This week we are going to explore Digital Analytics, in particular Google Analytics. Google analytics is a web analytics service provided by Google that can be used by any person or business that has built or maintains a website and mobile application. We will also look at how Revolut utilizes digital analytics as an opportunity to improve their business and customer experience.
Digital Analytics are described as the process of collecting, measuring and analyzing digital data to produce insights, we optimize this data to meet specific needs in our business (Dodson, 2016). Data is collected from the business website and mobile app but needs to be interpreted and generate insights that are beneficial to our business. Google has developed “Google Analytics” to help us with this process, we can add a tracking code to the HTML code of our website or app. Google will then begin collecting the data and producing reports. For more information how to set up google analytics for your business, click here.
After setting up your google analytics account, it is important to decide what it is your business wants to know about their customers and their behaviours, how information will benefit our company. Deciding on the metrics we need from google analytics will help us improve our business. We can set up goals which will measure anything from what pages our customers are using, how long they stay on these pages, how many pages they visit each time they enter our website and if they played our most recent video.
It is important that businesses take advantage of the data their online platforms collect, once analysed this information can be used for digital marketing strategies for improving their online presence and digital marketing campaigns to increase profit. We can use our metrics from google analytics to discover what changes need to be made to improve the customers experience.
Revolut has revolutised digital analytics to improve customer experience as not only do they collect data on their customers to improve their business but they also provide customers with spending insights. With this information customers can explore how they spend their money, set up budgets and save in their vault (Moravskyi, 2019) This is extremely beneficial to customers and something established banks are yet to provide on their online banking or mobile applications.
Revolut utilizes the data on customers spending to provide them with discounts for brands they are interested in under the ‘Revolut Rewards’ section of the mobile app (Chuang, 2020). They have teamed up with many brands across the globe but will only highlight deals favourable to each customer depending on their spending analytics. They also give each customer the option to give a thumbs down if they are not interested, therefore collecting more data and helping to provide customers with the best experience.
Revolut has been proactive since its launch to provide customers with an exceptional service, as a neobank the data they collect is huge and they would be constantly analyzing this data to improve their business. We are expecting some great developments from it in the future.
References
Dodson, I. (2016) The art of digital marketing: The definitive guide to creating strategic, targeted, and measurable online campaigns. 1st edn. Hoboken, New Jersey: John Wiley & Sons.
Chuang, P. (2020). ‘Revolut Rewards: Frequently Asked Questions’, Revolut Blog, 26 July. Available at https://blog.revolut.com/en-sg/revolut-rewards-faqs/ [Accessed 28 February 2021].
Moravskyi, N. (2019). ‘Introducing new and improved analytics’, Revolut Blog, 19 November. Available at https://blog.revolut.com/introducing-new-and-improved-analytics/ [Accessed 28 February 2021].
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