3 Metrics That Should Matter Most For Your Online Business Aside From Revenues
Tracking the performance and growth of your business is essential if you want to determine its success. Knowing if your business is doing well or not will allow you to map out a more efficient action plan and achieve your target goals.
While you can do this by simply tracking sales and revenues, there are other success metrics that you should consider. Why? Because this helps you identify better opportunities and segregate strategies that were not exactly bringing in the desired outcomes for your business. To know what success metrics should matter most to your business in this day and age (aside from sales and revenue), read on below to find out more.
1. Click-Through Rates
While clicks don’t necessarily translate to a sale, it is still an important indicator that your business is doing something right. When people click through your ads or interact and engage with them online, this means you got the message through them. In other words, your ads are effective and have caught the attention of your target customers. Consider this as a feat, because it is hard to compete for attention online in the first place.
2. Visitor Stats
Counting your site traffic is much like how traditional businesses count foot traffic that comes into their store. Like click-through rates, tracking the number of unique visitors for your online business is a good way to determine if your marketing and promotions strategy is actually working. Aside from that, an increase in visitors also increases your chance of actually making a sale.
Aside from mere numbers, you should also look into where most of these visits come from. Were they from emails or landing pages? Or social media pages, or from search engine results pages? Knowing where most of your traffic comes from will help you determine which digital marketing strategies are worth investing in.
3. Conversion Rates
Tracking clicks and visits is one thing, but tracking conversion rates is another. While gaining huge traffic for your online business is good news, it’s much better if a huge chunk of this traffic actually converts to sales or revenue.
With the help of tracking and analytical tools, you can monitor from which pages did most of the conversion come from. Of course, the customer ordered from your website, but where did they come from? Did they reach your site via Social Media, search engine, email, or any other page? Knowing this also helps you know which marketing strategies work best for your business, and allows you to concentrate more on those that actually yield conversions.
Numbers don’t lie, that’s why it is important to come up with success metrics that will help determine a successful path for your business. Looking at the figures will help you focus on marketing efforts that are worth investing in. It also helps you get to know your target customers, engage with them more effectively, and observe what their usual preferences are.
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