Optimize & Maximize Online Business Revenue with Embedded Analytics
Introduction
Keeping the right measurements and reports of all online business activities has been tiresome work for many managers today. Regardless of how many websites they oversee, managers need to keep track of daily users visiting the sites, the duration they take on a page, the pages visited the most, and the sources they use to reach your website page. Keeping proper records on these has been a challenging task for team members; however, important it is. As a result, delivering accurate reports to managers has been the greatest problem.
With embedded analytics, managers can track and monitor important indicators to have an accurate picture of daily website performance, giving them all the information they need at their fingertips. This makes their work easier since they can identify sites that need improvement, or locations that are likely to be exposed to risk and find proper ways of improving them. These KPIs and metrics also help business operators keep and deliver accurate records about the company.
In this post, I will explain how embedded analytics can help upgrade marketing departments by discussing the following topics:
- What is embedded analytics?
- The benefits of embedding a website analytics dashboard in a marketing apps
- Bold BI’s website analytics dashboard example
- How to embed analytics tools into a website apps
What is embedded analytics?
Embedded analytics is the integration of analytics and data visualization into a software application to track key metrics, gain insight from them, and provide an easily understandable representation of them. Bold BI helps you operate a complete analytics platform within your everyday work applications and minimizes dependency on the IT team. With embedded analytics, managers can track their online business to know how it has been impacted by their marketing.
The benefits of embedding a website analytics dashboard in a marketing apps
Maximizing site performance is every website owner’s objective. However, the ability to identify poorly performing and less profitable sites have been a bottleneck to analysts, thus delaying decision-making, since identifying the actual cause of the problems is tedious work. By embedding a website analytics dashboard in your application, you can easily monitor important metrics and KPIs that let you know how well your website is performing. This gives you insight into your site performance, making it easy to identify opportunities and better ways of making your services more attractive to users. Let’s see some of the key areas in which embedded analytics helps the marketing department improve its online business:
- Increasing product quality
- Better user experience
- Improving revenue performance
- Increasing customer retention rate
Increasing product quality and sales
Understanding the quality and types of products your customers need is one of the keys to a prosperous business. By monitoring customer information, you can quickly identify products and services that satisfy their needs. This also helps you make better choices on how to upgrade the quality of those products and services to increase their sales and use them in a future marketing campaign.
Using embedded analytics, you can track metrics such as leads to identify potential customers, the products they signed up for, the products they purchase most, and the total revenue they can generate for the company. This creates awareness as to the right products and clients you are dealing with, making it much easier to improve the quality of your services and set future standards for your business. As a result, you will be able to gain the advantage over all your competitors as you meet your total targeted audience, which will help you achieve your website goals.
Better user experience
Identifying exciting topics and pages most visited on your website is one of the ways of improving and enhancing the user experience. With embedded analytics, you can know your regular visitors and what they need by examining common landing pages and average time spent on a page. This allows you to gain knowledge that helps you make proper business decisions that will help you use the same content to produce more exciting pages and topics to attract many new visitors to your sites.
Using the “average time on a page” metric also allows leaders to know the maximum time a visitor stays on a page to determine whether the duration is shorter than expected or not. With this information, you will be able to identify problems and make better business decisions that will allow you to provide better solutions for cases such as a slow website, lack of opt-in options, and production of content that matches your visitors’ interests. This allows you to make your visitors stay longer on your sites, and it even converts them into customers.
Improving revenue performance
Productivity is the major aim of all businesses today. This is because only a productive business can pay its workers and improve its services. A company’s productivity is determined by the amount of revenue its business generates throughout its lifecycle. Therefore, there is a great need for marketing managers to track their website performance to determine whether the business is making a profit or not. With embedded analytics, website owners can measure the performance of metrics such as monthly recurring revenue, annual recurring revenue, and gross volume by channel within a given period to determine the financial status of their business. Using information from these metrics, leaders can identify sites generating high revenue and those generating low revenue. This allows them to invest more in products within productive sites to increase performance as well as find proper solutions that solve issues with products in low-performing sites.
Increasing customer retention rate
Understanding the reasons why some of your customers stop using your products and services after a short period will make you look for ways to retain them. Monitoring customer churn rate, bounce rate, leads, and lifetime value metrics can help you measure the number of customers who subscribed to a product. This lets you know sites with high churn rate, identify the top factor for the churn, and examine whether your employees are providing the best to customers or not according to the agreement they signed up for. This helps you advise your employees to put more effort into the products and serve customers properly to prevent churn rate and reduce the cost of always acquiring new customers.
Bold BI’s Website Analytics dashboard example
Embedding a website analytics dashboard built using Stripe and Google Analytics data helps you monitor website revenue performance by tracking metrics such as monthly recurring revenue, bounce rate, average revenue per customer, gross volume, lifetime value, and more. These metrics also help the manager identify top-performing areas and invest more in them, achieving targets and increasing revenue.
Key metrics and KPIs
- Visitors
- Leads
- Qualified leads
- Customers
- Annual recurring revenue
- Lifetime value (LTV)
- Gross volume
- Successful payment
- Monthly recurring revenue (MRR)
- Bounce rate
- Customer churn rate
- Top five Landing pages by revenue
- Average revenue per customer
- Gross volume by channel
Visitors
This card widget helps you identify the total number of visitors who have visited your pages.
