Many of the most successful eCommerce stores are evaluating their business data to determine new ways to reach their most active customers and ensure they are closing sales any time that they visit their website. While you will undoubtedly want to focus on metrics that have an impact on your ROI, it is easy to start worrying about vanity metrics that may have little impact on overall performance like page views, likes on social media or unqualified leads. With this in mind, what metrics should you be tracking as an eCommerce store to ensure you are getting the most value?
In most cases, there is no real value in monitoring countless metrics if they don’t have a direct or meaningful impact on the long-term success that an eCommerce store can achieve. Unfortunately, many marketing firms use unimportant metrics that look good to deceive businesses into thinking that their marketing plan is working; however, they may not be seeing any growth in revenue or repeat customers. Some of the questions you should ask when determining what metrics are important include the following:
Would a Change in This Metric Impact The Company?
One of the easiest ways to determine what metrics you should be tracking is to determine if a significant change in that metric would have an immediate impact on the performance or longevity of the business. If you find that a metric doesn’t have an impact on this question, it probably isn’t worth tracking or investing your time into. For instance, does a page like on Facebook contribute to your bottom line, or is it just a vanity metric?
Will a Boost in This Metric Improve Other Metrics?
You may be surprised to learn that many metrics are interconnected and improving one may show promising results among others. For instance, improving the quality of traffic to your website may lead to a higher conversion rate. Learning what chain contributes to a certain improvement may help with other metrics further down the chain that need assistance.
Does Improving This Metric Impact Our Overall Goals?
Every eCommerce store should have a marketing goal that they are attempting to achieve at all times. And, although this goal may change over time, having a consistent thing to work towards to can ensure you are achieving optimal growth. Make sure that the metrics you are tracking meet your overall goals for the business and adjust them as needed when new goals arise.
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