The consultants at Kraken Data are rather unique as they have experience both as analysts as well as analytics engineers.
One service we provide for our clients is analytics strategy. In this service we work with you to define your Key Performance Indicators (KPIs) and the metrics that matter most to your business.
This allows us to put in place a solution that prioritises the reporting of the most important metrics for your business.
By understanding your business in this way, we are able to design and install a solution that speaks to your KPIs. We’ll provide a dashboard so you easily can see how you’re tracking against those KPIs.
These metrics or indicators directly correspond to how your business makes money, or what expenses cost you money.
Here are some example KPIs:
- CPA (cost per acquisition) – this gives us the amount of money you’ll spend on marketing for each visit to your website.
- AOV (average order value) – What the average spend per order is on your website.
- Visit to order – Commonly referred to as the website conversion rate.
By changing these ratios you can:
- Reduce costs or increase revenue.
- Drop your cost per acquisition, decrease cost (or increase the amount of visits to the website for the same cost).
- Increase your average order value, increase revenue.
- Increase your conversion rate, increase revenue.
By adapting KPIs that directly relate to your business objectives, you can set targets and track how you are performing against plan. This is a much simpler and more powerful way to utilise your web analytics.
Most analytics agencies will review your reporting requirements and build a solution that reports on these requirements, but it’s difficult to use to understand your online performance against initiatives.
Get in touch with us for a chat about strategy if you’re planning to do a new analytics implementation or struggling to get value from your current reporting.