Himanshu Sharma - Maths and Stats for Web Analytics and Conversion Optimization
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Copyright 2015 Optimize Smart. All rights reserved.
No part of this publication can be reproduced or transmitted in any form or by any means, mechanical or electronic including photocopying and recording or by any information storage and retrieval system, without permission in writing from the author (except by a reviewer, who may quote brief passages and/or show brief video clips in a review).
Disclaimer: Great efforts have been made to ensure the accuracy, timeliness and completeness of the contents (written text, graphics) provided in this book. However neither the author nor Optimize Smart make any guarantee /warranty of accuracy, timeliness and completeness of the information provided in this book or any website this book link out to. No warranty/guarantee may be created or extended by sales representative or written sales materials. Similarly neither author nor Optimize Smart make any guarantee/warranty that the websites linked to this book are free from viruses, adware or other malicious programs. Websites listed in this book may have changed or disappeared between when this book was written and when it is read. Neither the author nor Optimize Smart will be liable for any losses or damages (including but not limited to: commercial, special, incidental, consequential damages) arising from the use of the contents in this book. This book is for information purpose only. The advice and strategies contained herein may not be suitable for every situation. If professional assistance is required, the services of a competent consultant/agency should be sought. The fact that an organization or website is referred to in this book, as a citation and/or potential source of further information does not mean that the author or Optimize Smart endorses the information the organization or website may provide and/or recommendations it may make.
Himanshu Sharma is the founder of Optimize Smart , a UK based digital marketing consultancy which specializes in analytics consultation and conversion optimization
Himanshu has more than ten years experience in SEO, PPC and web analytics. He holds a bachelors degree in Internet Science and is a certified web analyst.
He was nominated for a Digital Analytics Association award for excellence. The Digital Analytics Association is a world renowned not-for-profit association which helps organizations overcome the challenges of data acquisition and application.
Himanshu runs a popular blog on OptimizeSmart.com which has more than 10,000 subscribers and gets more than quarter million visits a month from over 100 countries.
Follow him on twitter: @analyticsnerd
The role of maths and statistics in the world of web analytics is not clear to many marketers. Not many talk or write about the usage of statistics and data science in conversion optimization. This book has been written to fill this knowledge gap.
Often big heavy books on maths and statistics teach you more than you need to know, you learn things that you may never use in your working life. Not only do such books waste your time and money but they also constantly push you to give up on learning key maths and statistics skills.
This expert guide will teach you exactly what you need to know. It will teach you how to leverage the knowledge of maths and statistics in order to accurately interpret data and take actions which can quickly improve the bottom-line of your online business.
Every topic that I have covered in this book has something to do directly with your day to day job. This is not a book that will help you to become a fully-fledged statistician or a book to be used to pass your maths/statistics college exam.
This book covers vital topics on maths and statistics which every internet marketer/web analyst should get familiar with in order to achieve optimum results from their analysis, marketing campaigns and conversion optimization efforts.
I will explain some of the most useful statistics terms/concepts one by one and will also show you their practical use in web analytics and conversion optimization, so that you can take advantage of them straightaway.
This book is dedicated to my wonderful wife Helen and the most awesome Pug in the world Mooli.
It is not just about what you should know, it is about what you are expected to know, especially if you deal with businesses day in, day out.
Here are few questions for your consideration:
Q1. When your website conversion rate jumps from 10% to 12%, is this a 2% rise in conversion rate or a 20% rise in conversion rate?
Q2. Can you double your sales by simply doubling your marketing budget?
Q3. Should you focus on a large number of low value customers or focus on a few high value customers to maximize profit?
Q4. If the conversion rate of campaign A is 10% and the conversion rate of campaign B conversion is 20%, does that mean campaign B is performing better than campaign A?
Q5. The average time on your website is five minutes. Does that mean website visitors actually spend five minutes on average?
I am sure many marketers/analysts will make mistakes while answering these questions. I am sure because I made these mistakes too. I was not born with statistical knowledge. It is something which I acquired over time and I am still acquiring.
So if you are not sure about the answers to my questions than this is perfectly normal.
However, if I happen to be your client or boss then it is not normal. Sorry. You have disappointed me and I now doubt your reports.
Consultant: Boss, conversion rate has improved by 2% in the last four months. Four months ago it was 10%, now it is 12%.
Boss: You have made a complete mess of the figures. Sales are at an all-time low. Off you go! Grrr!
The grumpy boss may not know that there has been a negative correlation between conversion rate and revenue and there is no 2% rise in conversion rate.
But what he does know for sure is that sales are going down and that he is less profitable. Now he has a moral obligation to do the dreaded cost cutting.
Guess whose job is on the line next?
The corporate world is not very forgiving of mistakes made by employees/consultants/agencies. So if we report that the jump in conversion rate from 10% to 12% means there is a 2% rise in conversion rate, our entire marketing report becomes questionable.
We instantly create a shadow on the rest of our analysis. The thought that will instantly pop into the mind of the recipient of our report will be what else has he done wrong?
Learning maths and statistics is an excellent way to develop your logical and critical thinking. It makes you a better marketer and, of course, a better analyst
Then no one can easily question your reasoning skills and you become a true NINJA.
The maths for web analytics and conversion optimization
Return on investment (ROI) is used to evaluate the efficiency of your investment and/or to compare the efficiency of different investments.
= (gain from investment cost of investment) / cost of investment
We often talk about ROI during reporting and especially during a pitch to a new client.
This is because ROI takes into account the cost of the investment
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