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Thursday, December 9, 2021

10 Ways Google Analytics Can Increase Revenue

Every business needs to increase its revenue each year to remain relevant and profitable. With Google Analytics, this is entirely possible. By incorporating a good digital marketing strategy with Google’s services, a business can identify more ways in which extra profit can be made. It will tell a business everything it needs to know about customer’s purchasing habits, and what metrics are better suited to specific demographics.

Google Analytics is a highly effective service if you know how to use it. It will involve setting up a website and being available online through digital marketing strategies. The beauty of being able to analyze data is that a business can focus on key areas based on what the information is telling them. Read on to learn how Google Analytics works and how it can be used to increase revenue for any business.

It Can Calculate Business Profitability

Investing in a website is one of the many ways in which Google Analytics can be used to calculate how profitable a business is. Whether a company spends $1000 or $10,000 on a website, it still needs to know that the investment was worth it and that the website is generating income constantly. Most companies nowadays have payment gateways on their website which can be used to monitor e-commerce transactions online. By investing in the analysis side of a business, Google can easily measure if the company is making enough money to get a return on its investment.

Other businesses use their website to generate leads and collect information on their clients. Do more people from within the state access the website? Or has the company gained significant national recognition that people overseas are visiting their page? If there is an unusual demographic that seems to respond to social media posts, Google Analytics will be able to identify this. 

Use it to Understand Conversion Funnels

Conversion funnels show a business what steps a person takes when they visit a website. If there is a process limiting the customer from making a purchase or contacting the business, Google analytics will know about it. Simple technical errors and bad gateways are some of the biggest reasons a client will go to another website to complete their purchase. Conversion tunnels are essentially the customer’s experience when searching for the site and getting the information they need. 

With Google Analytics, a business can set up a goal to analyze how many times a page has been clicked on or an item selected in an inventory. It can also tell at exactly which step a potential customer lost interest, and how long they spent on the page negotiating their purchase. Google’s analysis service is quite beneficial to improve sales, as other tunnels can be created that determine which pages on a website are more productive and profitable. A business may have 10 pages but only five of them are popular and regularly clicked on that are actively making a profit through passive income streams. 

Research the Market

Data is a company’s most crucial asset. Without information such as demographics, a business cannot tailor its products or services accordingly. A business needs to know whether more men or women use them or whether they are more popular with a religious group, as examples. The great thing about digital marketing is that it captures information electronically that can be cross-referenced and summarized instantly. One of the Google Analytics services is that a business can use it to conduct internal market research. The functionality allows them to identify what devices their customers used to access the website, what times traffic was more popular, their identity, and also their age. 

Because most people will have their Google accounts linked to their phones, the analytics side can gather more relevant and personal information such as race or geographical location. This type of information can be hard to analyze, especially when there is so much data to go through. A data analyst is adept in this department, but it takes a certain qualification to understand Google’s analytics services. A Google Analytics certification can be earned online from Emerson College as part of their Master’s in Digital Marketing and Analytics program. This will help you to learn these unique skills that can improve a business’s revenue.

Track Goals

Every marketing strategy needs a clear goal in place so the business knows where to aim in the market. Depending on the specific goals and objectives, Google Analytics can be used to create and report on goals regularly. If a business plans to make $30,000 by the end of the year, the service can calculate the average the business needs to generate additional income each month. It will provide instant reports on where the business is losing money, which sites are more popular, whether customers are mobile, and what channels of marketing are working more efficiently. 

Goal tracking works for several things a business wants to achieve. Whether it be monitoring the sales department or keeping an eye on customer service, Google Analytics can track just about anything a business may need to know. 

Automatic Tailored Marketing

A big part of digital marketing is being present at all times. Technology moves at such a speed that a business has to market itself constantly. This introduced the need for automatic marketing functions, such as the ability to regularly send newsletters or adverts, but targeted specific audiences. With Google Analytics, a business will understand what products or services their customers are interested in, what their Google searches show, and how often they frequent a website page. 

For businesses that have an online shop, analytics is beneficial in seeing when customers have items in a cart but haven’t finalized the transaction. They can then send adverts or notifications to remind the client, but they can also offer discounts if they see the customer has left the cart open for a few days. By negotiating the cost with tailored Google Analytics services, there is a higher chance that the sale will be completed rather than the client not purchasing at all. This process can be completely automated to manage sales, again in a passive fashion that doesn’t need additional sales staff.

