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While running an e-commerce website, it’s important to take web analytics into consideration. If some aspect of a company’s website isn’t working correctly, the company is losing money. And, if time is being poured into the effort, it’s nothing but detrimental to the entire operation. Failure to conduct a proper analysis of a website will contribute to a company’s burn rate, the rate at which that money is lost. Business owners are responsible for finding new leads and helping their companies grow through digital and traditional marketing approaches.

Know Which Strategies Work

When a marketing strategy isn’t working, there’s no reason to keep throwing time and money into that particular strategy. It’s crucial to conduct regular analyses of marketing strategies to ensure they warrant the work put in. If a marketing strategy isn’t bringing in a large enough return, analytics will help the marketing team figure out how to address this issue. The beauty of digital marketing techniques is that they are low-cost strategies, and most techniques are easier to analyze than traditional marketing strategies, like television advertisements.

Getting Ahead of Competitors

According to digital marketing expert Neil Patel, understanding the details behind online analytics is an essential part of gaining a competitive edge. Businesses are marketing their products to customers, but they might not be using the right analytics—or any analytics—to get an understanding of trends in consumer shopping behaviors. Studying these trends helps businesses get ahead and offers insight into popular keywords and potential successes of additional strategies. What’s more, these may be strategies that competitors have neglected.

Finding Analytic Tools

The marketing professionals at Yo Grow have put together a list of their recommendations for the best tools for business professionals that want to gain a competitive edge in their market. This comprehensive list includes some of the popular tools used by many successful business professionals, but there are some hidden gems on the list as well. Google Analytics is a free tool for analyzing website traffic and keyword effectiveness; e-commerce websites flock to this free tool because it includes Enhanced ECommerce Analytics. Other reliable tools include MixPanel, Full Story, and Metrilo. Today’s e-commerce professionals use a variety of free and paid tools to be successful in their industries. With plenty of options available for any budget, marketers have a plethora of digital marketing options to choose from.