Dictionary.com defines it as:
an·a·lyt·ics
[an-l-it-iks]
noun ( used with a singular verb ) Logic.
the science of logical analysis.
Wikipedia.com defines it as:
Analytics is the discovery and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Analytics often favors data visualization to communicate insight.
Firms may commonly apply analytics to business data, to describe, predict, and improve business performance. Specifically, arenas within analytics include enterprise decision management, retail analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix analytics, web analytics, sales force sizing and optimization, price and promotion modeling, predictive science, credit risk analysis, and fraud analytics. Since analytics can require extensive computation (See Big Data), the algorithms and software used for analytics harness the most current methods in computer science, statistics, and mathematics.[1]
Yes, I do realize that I am categorizing the broad spectrum of Analytics into a narrow field of study. But pretend like I really mean "Tracking Analytics". So what does it mean? My short definition of it is: statistical information using hidden tracking technology. Business and websites track virtually everything. All of my companies websites, blogs, Twitter accounts, Facebook pages, emails, etc. have hidden analytics. They tell us virtually everything:
- Location accessed
- Time, and date accessed
- Access method - browser, computing platform, mobile platform, etc.
- How long they were on each page
- What pages they visited
- What links they clicked on
- How they got to the page in the first place
- How many times they came back
- If they shared the link with someone else
- Etc.
- Etc.
- Etc.
Scary isn't it? There is a world of data available with very little integration. But here is the beauty of it, all this information can easily be translated into effective results. It can help shape marketing material, show what is and what is not effective, show who is viewing posts and websites, and much more. I thrive on this data. It shows me what people really care about. I can see real-time results on effectiveness and target audience.
Look at the picture below that shows how much information is available just on an email. I've blocked out names, email addresses, IP addresses, and the subject line for security purposes. But look, it even gives me the IP address where it was opened. So if I wanted to, I could plug that IP address in and get an exact address where the email is being opened.
Look at the picture below that shows how much information is available just on an email. I've blocked out names, email addresses, IP addresses, and the subject line for security purposes. But look, it even gives me the IP address where it was opened. So if I wanted to, I could plug that IP address in and get an exact address where the email is being opened.
Too many businesses are not using this valuable (and may I add FREE) tool. I often talk to several business owners that have no clue that this data is even available. Jump on the bandwagon people. If you don't know how to integrate it, hire someone who does. We are in an information and technology age. Use it to your advantage. Know what is effective. Work the analytics. Change your websites, emails, posts, blogs, and tweets to what people are interested in. Here is a really old picture from 2007 that shows and example of what I am talking about. Look at how much information is available. And again, if you know how to embed the tracking technology, it's free, real-time, and not difficult.
Picture from www.google.com
So again, get on board. Hire someone if you need to. Use the tools to your advantage. Ultimately, it will help you create more effective marketing, which in turn results in more money.
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