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Monday, November 03, 2008
As some of you may know by now, I love education! I have spent the last 12 years collecting different certifications and decided last year that I would start collecting degrees.
I am currently enrolled in an Information Systems Technology course and came across some information that I thought would be valuable to share with store owners.
Now that we have Yahoo Analytics at our fingertips, we have so much information about our customers. Where did they come from, what did they do while they were on our website, and did they purchase from us or did they leave our store?
Information is your most valuable asset as a business owner.
So let’s take a look at what Tom Davenport and Larry Prusak consider to be the six qualities that make information valuable and apply it towards Yahoo Web Analytics:
1. Accuracy – Is the information correct? – This is a tough one. Analytics will not give you 100% accuracy. However, it will show you trends. This is important because the trends will show you the accuracy you need!
2. Timeliness – How current is the information? With Yahoo Web Analytics, everything is done in real time so the information is current. No more waiting 24 hours to get your information.
3. Accessibility – Can we access the information when we need it? Absolutely! All we need to do is click on the Analytics Report link and we can get all the information we need.
4. Engagement – Is the information capable of affecting a decision? The information that Yahoo Web Analytics can help you make smart decisions. For instance, if you find that a certain page on your website has a high bounce rate…why? Are people not finding what they are looking for? Is there something wrong with the page? Are they seeing something that is making them room away? You have information and facts so you can make decisions for your website.
5. Application – Is the information relevant in the current context? Since the information is analyzing our website and analyzing the actions that our visitors are making, yes it is very relevant.
6. Rarity – Is the information previously unknown or confidential? YES! Never before have we as store owners had the privilege of viewing such powerful information that can help us to increase sales.
If information is the most valuable asset that a business owner has at their finger tips, then Yahoo Web Analytics is definitely the most valuable asset that Yahoo has given to their store owners.
Tomorrow we will discuss you can add value to the information you are getting.
Plus check out FREE Yahoo Web Analytics E-book Part 1
by: Shawna Seigel
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