Develop Products Based on Hidden Data in Website Metrics
A robust website metrics platform (more than Google Analytics) reveals critical information about website visitors—what is and isn’t working, trend data, competitor website analysis, etc. But if you dig a little deeper, there much more value hidden in there. Here are 4 bits of important product-related information that higher level analytics can infer.
1. Proposed product viability. While products are still in the concept stage, search behavior will be able to give you some idea as to whether there is a market for this or not. For example, how many searches are there each month for the type of product you are thinking about? And, if the search count is low, are there search terms for similar products that are getting much more traffic?
2. The general demand for current products. Just because one of your products isn’t selling, doesn’t mean your competitors aren’t selling them. If the search volume is strong for a particular product, it’s time to go back and analyze your marketing strategy.
3. Top competitors’ investment in specific products. High level analytics will be able to tell you what key terms the competitors who lead your industry are paying for (Google Ads). If you go a step further, you should be able to see when they started paying for a particular key term, how long they have been paying for it and whether that spend has been increasing or decreasing over the past year. That is a strong indication of sales for a particular product. Generally, the more successful the Google Ad campaign, the greater the willingness to continue paying for that term.
4. The demand over time for a product. Even if there currently is not a lot of search volume for a particular product-related term, there may have been in years past. You might be surprised to discover a spike in traffic years ago that lasted for months and then fizzled out. That’s a pretty good indicator that the product itself was in demand at one time, but didn’t satisfy market needs. This is your chance to develop a better version.
These are just of few examples of the hidden information in high level website metrics. A smart, experienced marketing consultant with metrics expertise will be able to uncover much more. For a no cost discussion of your situation and how we can leverage metrics-based marketing to grow your business call 630-363-8081 or email jeanna@smartprcommunications.com.
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