1) Create google analytics account-Goto www.google.com/analytics ,Actually there is no sign up process is going on, you can directly sign in with your gmail account, after sign in set your account details and all the informations. Google gathered all informations about you from your google+ account automatically so sometimes your account details are completely filled. In here you can add many settings which is including admins, social settings etc.
2) Check analytics web property ID-After sign in, in the homepage itself you can see your analytics property id which is looks like UA-******-1 . This id is used for tracking your blog traffic by connecting your blog and google analytics. Copy the analytics web property id. Most of the web builders also asking the webmasters about their analytic id to track audience so if you have a website you can add this id in it.
3) Add analytics in the blog-For adding analytics in your blog goto the blogger then to your blog in which you want to add the analytic code, goto the settings of the blog then in the options goto others. In the others in the below of the settings you can see that text box asking for add google analytics id. In there you have to add the id and save the settings.
4) Track your audience-After adding the google analytics property id in the blog. Google tracker will track the details of your visitors which is including traffic sources, targetted country, area, language, operating system etc. You will completely get all details about your audience.
Google analytics is the best stats tracker in the world as from my observation because never a stats counter can track whole informations about your audience which is including the time, post, area etc. So having google analytics for your blog or your website is very useful as well as an essential thing to know the seo stats of your site. All the best.