Items you’ll want to look at include:
■Bounce Rate: This percentage that shows the amount of single-page visits to your site. You want it as low as possible.
■Average Time on Site: You want this to be as high as possible! If it’s too low it means readers aren’t finding the content they are looking for, your navigation is week, or there are other problems with the site.
■Content Overview: This will show the highest single pages on your site for a specific period of time. You can look for trends and what your readers are interested in!
■Traffic Sources: Find out how readers are finding your site.
■Exit Pages: Are there post or pages with a high exit rate? If so, add better navigation and links at the bottom of the content!
■Keywords: Learn what keywords search engine users are entering to find your site. These may come as a surprise – either good or bad! If people are finding your site for the “wrong” reasons – your bounce rate and time on site will be low. This means you need to take a look at your keywords and up your SEO efforts.
■Number of Visits and Pages/Visit: This is your first indication of traffic and is best to track over a long period of time. Look for spikes and trends throughout the weeks, months, and years.
Please read the entire post from Blog World: http://www.blogworld.com/2011/01/12/30-days-to-a-better-blog-analyze-your-statistics/