Analytics Glossary: Scenario Analysis
Scenario Analysis:
- A report showing the amount of activity at each step of a defined scenario, plus conversion rates for each transition from step to step as well as for the whole process. Examples of scenarios are check-out, registration, or application sequences.
Very much like conversion funnel, you should check all the processes on your website on a regular basis to update them and improve the user interface. The easiest way to get behind competitors in your industry is to fall behind in technology and ease of experience.
Well, that concludes my analytics glossary series. I hope you’ve learned as much as I have! If you have suggestions for any other glossary series you’d like to see, shoot me an email at Blog@TrishaLyn.com
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Glossary Definition From Website Magazine, February 2008.
Analytics Glossary: Benchmark
Benchmark:
- A standard by which something can be measured or judged. Assigning value to Key Performance Indicators (KPI) ensures your organization is measuring performance against similar goals.
Be sure you’re not setting benchmarked goals for your analytics or company that are impossible to obtain!
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Glossary Definition From Website Magazine, February 2008.
Analytics Glossary: Psychographics
Psychographics:
- Data used to build customer segments based on attitudes, values, beliefs and opinions as opposed to factual characteristics such as age and gender.
Many lead generation tools and services lump psychographics in with all of their demographics. Keep a keen eye out to watch for this both in separate categories and lumped in. It’s a valuable asset to have when deciding who to market very targeted products to. Avoid the egg on your face that could occur if you try to sell heavy metal music to conservative church-goers!
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Glossary Definition From Website Magazine, February 2008.
Analytics Glossary: Parameters
Parameters:
- These are located in the URL immediately after a question mark and followed by an equal sign and a return value, known as name=value. Parameters indicate to a database what page a user is viewing. For example, www.mysite.com/product/widget.aspx?=1234. Here, widget is the product and 1234 is the product identifier.
This comes up a lot when using search functions embedded in websites. Be sure if you’re going to share the link with a customer or through a bulk email campaign to copy everything after the question mark. Sometimes if you just paste a link into an email or document and rely on the auto hyper link feature to add the link, it won’t add anything after the question mark. Be sure to use the menus of the program to insert the correct URL into the hyper link.
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Glossary Definition From Website Magazine, February 2008.
Analytics Glossary: Conversion Funnel
Conversion Funnel:
- The series of steps that move a visitor towards a specified conversion event, such as an order or registration sign up. Funnels vary for every site, but best practice is to limit the depth a user must engage to convert.
A more common term for this is the ordering process. Here at PsPrint that’s what we usually say to describe the steps a consumer has to go through to place an order. It’s always a good idea to review your conversion funnel every year or so to make sure that the UI (user interface) is easy to understand and isn’t garbled with useless information or unnecessary steps. Remember that the easier it is to convert, the more likely the conversion is.
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Glossary Definition From Website Magazine, February 2008.
Analytics Glossary: Demographics
Demographics:
- The physical characteristics of human populations and segments of populations often used to identify consumer markets. Demographics can include information such as age, gender, marital status, education or geographic location
Whenever you do a targeted marketing campaign, demographics are key! It’s a much better use of your time, efforts, paper, and budget to send your message to consumers who will be the most likely and interested in buying what you’re selling. You don’t want waste precious resources sending custom hot tub installation flyers to people in apartment buildings.
Many mailing list providers (e.g. PsPrint, USAData, etc) offer many demographic distinctions to choose from when renting a mailing list to market to. It’s also important to differentiate if you’re aiming for consumers at large or other businesses as it makes a huge difference in what kind of list you spend your money on.
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Glossary Definition From Website Magazine, February 2008.
