action