Client Search Results

Extremely beneficial for any business that sells their products or services through a shopping cart system, Google Analytics has a neat feature that shows what past customers have searched. This can help to determine if there are any products that the customer wants but the business doesn’t offer. It could be an entirely new stream of revenue that it didn’t have before. This search feature is effective for also specifying which products are the highest sellers based on customer searches. Be careful though because the search function is case sensitive so, depending on how the customer spelled a word or phrase, the data could be completely different. This way, a business can make sure that the data they are collecting is accurate, and that they are targeting the right people appropriately. 

By collecting a customer’s search results, a business can also identify their behavior. Does the customer tend towards specific pages or items, or do most of them check the website out for a short period and then leave? These are important questions to ask when addressing customer purchasing habits and how a company can use them to its advantage.

Social Media Presence and Sale Conversion

To survive in the digital age of marketing, a business has to have multiple social media accounts. There are no two ways about it because it’s the best way to attract more business. Our lives are online permanently. We sit on social media when we’re bored or when we want to tell the world our good news. Digital marketing through social media means targeting customers in a way that will gain their attention. Any social media post that generates likes, upvotes, and shares increase a business’s presence and they can expect more traffic on their website.

What’s more is that increased traffic can turn into new customer sales, and Google Analytics will report this. It can calculate which social media pages generate the most traffic, and how many of those turn into new customers. Google Analytics will even tell a business whether more videos or images were clicked on and what subject material in the advertisement did the best. 

Integration of all Channels

Integrating all business platforms is an excellent way to have a streamlined business model that runs smoothly. A successful business will have a website, mobile accessibility with apps, social media account, and many will invest in Google SEO to optimize customer experiences. Use the analytics feature from Google to integrate all of those platforms into one central location.

The number of people that go onto the various business platforms will be reported, as well as how long they look at a page, and where they are doing it from. If a business knows that more customers are finding them on social media, they can target their digital marketing better to increase resources to that section. This gives a good picture in the grander scheme of things by providing a digital journey that customers take when they do business with a company. Employing as many avenues of communication and engagement as possible should be at the top of any marketing strategy.

Leading Campaigns

A business may choose to run more than one campaign over a period to see which one gains more traction. This goal conversion can be used to increase sales by identifying which campaign is doing better through raw conversions. This is the number of leads any one specific campaign gains over another. The trick is not to look at the raw conversion numbers alone though, but to see which of those leads turns into real sales. For example, a business takes two campaigns targeting different demographics. Each campaign costs $200 to produce through digital marketing, but campaign A has 20 leads whereas campaign B only has two. A business may instantly think that this is good news, but the story isn’t over yet. Those leads haven’t yet turned into sales that can be accounted for.

The ratio could turn around unexpectedly, where campaign B generates more business than campaign A. Google Analytics will tell you all of this and more so that you can design other campaigns better for future advertising. It’s important to take note of all reporting functions within Google Analytics so that you get the best out of everything it has to offer. 

Improved Revenue Through Feedback

Business ratings are a big thing. Anytime you search a business with Google, you will see how customers have measured it up out of five stars. This is all done by Google Analytics that takes customer feedback to advise a business where its shortfalls are, and what needs to be done to correct them. Feedback is vital for a business to make sure that they are performing at their peak. Are customers satisfied and find working with the company easy, or is the customer service so terrible that sales have dropped significantly? Understanding how a company is perceived in the market can shed light on important aspects that are being left to the wayside – areas that a business may not even realize needs to be improved because they’ve never had the technology to analyze the information.

Google Analytics can advise a business whenever there is too much negative feedback and suggest ways to improve it. More often than not, a disgruntled customer could have been calmed down by speaking to the right person. Perhaps the administration department takes too long to process orders and customers are dissatisfied. 

Data analytics and using Google’s main service is essentially a goldmine just waiting to be used. There are so many avenues that a business can use to improve its revenue and this service takes care of just about everything. In the modern age, data is everything, but knowing how to interpret the data is even more vital. By understanding the specifics of customer engagements and how leads convert into profitable sales, Google Analytics can be used to increase revenue for any business, big or small.

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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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