Fact: There are thousands of analytics reports and ways to slice and dice your data. But who has time for that?
Well, actually, we do. But we know not everyone spends their days knee deep in data, so we’ve whittled it down from thousands to just 9 of our favorite reports that you can – and should – run right now.
1. Find out where you are losing customers
Picture this. A new user comes to your website or app, creates an account, but never converts. They seemed interested, so what happened?
Use Funnel Reports to discover where customers drop off on the path to conversion. Find your main problem areas, fix them, and watch your conversions grow.
Watch the video below for a quick explanation of how to create a Funnel Report.
In-depth: Learn how to find your biggest conversion killers with Funnel Reports or get step-by-step instructions on how to create a Funnel Report.
2. Identify your best and worst customer segments
It’s no secret that certain types of customers convert better than others. Yet, many companies still don’t know who those customers are.
Segment your Funnel Reports to compare how different customer groups convert. You may find that certain groups get stuck at specific steps, while others move through the funnel at a much higher rate.
Start by comparing different countries, referrers, and device types. Then try comparing different pieces of customer data you’re tracking, such as age groups, account types, or personas.
Below we have an online meeting service’s Funnel Report comparing how well users from different company sizes convert. We can see that companies with 1-10 employees convert at the highest rate, while companies with 501-1000 convert at the lowest rate.
In-depth: Learn how to create these reports in our post Finding Your Best Customers.
3. Discover how email campaigns impact conversions
You have basic metrics around your email campaigns, such as open or click through rates. But do you know how much your emails contribute to your longer-term conversions, such as a free trial upgrade or purchase that happens weeks later?
By syncing your analytics and email marketing, you can measure the impact your email campaigns have on conversions.
For example, say you are running a holiday promotion, which you are marketing through various channels, including email, social, and display ads. You can understand how well the email channel is performing by creating a Funnel Report that measures how many users click on the email, go through the required steps, then finally purchase the holiday promotion.
4. Discover how live chat impacts conversions
I personally love when a website has live chat as I find it very helpful. However, I’ve also heard a lot of marketers question if it’s worth the investment. It’s certainly not cheap – besides the tool you’re paying for, which may not be very expensive, you are also paying trained staff to answer chats 24 hours a day. That’s an investment for any company.
Companies obviously want to be able to confidently determine whether or not these chats are actually helping their bottom line. One of the best ways to do this is to understand how much live chat contributes to conversions.
So how do you do it? Like email marketing, by syncing your live chat and analytics, you will be able to track chat events and ultimately measure the impact live chat has on your conversions.
For example, you can create a Funnel Report where a live chat conversation is the first step, and from there, measure how well users convert. Now compare this to a Funnel Report that shows you your average conversions, and you will be able to determine how much of a lift – if any – in conversions you’re gaining from live chat.
5. Determine how loyal your customers are
Customer loyalty and retention are just as important as conversion, and Retention Reports make it straightforward to measure them.
Retention Reports enable you to measure how long users continue to perform a certain activity. For example, an e-commerce company may want to measure how long customers continue to make purchases. A SaaS company may want to measure how long users continue to use their product. And a publishing company may want to measure how long readers continue to come back and consume articles or other content.
Even within the same company, there are many different aspects of measuring user retention. For example, the e-commerce company may want to not only measure how long customers continue to make purchases, but also how long customers continue to make specific types of purchases. They could measure how long customers continue to make “purchases above $100” or “purchases in the electronics category”, or even “purchases above $100 in the electronics category.” These reports help the company understand what keeps customers coming back, which types of customers are retained the best, and so much more.
The video below explains how to create a Retention Report.
6. Verify that your support is improving customer retention
In general, answering customer questions and providing assistance keeps users coming back. But when was the last time you actually measured the impact of your support on retention?
By syncing your help desk with your analytics, you can track events, such as when a user submits a ticket, and then analyze this data in conjunction with your other customer activity data.
For example, you can create a Retention Report where the “Initially” goal is “submitted ticket”. From there, you can measure how long users continue to come back and use your product. Now compare the results from this report with a Retention Report that measure the averages of both users who do and do not submit tickets, and see if there are any major differences.
7. Know which campaigns are the most effective
If you’re not measuring your campaigns properly, you need to start now. Accurate campaign metrics ensure you invest in the right initiatives and make the most out of your marketing dollars.
The very basics of campaign tracking include measuring how many users click on each campaign and comparing mediums. For example, the screenshot below shows how many people came from each campaign and how many actions they performed.
But that’s not enough. You also need to measure how campaigns contribute to your goals.
To do this, you must first determine what your goal is. Do you want customers to complete a purchase, start a free trial, request a demo, or simply subscribe to a newsletter?
Let’s say we want users to start a free trial. We would build a funnel with every step required to reach the goal. From there, we can segment by campaign to compare how users who come from different campaigns convert through the funnel. We can compare by campaign name, medium, keyword, and more. Now we know which campaigns are most effective at meeting our goals.
The screenshot below shows an accounting software company’s Funnel Report comparing AdWords keywords. We see that the third keyword, “saas accounting”, converts the best.
8. Monitor revenue changes over time
At the end of the day, the one metric that is perhaps more telling than any other is revenue. Tracking payment and subscription updates in real-time can help you instantly know how you are performing today, and how that compares to the day before, week before, or month before.
For example, when you track subscription updates, you can build a report that clearly displays your increase in revenue, decrease in revenue, and total delta.
Suggested Integration: Stripe
9. Test feature usage over time
With custom events, you can track whenever a customer uses a particular feature or functionality. This data then allows you to understand how well users are adopting the feature, and ultimately how valuable they find it.
A simple way to start is by simply looking at an analytics report detailing how many people have used the feature each day and how much those people used it. For example, the screenshot below shows us how many people have used the “schedule meeting” feature and how many times they have used it each day.
In-depth: Learn more about how to implement custom event tracking for your project.