Once you have the analytics for your site, you can view the clicks according to the keywords, keyphrases, regions and so on. The SEO ans SEM efforts will help you to get a handsome list of keywords and keyphrases. So that you can design your products. (Product management by keywords).
An Analyst of web analytics could serve the job of a Traffic Police but in a different way.
1. Make a list of the keywords/phrases for which a page is being viewed most.
2. Do research/analysis for the keywords taking other keywords from overture, wordtracker (must be relevant to those you got from the analytics).
3. Keep in mind the specific nature of keyphrases of the search world or what is called narrow search. Ex: Previously people used to look for say car insurance. Now it is more region specific or company specific or else specific like, car insurance in california; geico car insurance midwest etc. So search became more narrower in these days.
4. Once you have a good no. of visitors and list of keywords and phrases, concentrate on SEO (the page designing part and usability).
5. Then channelise the chunk of visitors to the specific pages guided by the Keyword Products.