Co-Founder at Eisenberg Holdings
04 June 2004 18:11pm
Oooo ... cookies. And the real kind at that! Hmmm. Chocolate chip or maybe one of those oatmeal raisin ones? Or what about those almondy things? Oh, it's murder to have to decide which to pick.
You might think the same is true when you try to figure out what you want to measure on your Web site. But actually, all choices are not equal when it comes to your ebusiness data and the metrics that transform it into meaningful information. To be blunt, most data you don't want.
But don't worry. I'm about to pass the plate. Except I'm going to point out which Key Performance Indicators (KPIs) should comprise the basics of your online measuring, testing and optimization activities. So, please, help yourself to a KPI!
I figure it goes without saying that the actions you are trying to motivate your visitors to take should be intimately related to your business goals. But I'll say it anyway, just in case. I want you to be clear about what you are trying to do, so you'll know how to go about doing it.
Let me say here, though, that after the almighty Conversion Rate, one of the most important indicators you can keep an eye on, regardless of your line of business, is your Page Rejection/Abandonment Rates. Whenever you see high values for this metric, you immediately want to examine that page with a fine-toothed comb for persuasion architecture issues! You're getting a wake-up call that the page isn't working!
Here the basic objective is to increase sales and decrease marketing expenses. KPI should include:
Once you've got these under your belt, you'll want to take a more advanced examination: measure inventory mix, trend reporting, satisfaction, recency and frequency, and other predictive modeling techniques.
The objective is to increase and segment a business's ability to generate leads and close the transaction. When you examine your Page Rejection/Abandonment Rates, play close attention to your critical contact pages.
The objective of most content sites is to increase readership, the level of interest and the amount of time your visitor spends on the site. Toward that end you will want to measure:
Here you want to increase customer satisfaction and decrease your support inquiries. Measure decreases in visit length, inbound call-center metrics, and customer satisfaction metrics.
Are there more indicators? Yep, but they are not necessarily critical to managing your online efforts. Can you make up your own? Absolutely. You can measure whatever you please if you think it helps you achieve your business goals.
The thing is, start measuring. Through your numbers, you possess powerful information. You don't need to grope in the dark or drown in an overwhelming ocean of digits. It doesn't even require genius to work with this stuff. It just requires that you do it. Just like brushing your teeth after you eat.
Another K ... cookie, perhaps?
This is the fourth annual Econsultancy Conversion Rate Optimization Report, in association with RedEye. The research looks at the types of conversion and measurement used, as well as tools, strategies and processes employed for improving conversion rates. The report also examines different areas of best practice and identifies which techniques and methods are most valuable for improving conversion rates.
Econsultancy's fourth Quarterly Digital Intelligence Briefing, produced in partnership with Adobe, aims to distil a plethora of data and discussion points into some key digital trends, challenges and opportunities which businesses are (or should be) paying close attention to during 2012. The report is based on a survey of around 600 business respondents predominantly in the United States and Europe.
Free market research on digital marketing
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