The Measurement and Analytics report shows that 61% of companies increased their budget for analytics technology in 2014. This is almost double the 35% of businesses that injected more funds into the area last year.
A further 44% of companies increased their spending on consultancy services from digital agencies with analytics experience. The trend shows that businesses are rightly placing more value on research and data in order to get more from their online presence.
We are currently in the process of creating a whitepaper on Attribution which is just one area in which knowledge of analytics is crucial. Attribution is all about assigning value to the marketing channels which work for your business and identifying the ones that don’t. This could help you to make more use of marketing spend in the future which means that analytics isn’t a “nice-to-have”; it’s a fully fledged “must-have”.
According to Terry Banks, the newest addition to the Hit Search SEO team, the increase in analytics spending shows that businesses don’t just want an attractive ranking anymore, they want a site and a campaign which performs.
He said: “Marketers are finally starting to understand it’s not just about a nice ranking position. It’s about a) driving traffic to your website, and b) getting that traffic to convert.
“With recent industry changes, especially in SEO, it’s easier to double your conversion rate than double your traffic, and the only way to do that is by analysing the data you collect. That is why we’re seeing an increase in analytics spend.”
At Hit Search, every member of our team is Google Analytics qualified because honesty and accountability are at the forefront of what we do and that means keeping an eye on the data at all times. We can tell you exactly how your site and your online campaign are performing and we can adjust our strategies according, responding to changes in the marketing industry and capitalising on new opportunities.
When it comes to analytics in 2014, the question isn’t can you afford to increase your spend on analytics; it’s really can you afford not to?
So, is analytics on your agenda?