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understanding analytics and using them intelligently takes a lot of experience.
yes for sure you can gain knowledge to use to your advantage form a quick look on GA.
I spend a lot of time looking at analytics as I look after many sites, a wide range of sectors and sizes. It is important to know the site, sector, target audience, etc.
different strategies bring totally different results.
e.g. if you are doing e-commerce of a popular product range then you may see more referring traffic as you have price compare, affiliates and ppc as main drivers.
if you have a b2b service you may have less referrers in number but better in qulaity of conversion from the likes of Applegate etc.
if you have a quirky product or something bought by teens to early 30s e.g. t shirts, then you may get lots of traffic from social sites and specificads. You would find it difficult to rank on first page for 't-shirts'.
Before looking at analytics and saying is this set good or bad, you need to know much more about the url in question.
be happy to offer ten mins of my time (FREE) if you offer up the sectors in question, this may help you with your other projects.
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