There is an increasing amount of data that can be easily gathered about each and every interaction you have with your clients as well as an increasing amount of publicly available information that can be mapped against your information about your clients. This is being complemented with an increasingly robust set of tools to help you understand and react to the data in near real time. This is known broadly now as "big data". For example, Bloomberg collects 100 data points on every page view and uses these to feed their near real time recommendation application. Telcos capture location information as part of their billing applications on almost a minute by minute basis. Every nuance of conversations in a contact center can be captured and then analyzed in a broad range of ways.
What are you doing today with analytics that's giving you a competitive advantage in improving your interactions with your clients and improving the value that you're delivering to them?
Some thing that are helping us:
In general, analytics does not give you too much knowledge about your market. Analytics is more to help you understand how users are using your site.
To understand how users are using your site, first of all you have to have goals like:
- Make accounts
- recommend to friends
- User feature x
Then you can use analytics to get a sense of how many people click on "feature x" link vs. how many do not. That is more what analytics is for. Then once you make changes to how your site works, you can use analytics to compare results of previous conversion rate to current.