Whether you’re a top-tier retailer, an emerging brand, or anything in between, you need to know how to measure your success. With all the growth and change happening in eCommerce marketing, it can be hard to keep up with what’s working and what’s not. But there are some metrics that are tried-and-true for every business, and you should be tracking them religiously.
How Often Should You Measure Metrics?
That depends on your business. You might find that weekly or monthly check-ins are best for you, while other businesses need to measure more often than that. The most important thing is to be consistent, so you can track trends and identify changes in your marketing performance.
When it comes to weekly check-ins, you’ll want to measure the following:
- Your website traffic
- Conversion rates for your website
- Sales totals
- Average order value
- Number of new customers
- Number of returning customers
Monthly check-ins will give you a bigger picture and allow you to track trends over time. You’ll want to measure the amount of revenue generated from paid search, organic search, and social media campaigns on top of the aforementioned metrics.
Measure Metrics That Will Improve Other Metrics
One of the best things about measuring your eCommerce marketing metrics is that you can often improve other metrics by tracking the right ones. For example, if you track website traffic and conversion rate, you’ll be able to see how your marketing campaigns are affecting your business’s bottom line.
Similarly, if you track revenue and average order value, you’ll be able to see which products are selling the best and adjust your inventory accordingly.
The important thing is to track the metrics that are most important to your business. Doing so will help you identify areas where you need to make changes and improve your marketing performance.
Website Traffic
One of the most significant eCommerce marketing metrics is website traffic. You need to know where your visitors are coming from, what pages they’re visiting, and how long they’re staying on your site. This information will help you determine which marketing campaigns are driving the most traffic and conversions.
You can use a number of different tools to track website traffic, including Google Analytics. These tools will show you which channels are sending the most visitors to your site, as well as what actions they’re taking once they get there.
Conversion Rate
Another key metric to track is your conversion rate. This tells you how many of your visitors are actually buying something on your site. To calculate this, divide the number of conversions by the number of unique visitors.
There are different tools available online that track your conversion rate and see how it changes over time. This will help you determine which marketing campaigns are most effective at converting visitors into customers.
Revenue
Of course, the most important metric of all is revenue. This tells you how much money your business is making from eCommerce sales.
You can track revenue in a number of ways, including using your eCommerce platform’s built-in reporting tools or by opting for salesforce Development services. This will give you a snapshot of how your business is doing month-by-month and year-over-year, giving you a clearer picture of how your business is doing and allowing you to make the right decisions regarding your budget.
Average Order Value
Another important metric to track is the average order value. This tells you how much money people are spending on average per order. You can find this by dividing the total revenue by the number of orders.
You can use this information to see which products are selling the best and adjust your inventory or pricing accordingly. Not only that, but you can also use it to see if your marketing campaigns are effective at getting people to spend more money per order.
Number of New Customers
One of the most essential goals of any eCommerce business is to attract new customers. You need to track how many new customers you’re acquiring and where they’re coming from. This information will help you determine which marketing channels are working best for you.
You can track this information using various tools, which will show you where your new customers are coming from and how they’re converting. This will help you focus your marketing efforts on the channels that are most effective at acquiring new customers.
Customer Lifetime Value
Another important metric to track is customer lifetime value. This tells you how much money a customer is worth to your business over the course of their relationship with you. You can find this by multiplying the average order value by the number of orders per customer.
You can use this information to see which customers are the most valuable to your business and focus your marketing efforts on retaining them. Furthermore, you can also use it to determine how much you can afford to spend acquiring new customers.
Bounce Rate
Another influential metric to track is bounce rate. This tells you how many people are leaving your site after viewing just one page. You can find this by dividing the number of bounces by the number of unique visitors.
You can use this information to see which pages are causing people to leave your site and make changes to improve the user experience. Not only that, but you can also use it to determine which marketing campaigns are driving the most traffic but not resulting in conversions.
Email Marketing Metrics
Finally, you should also track your email marketing metrics. This will tell you how effective your email campaigns are at generating traffic and conversions. You can track this information using a multitude of tools available online.
This will give you a better understanding of which email campaigns are the most successful and help you improve your email marketing strategy.
Conclusion
As an eCommerce business, it’s important to track key marketing metrics to see how your campaigns are performing. These metrics include website traffic, conversion rate, revenue, average order value, number of new customers, customer lifetime value, and many more. Whatever metrics you choose to measure regularly depends on the needs of your business. Don’t be afraid to experiment with them, and you’ll find the most relevant ones in no time.
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