Here's a simple framework through which to think about data:
- Collecting data
- Pulling insights
- Reporting & communicating findings
Use Google Analytics, Kissmetrics, Woopra, etc. You'll want to find a tool that fits with what you're interested in measuring. This will vary depending on your business model. Different types of measures vary between growth metrics, transactional metrics, engagement metrics, etc.
Knowing what not to measure is sometimes just as important, if not more important than knowing what to measure. Make sure to stay away from those vanity metrics.
Next step is to understand what the data is saying to answer questions you may have about your business. Examples include questions like "How much of our monthly traffic is returning visitors?", "Are people engaged on the site? Or are they bouncing off?", etc.
Reporting and communicating findings
A crucial step is properly communicating your findings with your team. How can your new found insights empower your company to make better decisions? Again, be careful to differentiate between vanity metrics and important ones. Does your developer really need to know how many new Instagram followers your company has gained? Or would they benefit more from understanding the types of devices people are using when visiting your website or using your app?
Find a reporting method that works for you, whether it's a dashboard or a spreadsheet and then find a channel to communicate it with your team, this could be email, slack, or company-wide meetings.