Introduction
Business is one sector that keeps evolving and therefore, business owners must understand the resulting changes to grow. Consequently, profit and non-profit organizations both need to recognize trends to stay relevant in the products and services they offer. The Internet of Things (IoT) gives companies the perfect tool to gather and analyze the right data that will help in the identification of ways to improve business strategies. One benefit of trend analysis is that it helps organizations predict imminent changes and prepare adequately.
For instance, two decades ago, television, radio, and newspapers were the main marketing media. However, the approaches have changed today as companies now embrace social media and the Internet as the primary advertising platforms. Understanding the social, marketing, and branding business lucrative trends are significant in ensuring organizations adjust their models and strategies to combat new challenges and maintain their relevance.
Google Analytics Trends in Digital Marketing
Marketing is an essential business component because it helps companies establish and maintain connections with customers, which is crucial in convincing them to subscribe to their products. No brand can excel without the appropriate approaches to marketing and publicity. The world is in the digital era, and as a result, people across the globe spend much time on related platforms (Duong, 2021). Consequently, companies have noticed this fact and are beginning to use the popularity of the Internet to advertise their products and services. These developments do not imply that businesses should abandon traditional marketing strategies such as the use of flyers, billboards, and telemarketing. Instead, brands that plan to be successful in the information technology age need to integrate modern digital approaches into their conventional methods.
Google Analytics is a perfect example of a tool used in digital marketing that has proven to be successful in numerous global companies. Since people spend most of their time on the Internet, businesses use websites to promote their brands. The first thing majority of potential consumers do when they come into contact with a product is to search the Internet to learn more about it and the credibility of its manufacturers (Duong, 2021). Consequently, company websites are widely visited because they contain relevant information about their services, giving clients a platform to engage with relevant content. Businesses can also use the platform to share updates on new products, prices, and offers.
Google Analytics is considered a lucrative trend in business because it is a web data analysis technology that helps companies monitor the number and frequency of visits to their websites. Moreover, it is vital in the optimization of web content depending on the items of information that are more relevant to a brand’s customers (Duong, 2021).
Google Analytics has become a differentiating factor for organizations that desire to improve their customer loyalty and in the long run boost revenue growth. In the marketing industry, it is necessary to understand how various target audiences respond to a company’s products and services. Compared to traditional marketing research methods, Google Analytics is free and does not require businesses to purchase or provide payment information to access it. Consequently, the tool is beneficial to small and medium-sized enterprises (SMEs) that might not afford other costly digital marketing analysis software.
Examples of Businesses Monetizing Google Analytics
Companies that have embraced Google Analytics as a trend might not earn directly from its use but apply it to understand their customers and reduce the expenses that would have been utilized in conducting physical marketing research. Such firms do not have to employ external digital marketing professionals to study the data and generate related reports because Google Analytics is simple to use. In the long run, considerable funds that should have been allocated to the marketing department is reduced. Airbnb is a perfect example of a global company that uses Google Analytics in its operations.
The company provides end-to-end trips which include transport, accommodation, and fun activities (Pattnaik, 2020). Consequently, the organization strongly depends on its marketing strategies to reach its target customers globally. With the help of Google Analytics, Airbnb tags various websites and Google Ads accounts belonging to different vendors. Google Tag Manager is a tool within Google Analytics, that the business has used to create templates used in remarketing, saving on time and costs.
Spotify is another company that profits from the use of Google Analytics in marketing and promoting its products. The business provides on-demand music services to listeners across the world and, therefore, relies on big data to successfully sell its products. Moreover, the company currently has more than 100 million customers who gain access to songs on the Internet (Marr, 2017).
Consequently, the nature of the business requires Spotify to gather information such as the most listened to music and the number of people accessing various songs. Evaluating the mentioned data is impossible without the application of relevant online software because the company has millions of users. Google Analytics is free and, therefore, Spotify integrates it into its online software application to track and retrieve data based on the desired information. Spotify monetizes Google analytics by using it to sell music genres that will appeal to its customers.
Monetizing Google Analytics in My Company
Any improvements made to various company strategies result in better financial performance. Consequently, if I owned a business I would fully embrace Google Analytics because of the marketing benefits it has on a brand. Since the world is in the digital era, I am certain that my profit-making organization will assume an online business model to promote and sell my products because it is flexible and cost-effective (Samanta, 2019). Moreover, I am passionate about technology and therefore will incorporate innovation into all the business components. After launching my company website it will be imperative that I identify the type of visitors, their location, and their activities on my site, without which it is impossible to effectively promote my products.
Google Analytics will be the best tool to use because it is completely free and all I will have to do is to integrate it into my website. The online software will help me track how my customers interact with the website, which is crucial in identifying the business activities to prioritize. For instance, since I will be paying for the website’s traffic, this type of analysis will be crucial in preventing the wastage of time and finances. Moreover, the Google Analytics results will outline what the visitors want and this will help in channeling appropriate resources to the customers’ needs. Businesses often focus on their perceived clients’ desires which might not always coincide with what they want. The reports from Google analytics characterizes the visitors based on gender, age, and location (Samanta, 2019). These demographics will be crucial in improving my online business model by identifying potential customers among the visitors.
The business world is dynamic and, therefore, companies must pay attention to lucrative trends. Marketing is one of the fundamental components that determines the success of organizational strategies. Consequently, businesses have embraced Google Analytics as a digital marketing tool because it helps studying relevant website data that can improve business strategies. If I owned a business I would actively use Google Analytics because it complements online business models and the tool will help me allocate resources appropriately based on the customers’ needs.
References
Duong, A. (2021). Top 100 Marketing Trends in April. TRENDHUNER. Web.
Marr, B. (2017). The amazing ways Spotify uses big data, AI, and machine learning to drive business success. Forbes. Web.
Pattnaik, A. (2020). How Airbnb uses location data to improve guest satisfaction. Medium. Web.
Samanta, J. (2019). How Google Analytics helps small business owners to make better business decisions. Entrepreneur. Web.