(Last Updated On: November 11, 2022)

Introduction

Analytics is at the core of gathering, interpreting and actioning data-driven decisions for an enterprise marketer. Such insights inform customer behavior, performance tracking, business decisions, etc. Analytics is so integral to modern-day digital marketing that it is no longer considered a discrete activity, but part of the conversion continuum.

All analytics platforms come with reports to be used in different scenarios, to map different metrics. Are you using them to best effect? Or overlooking, or ignoring, or even unaware of these reports? If you are, you are already paying the price of not honing your marketing effort to the target changing consumer behavior. Qualitatively and quantitatively, your marketing spend is seriously suboptimal.

This article talks about the most important (and hence most popular) types of analytical reports that you should be using.

Let's discuss them one by one.

Cohort Report

To split the entire customer base into distinct segments is a craft. Segmenting to track user behavior needs to meet the objective of being actionable. Using basic criteria such as demographics and geography is only a start.

You also need segments to track customer behavioral patterns on your website. Such as new vs. returning users, channel-wise users, lifecycle-based behavioral segments, etc. The Cohort report uses ‘Cohort Analysis’ to do this.

Cohort analysis collates audiences into ‘cohorts’ based on common character or behavioral criteria, during a specific period. You can even compare different cohorts to analyze user behavior of each segment. For instance, cohorts of customers who subscribed to your services in the first quarter, customers who upgraded to your premium plan in January, or customers who visit your website more than once a week.

Cohorts are easier to understand and engage, with relevant marketing action. Rather than pushing marketing action to the whole customer base, hoping something will stick. That’s a blunt instrument, at best.

Without cohort analysis, you will miss important actionable insights hidden in the customer data. For example, let’s say there has been an increase in your customer churn in the second quarter. Your marketing campaign in the same period probably didn’t perform as well as you expected it to. This correlation would be tracked in a cohort report.

Fallout Report

Imagine you are an e-commerce enterprise brand. You suffer from high cart abandonment rate and poor sales. What will you do to deal with this unenviable situation?

Start with fallout analysis. Once you set the flow of activities you intend your visitors to perform on your website, you can track the number performing the intended actions, and the number dropping off at each stage. Fallout reports show percentage users who drop out at a particular touchpoint. And the sequence of pages they visit after they fall out.

If the purchase process is defined, for instance, you can track user behavior at each point in the sequence. From when customers visit your website, view the product pages, add products to cart, to paying.

Let’s say 500,000 users visit your website today. Out of these, 50,000 view the product pages. Of them, only 30,000 add products to cart. And only 20,000 pay and made a purchase. You can see that only 10% (50,000) of all visitors took the next step of viewing the product pages. Which means, 90% dropped out at step one. And only 40% of those made a purchase. Fallout reports give you these drop-off percentages at each touchpoint.

Now you focus on a particular touchpoint in the purchase process where the fallout is high or low, to track separately. You can also track the other pages they visit after they divert. But for this analysis, you wouldn’t know at what point your customers are losing interest or converting better.

Fallout could happen for several reasons: your content may be confusing, your audience may feel paranoid to give the required information, or you have too many distractions on the web pages, and so on.

Anomaly Detection Report

Anomalies or outliers in a data set are flagged using Anomaly detection. This analytical technique notifies any variations in normal data patterns, so that you can take immediate action.

Let’s say, suddenly, a marketing campaign receives above-normal responses, or a piece of content has gone viral. This behavior is anomalous to trended data trend. Inconsistent to their normal range of values. Such events are captured in the anomaly detection report.

These reports track metrics such as drop/spike in average order value, revenue, user engagement, response rates, etc.

Anomaly detection reports are run periodically. Or event based to immediately measure and act on anomalous data.

Contribution Analysis Report

Contribution analysis takes anomaly detection a step further. It finds the cause of the anomaly. It reveals the factors influencing outliers or anomalies in the data, and the impact of each factor.

Let’s say your brand’s overall revenue is declining. Contribution Analysis will break that data down and analyze it, so you can find the attributes influencing the slide. Based on the analysis, if you know that your revenue from a particular geography is exceptionally low, you can take remedial action.

Flow Report

Oh! To be a fly on the virtual wall and see how your consumers behave on your website. Flow Analysis does this.

Flow analysis reports go beyond basic website traffic reporting to track the path or behavioral flow of customers on your digital platforms.

Flow reports help you understand how users interact with your digital platforms. Or if there are virtual stumbling blocks obstructing them from having a seamless customer journey. You can now optimize your digital platforms to improve customer experiences.

Cross Device Report

  • Gain insights into how your customers interact with your brand through various channels such as mobiles, desktop, and other gadgets.
  • Identify the effective channels to use in your marketing campaigns.
  • Identify website visitors as unique users even when they interact through multiple devices
  • Prevent over-counting of visitors.

There a more customer devices than customers. Each one of them interact with your brand through any or all of them. How do you know which devices can be attributed to most of the actions in the conversion process? Which devices are most preferred by the consumers for making a purchase? Which devices show better engagement for the ads? When the same users visit your website on a different devices, are they considered new users every time?

Many questions. One Answer: Use Cross Device Reports.

Cross device reports reveal customer interactions on your digital platforms through various devices such as mobile, desktop, tablet, wearables, etc. So, you can analyze consumer behavior in terms of their device preferences. And optimize your ad spend between devices.

For instance, if you’re an eCom brand and most of your customers make purchases on your website via mobile. You would configure campaigns to target mobile phones better. Or boost desktop ad spends if your cross device report shows that most customer journeys were triggered by a desktop ad. You get the picture?

Attribution Report

A conversion at the end of a complex customer journey is a success story. It’s worth studying. Attribution Reports are your textbooks.

Attribution reports track customer paths through their conversion process, and credits channels or events involved based on their contribution to the conversion. Without which you would only guess the channel, campaign or touchpoint in the customer journey contributed the most, or least, to the conversion.

For instance, take a customer who visits your website for the first time by clicking on a paid ad. Revisits 10 days later, through a social media channel. And finally, a week after, purchases on your website with a coupon received on email.

Attribution reports help decide which of these channels contributed to the conversion process. And what percentage to assign each channel such as paid ad, social media, and email, based on their contribution.

This insight is valuable. Attribution reports show you the performance of your marketing campaign or channel, so that you can focus on the channels that perform, and not fritter your marketing budget on those that don’t.

Funnel Report

Fact. Visitors slip away all the time before making a purchase on your website. This is despite straining every sinew to bring in as much website traffic as possible. It’s not personal. Deal with it doggedly. Or deal with it smartly. Use Funnel Reports.

Funnel reports help you track the flow of your website visitors through your conversion process as they progress through the top, middle and bottom of the funnel. So, you know where they are dropping off.

For instance, you are excited that there are 100,000 visitors to your website. But to your dismay, only 10,000 visit your product pages, a hopeful 5000 add products to cart, but only a pathetic 2000 make a purchase. The writing is on the wall. Only 2% converted today. And you campaign goal is to convert 10% visitors daily.

3% dropped off! Shouldn’t this be tracked by the fall out report? The difference is in context. A Funnel report tracks customer drop out in context of your conversion process or conversion goals. A Fallout report tracks the metric on an ongoing basis.

Conclusion

A responsible growth-oriented enterprise brand strives to go beyond conventional web analytics report. They leverage advanced analytical reports to validate marketing and business decisions.

The data analytics reports discussed in this article are the simple, yet hugely effective.

Xerago offers advanced analytics through its Digital and Data Analytics solution. Go over and take a gander. You may just see the significant upsides of having acknowledged experts do it for you.