Web Site Analytics – Do You know Why You Could Be Out Of Business?

Web Site Analytics is a key component to your online success. This is a subject that needs attention because you are the executive of your internet business. You are in charge of the succcessful outcome of your business and its web presence.

Understanding your web business deals with more than just knowing how many visitors you have each day. It is crucial to understand, at minimum, terminology, what to look for and to know how to analyze key data taken from log files.

Even if you are using analytics software solutions it is important you understand what the software is telling you. You may not see yourself as a web analytics guru at your online business, but if the only thing you decided to learn was key performance indicators (KPI) that knowledge alone would provide you with important data to make informed decisions.

You own your business, why do you need to know all this technical stuff?

It is very important to understand since you are the executive of your online empire you should have a basic technical and analytic grasp. Whether your company is big or small you may rely on an analytics professional therefore it helps to have a basic understanding of commonly used terms so you can be on the same page in new strategies.

Your website is new  – what do you need to be concerned about other than traffic?

The first thing you will be looking at is how many visitors did you get today or this week.

What you are really concerned with is how your marketing efforts are paying off?

Whether you are spending, time, money or both, on marketing, you will need to know your return on investment. (ROI) This is not just a measurement for offline business but any business where your investing money or even time when you are starting up your business.

What about Your Time?

“Your time is worth something”  or ” Your time has a price” – do these phrases sound familiar?

You need to track your time investment and place a value to it. As an example say you worked 40 hours weekly on your business. Ask yourself:

What would you expect to be a reasonable wage for the work you do?

Think about the wage you are or were receiving from a current or previous job. If that isn’t helpful, check out other resources such as your local government sites and/or Google search. The one thing you don’t want to do is over estimate. Do not estimate what you would like to be paid but make sure you use realistic, market driven data. If you don’t, you are only cheating yourself.

What else do you need to know about your traffic data?

Being able to understand your traffic is important, outside of how much traffic you get you should also know:

• how many pages do your readers view?
• what pages are they viewing?
• how did they find your site?
• what did they click to arrive at your site?
• how many unique visitors are you getting?
• what is the difference between page views and “hits”?
• what is your bounce rate?

Digging deep inside your data with analytics can be extremely beneficial to your current strategy. Where revenue is the true measurement of business success you need to really dig into the data to understand where your revenue is coming from and the areas you could be missing out on.

The IM University understands the importance of web analytics and the effects these details have on your business.  At The IM University you will find excellent resources to help you analyze your business for profits and implement strategies for your online business.

Come on in and take a tour today – while you are here come on into the forum and introduce yourself. Understand Your Business Today – Get to know your Web Site Analytics.

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