It’s January! Why are we talking about business reviews already? Well for the simple reason that you need to set clear, measurable goals for your teams and for data analysts to draw upon throughout the year. So we’ve set a list of 13 data analytics KPIs that can be easily tracked and measured with a little help from clever AI tools.
Online data analytics is nothing new when it comes to measuring KPIs, but what has changed dramatically over recent years is the ease with which data can be sourced, collected, and analysed, as well as the scope of analysis; developments in AI and machine learning mean you can now analyse online data that was previously prohibitively difficult to obtain and measure in any meaningful way.
We’ll look at 13 data analytics KPI examples that can be easily measured and useful for your annual business review.
What are Data Analytics KPIs?
Data analytics KPIs, or key performance indicators, are metrics that measure the success of data-driven activities. They provide organisations with a way to track performance and identify areas for improvement.
Tracking data analytics KPIs can help organisations better understand their customers, make informed decisions about product development and marketing strategies, identify potential opportunities for growth, and optimise operations to maximise efficiency.
Website Performance Data
This data is easily sourced from your Google Analytics dashboard. This set of data analytics KPIs is useful for identifying trends in website performance and customer behaviour. At a minimum you should look at the following information:
1. New vs returning traffic
New traffic tells you that your marketing strategy is reaching new potential customers. Returning traffic is an indication of loyalty and engagement from existing customers. Tracking new and returning traffic will alert you to where you need to focus your marketing efforts.
2. Site speed
Laggy websites have higher drop-off rates. Look out for pages with a large average page load time.
3. Bounce rate
The bounce rate measures the percentage of visitors who leave your site after only viewing one page, and usually after a short duration of time on-site. A high bounce rate could be an indication that your website content doesn’t resonate with your audience.
However, there could also be a good reason for a high bounce rate depending on the purpose of the webpage. For example, if your customer is seeking information, you want them to be able to immediately find what they were looking for.
If your bounce rate is high (high is deemed to be 56% or above) go to your Google Analytics dashboard and navigate to Behavior > Site Content > Exit Pages. There you’ll find which pages have the highest exit volumes. If these pages are meant to direct users on to further action, you’ll need to make changes to help you improve your bounce rate.
This will reveal the pages where people most often abandon your site and let you know who is landing directly on an exit page or coming from another page on the site. Both kinds of information will help you make changes to improve your bounce rate.
4. Traffic Source
Where are your visitors coming from? This can help you identify which marketing strategies are most effective. For example, is traffic coming from paid Google ads, organic traffic driven by your SEO strategy or social media campaigns? Or if it’s direct, it could indicate a customer loyalty.
5. Demographic profiling
Discover demographic information regarding your audience. The Google Analytics Audience Dashboard gives you general information such as the gender and location of visitors so that you can see if you’re reaching your target demographic.
If you’re running an eCommerce business, it goes without saying that online data is vital for your performance reviews. Data analytics KPIs in this field can be used to make informed decisions about how to hone your product development strategy and optimise your eCommerce website for the best user experience.
Monitoring sales over time will help you understand trends and overall growth.
7. Average order value
This is a critical metric to help you set pricing and consider cross sell and upsell opportunities such as creating discounts on multiple purchases or bundle pricing.
8. Conversion Rate
This indicates what proportion of page visits terminate in a sale.
9. Shopping cart abandonment
High shopping cart abandonment may mean you need to streamline your checkout process.
Social proof is now one of the biggest deciding factors for consumers. In a 2021 survey, 91% of consumers read online reviews before making a purchase decision. Reviews are also a rich source of data to help businesses identify the strengths of their products as well as customer pain points that need to be addressed.
Symanto technology differs from social listening tools by offering a more in-depth analysis. At Symanto, we use advanced natural language processing (NLP) and deep learning technology to turn unstructured, qualitative data into measurable metrics that are easy to analyse. Here are just some of the data analytics KPIs that are useful for your annual business review.
10. Overall customer sentiment
What is the net sentiment of customers commenting on your products and services on social media and review sites?
Your net sentiment score is calculated by deducting the number of comments with a negative sentiment from those with a positive sentiment.
Sentiment scores are relative depending on your industry so the best way to get an idea of your performance is to weigh it up against your competitors. The wonderful thing about review site and social media data is that it’s freely and publicly accessible, meaning you have access to competitor insights as a benchmark for your performance.
11. Sentiment by topic
Dive deeper with aspect-based sentiment. Symanto’s NLP technology detects key topics mentioned in reviews such as product features, and customer service. Compare your performance easily against your competitors to identify areas of concern that you can address in your business strategy for the upcoming year.
12. Psychographic profiling
Vague demographic profiling can only tell you so much about your audience. Symanto software can detect more revealing traits about your customers. The way we communicate, our word choices and syntax, reveal a lot about our motivations and key personality traits. For example, a sample of text can reveal whether someone is more driven by logic or emotions.
This information can help you hone your marketing communications to optimise engagement.
13. Emotion Text Analysis
Analyse the emotions of your customers. How do your customers feel about your brand beyond just positive or negative sentiment? Based on Paul Ekman‘s Universal Emotions model, Symanto’s Emotion Text Analysis detects seven emotions from source texts: anger, contempt, disgust, enjoyment, fear, sadness and surprise.
With the right data analytics KPIs, businesses can review and gauge their performance in a meaningful way. It’s never been easier to turn customer feedback into data-driven, actionable insights to improve product development, marketing strategies and customer service quality to advance your progress in the upcoming year.
Get started with Symanto
Discover for yourself how Symanto solutions can help you more accurately assess your performance from the perspective of your customers. Use this information to inform your business strategies for the upcoming year.