Leads
This card widget shows the total number of users interested in your products and services. It allows you to identify the number of clients who signed up for free trials of a particular product.
Qualified leads
This card widget gives leaders an overview of the number of clients ready to purchase products in the company.
Customers
This card widget helps in identifying the number of clients who have purchased your product. It also provides insight into their interests and feedback on various products they purchased.
Annual recurring revenue
This card widget shows yearly revenue from active subscribers. It allows leaders to examine their revenue performance yearly or monthly to determine whether they have been increasing in revenue or not.
Lifetime value (LTV)
This card widget shows lifetime value (LTV), which is the average revenue per subscriber divided by churn rate.
Gross volume
This card widget shows gross volume, which is the total income before refunds.
Successful payment
This card widget shows the number of successful payments made through the website.
Monthly recurring revenue
This column chart shows the total revenue generated from all the active subscriptions in a month. It allows leaders to compare total revenue generated by their subscribers between different months to know whether the business is profitable or not.
Bounce rate
This radial gauge shows the percentage of visitors who leave your website after viewing a single page. It helps to determine some of the problems in your site, such as slowly loading pages, content not meeting users’ expectations, and more.
Customer churn rate
This radial gauge shows the number of churned customers divided by the total number of customers. It allows you to know the total number of customers who quit using your products or buying your brand.
Top five landing pages by Revenue
This bar chart shows the best landing pages by visitors and the total amount of revenue generated from such pages. It allows you to identify pages with a high number of clicks.
Average revenue per customer
This line chart shows the average revenue per customer, which is the total monthly recurring revenue divided by a number of active subscribers. It creates awareness as to the total revenue that will be generated by all customers.
Gross volume by channel
This doughnut chart shows total income gained through channel sources such as direct, other, organic search, referrals, social, display, and paid search.
I hope you now have a better understanding of website analytics and how you can track Stripe payments made and due for the conversions recorded through Google Analytics. To learn more about key metrics and KPIs used in this dashboard demo integrated with Google Analytics and Stripe, refer to the website analytics dashboard.
How to embed analytics tools into a website apps
Let’s see how analytics can be embedded into marketing web applications. Bold BI can embed your dashboards in apps for more than 18 web platforms, including React with ASP.NET Core, React with Go, WinForms, Node.js, Vue with Go, and Vue with Core. In the rest of this blog, I am going to explain how to embed dashboards into your Angular applications. Consider a scenario in which your marketing team has an image like the one shown in the following image.
You can embed dashboards easily using Bold BI and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.
Prerequisites
Download and install the Bold BI server in your local machine and create a dashboard. You can find the installation and deployment steps in this documentation.
Step 1: Create an Angular application.
First, you need to create an Angular application. Create a new Angular project in Visual Studio Code and add the necessary ts files to the project, as shown in the following image.
For more guidance, refer to the sample code in the Bold BI documentation.
In this demonstration, the Angular application acts as the client, and an ASP.NET Core application acts as the server. You need to add several properties in the app.component.ts file, as shown in the following table and screenshot.
RootUrl : Bold BI dashboard server URL. For example: http://localhost:5000/biSiteIdentifier : For Bold BI, it should be something like “site/site1”. For the Bold BI Cloud Analytics Server, it should be an empty string.Environment : Your Bold BI application environment. If using the Bold BI Cloud Analytics Server, you should use “cloud.” If using Bold BI, you should use “enterprise.”User Email : The Bold BI server will use an email address to authorize the authorization server.
Step 2: Create a Bold BI instance.
You need to create a Bold BI instance to communicate between the server-side (any web application) and the client-side (Angular application), which allows us to embed a Bold BI dashboard in the Angular application.
Step 3: Create an authorization server to authenticate the Bold BI server.
Every application that embeds a Bold BI dashboard or widget must be authorized with the Bold BI server. This authentication step requires sending confidential information to the Bold BI server, such as users’ email addresses, group data, and embed signatures. So, in your server application, implement this authentication flow and provide the URL for connecting to your server in the Bold BI embedded instance.
Step 4: Run the Angular application to view the embedded dashboard.
In the Angular application, enter the authorization URL and dashboard URL that were defined in the ASP.NET Core application. Finally, you can that see the dashboard created in the Bold BI server is embedded in your web application.
By following the previous steps, you can successfully embed your dashboard into your Angular application.
To learn more about embedding dashboards into your Angular applications, refer to this blog. You can also download the sample code used in the previous steps from our documentation.
Conclusion
Bold BI integrates dashboards into applications written in ASP.NET Core, ASP.NET MVC, Angular, ASP.NET, and Ruby on Rails. It saves you time and prevents you from doing redundant work. Click this link to explore its features. To learn more about embedding dashboards into your application, refer to this blog and our help documentation.
I hope you now have a better understanding of Bold BI and how it can help a marketing department be more successful. You can create any kind of dashboard you like with Bold BI’s 35+ widgets and 130+ data sources.
Get started with Bold BI by signing up for a free 15-day trial and create interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support questions.
Originally published at https://www.boldbi.com on July 12, 2022.
