This WordPress Tutorial will show you how to adding the proper tracking code to your header.php file in your WordPress Blog or Website so that you can view data and statistics related to your WordPress blog.
If you are using the WordPress Thesis Theme then you should not read this post or watch this video. Thesis Theme users need to go here immediately!
Some things that Google Analytics will allow you to observe are the number of visitors to your site, keywords people typed into Google to find your site, the name of other sites that referred a visitor to your site (e.g. Facebook, Twitter, LinkedIn, YouTube, StumbleUpon, etc.).
After you install the proper tracking code on your WordPress blog you will have to wait about 24 hours before any visitor statistics are posted in your Google Analytics Account.