In Analytics We Trust
Website Analytics For Business & Jewish Advertising
One of the most basic yet essential aspects of analytics needed for any business is (and other web assets) tracking and measurement of the website. (For any business, even brick and mortar that does not have a website in the digital age, establishing an online presence should be of immediate priority.) Website analytics allows for a newfound understanding of business and, in particular, for Jewish advertising campaigns. Insights gleaned paint a clear picture of the current state and provides valuable insights into executing future growth opportunities. From traffic levels to keyword interest drivers, delving into the various metrics provided by analytics solutions can change a business from a laggard to a best in class competitor.
Options for measurement range in the degree of granularity offered. Free and robust, Google Analytics is one of the most widely used. We recommend incorporating analytics to track the key performance indicators most relevant to the specific business. For some, that will be purchase activity while for others, it will be monitoring of leads. Utilizing a business intelligence platform with associated email updates will ensure that tabs on kept on the vital signs of a business. A free and straightforward solution to get regular updates is Databox. Most importantly, the goal with any of these solutions is to use the invaluable data to optimize performance will drive progressively better future performance.
Omnichannel, Inventory & Supply Chain
Whenever working with a retail operation that either wants to become a digital-first category leader, we stress how critical it is to have robust and real-time analytics embedded in several core parts of the business. One of those areas revolves around inventory and online ordering with in-store pickup, among other omnichannel capabilities. Enabling for an instantaneous understanding of inventory levels allows for a seamless omnichannel offering results in a retailer’s catapulting above the competition. It is no coincidence that retailers of all shapes and sizes, whether originally digitally native or not, realize the advantage of omnichannel and the complementary role brick and mortar can play. With the COVID pandemic, changes concerning omnichannel already underway were accelerated even further.
You will find more infographics at Statista
Omnichannel, depending on the current state of a business, varies in implementation difficulty. Especially for those with more limited resources, we advise on taking a phased yet strategic approach along the journey of digitization. Focusing on the customer demand and letting that guide the trajectory of concentration is a winning angle. For example, enabling omnichannel on the most popular items will go a long way toward achieving substantial best in class operator status.
Accomplishing the granular analytics level required for omnichannel was challenging for even the most resource-rich in years past. Now though, there is a plethora of low cost and out of the box solutions. Even the smallest of businesses can become a digital powerhouse with a relatively small investment. It does take intentional operation, which can be an initially uncomfortable change that takes time to get used to. For example, ensuring the proper tracking of inventory and data fusion at every step of the customer journey is vital.
Social Listening
An often underutilized strategy, especially for consumer-focused brands, is that of social listening. Whether through dedicated cloud software or the more old fashioned way by monitoring for mentions of brand terms, social listening allows for improvements of current offerings and the intelligence and data needed to bring new and in-demand products and services to market.
The first step toward implementing a successful social listening program is identifying the platforms for gathering data regardless of the collection method. Much of the data gathering will be via an automated solution that monitors most brands’ core social media platforms. With that said, performing regular and manual “check-ups” of post comments and reviews should also play a role. Once the data gathering is complete, synthesizing, and gleaning insights from the otherwise disjointed data set will drive real value. Depending on the number of variables, the data will sometimes yield a helpful perspective even in an unrefined form. Often though, to get the maximum intelligence value, using one of the many SAAS offerings to provide clear and concise insight goes a long way.
Capitalizing on insights in the most profitable manner is sometimes easier said than done. Indeed, if there is a chorus of customers voicing the same sentiment, it will be clear which direction needs to be pursued. Other times though, it can be more muddled. Supplementing social listening data with surveys and different customer feedback solicitation strategies help ensure the right decisions.
Analytics Can Be Your Competitive Advantage
We find that business owners, especially those that are less technologically dept, scoff at the thought of implementing robust analytics. They have trouble understanding granular measurement dynamics and how utilizing the insights can drive immense business value. The reality is that without analytics of various kinds embedded into a company’s core functions, especially in our increasingly digital world, the business is significantly handicapped. In contrast, those who take the jump and make analytics and optimization a priority equip the company with a decisive competitive advantage. With out-of-the-box and low-cost tools widespread, it is easier than ever to make this a reality for Jewish marketing as a whole and Jewish advertising campaigns in particular.
