Finding patterns in data can significantly change the way you run your online business especially in today’s world. Today we have so many ways to collect data, but only learning to extract and examine relevant data will make sense to increase sales and get rid of time wasting activities or promotions.
Overall Concept
As an online business in your particular niche, you need to be able analyze your data and find patterns in order to pin point targeted opportunities without guessing.
- Guessing costs stupid mistakes and money.
- Understanding how big or unstructured datasets can affect business intelligence
4 Ways To Identify Patterns In Data [For Online Businesses]
Use Google Analytics
Google Analytics is the most common FREE tool any online business should have in their tool box. Google Analytics can track pageviews and event clicks across your website and give you accurate information to pin point the following:
- Pages that visitors check out the most
- Keywords impression that drive traffic to that particular page
- Visitor behavior across the site
- Rising or declining traffic volume (Know when to move on)
- Clicks to specific actions (Such as “Buy Button”, “Schedule Call”, “Email Subscription”…etc)
- Demographics such as age, location
- Time spent on page to reveal content quality
- When are most concentrated traffic come to the site throughout the day
Examine Conversion Rate Data
Conversion rate for an ecommerce store or affiliate website gives insightful data on how interested an visitor is to check out the product you are selling. Based on the conversion data, the business owner can find the following information:
- Is the naming of the thing you want to sell “eye catching” enough
- How the color of your website impact click through rate
- Why aren’t people converting
- Rework the quality of your copywriting (maybe the wrong message are used in front of the wrong audience)
- Time it takes for a conversion event to happen
- Determine overall customer life time value (LTV)
- Use conversion rate data to predict probability, then use concrete data to spend money on ads with more confidence and accuracy
Identify Click Flipping Opportunities
Click flipping is simply all about turning a non-valuable keyword into something that makes money. It’s only doable when you know how to extract the opportunity in the data by looking outside the box.
Sometimes a niche business can’t get to the money simply by going straight to the opportunities, so then the business need to flank around the competition and get to the money. This is called click flipping.
We can accomplish this by using reverse search engine keyword research technique by identifying non-competitive keywords that lead to the solution you want to sell or promote.
Example:
Goal: You want to rank for #1 for best kitchen knives
SEO Problem: Very competitive, tons of ads
Solution: Flank around the keyword “best kitchen knives”
How: Go for a non competitive keyword something like “knives can’t”, then use the content to drive visitors back to “best kitchen knives” via internal links
What’s Being Done: Linking a non competitive keyword with “problem intent” to a “solution”.
Use Tracking Code To Segment Traffic
Tracking code simply organizes the data for better website traffic data analysis. It helps to segment data, and pinpoint which pages drive the most sales and identify where the clicks are coming from.
Without it, the data will be just a giant mess, and it will be very difficult to identify where the clicks or sales are coming from.
Usually a 30 day, 3 months or 6 months data collection will provide great insight on the performance of key pages on a website before getting into A/B testing with enough data. Whether your business is about collecting leads or selling a product on the front end or the backend (email marketing), adding tracking code is a must have.
Check out these recommended web tools to organize all of your tracking code at one place.
