You’ve poured your blood, sweat and tears into creating an awesome online store full of valuable products for your customers. You’ve spent countless hours perfecting your product catalogue and attracting potential customers to your store. You’ve worked hard to gain trust, loyalty and engagement with your customers. Now, it’s time to see how well your online store is performing and whether or not it’s worth all that effort. You can use numerous metrics to measure the success of your online store including :-
- Visitor traffic
- Likes, Views and Comments
- Shopping Behavior
- Engagement (Likes, Views, and Comments)
However, not all metrics tell the entire story. You need to know what is causing the numbers to rise (and fall). This is where tracking the performance of your online store against key metrics comes in. This way, you can find out which areas you need to focus on to improve performance and which areas are performing well.
Why Should You Track Your Online Marketing Performance?
You should track your online marketing performance for a variety of reasons. First and foremost, you need to know how your marketing efforts are performing. If you’re not seeing the results you desire, it could be because you’re not aiming for certain results. Take a look at what Google says about the importance of tracking performance:
“We measure many different things when it comes to the success of our ads, from clicks to conversions and even viewablity. Without comparing these metrics to those of competitors, it’s very difficult to tell which ad campaigns are performing well and which ones could be improved upon. The benefit of comparing your results to those of your competitors is that you can spot your weaknesses and work to fix them. It’s always a good idea to compare your analytics to those of your competitors to get a general sense of how well you’re doing compared to other marketers.”
Also, if you find that some areas of your marketing are performing well while others are lagging, it could be a sign that you’re either in a competitive market or that your niche is becoming saturated. Either way, you need to find out what is causing this discrepancy. For example, perhaps you’re noticing that your Facebook ads are performing much better than your Instagram ones. Or, maybe your email marketing is driving sales but your blog posts are only gaining a lukewarm response from your audience. Identifying these weak areas and fixing them could mean the difference between a successful and thriving business and a business that just doesn’t measure up.
Choosing specific key metrics to track is very important for ensuring that you’re making the right decisions about your online store. For example, if you’re seeing some very impressive growth in the number of people who’ve viewed your products but you haven’t seen any sales yet, it could be a sign that your target audience isn’t yet ready to make a purchase. On the other hand, if you’re seeing a high number of sales but your product pages aren’t getting many views, it could mean that your target audience doesn’t find your products valuable enough to engage with. Knowing which areas of your marketing are generating the most interest could give you the boost you need to attract the right audience and drive more sales.
What Are the Main Metrics You Should Be Tracking?
Tracking the main metrics you should be monitoring include :-
- Visitor traffic (how people find your site)
- Sales (how much you’re selling)
- Likes, Views and Comments (how engaged your audience is)
- Shopping Behavior (for which products your audience is engaging with)
- Engagement (Likes, Views and Comments)
You should be tracking these metrics over a reasonably long period of time (at least three months) so that you can see the overall trend. This way, you’ll know whether or not your online store is performing as you desire. You might want to set up automated email campaigns to catch this data in one place. You can also look at your analytics frequently to ensure that you’re always making the right decisions for your business.
When Should You Track Your Online Marketing Performance?
You should be tracking your online marketing performance as soon as you can. The sooner you begin performing marketing analytics the better. This way, you’ll have a much greater chance of discovering any issues early on.
You can begin tracking your online marketing performance several ways. First and foremost, you can check your website’s traffic source and see where people are finding your site. You should also look at the average time people spend on your site (you can find this under the metrics section of your dashboard) and see if this is increasing or decreasing. Are people spending more time on your site or are they just finding it easier to navigate?
Additionally, you can look at the number of people who’ve visited your website within the last seven days and compare this to the number of people who’ve seen your products catalog. Are your target audience discovering your site as desired or are they only finding your catalog when they’ve run out of options?
Once you’ve gathered this data, you can begin to determine which areas of your marketing are performing well and which ones need some improvement. You should look to increase the number of people who visit your website (i.e. drive more traffic) and to make sure that these people are finding what they’re looking for (i.e. make sure that your traffic is converting).
Where Can I Find More Information?
The internet is a vast place, full of helpful information. If you’re struggling to find the answers you need about marketing your online store, there’s a good chance that you can find the information you need elsewhere. For example, if you’re looking for information about email marketing, you can find a lot of helpful information online. Or, if you want to learn more about conversion optimisation, you can find a wealth of information online. To name just a few.
If you’re worried about finding the information you need online, you can ask other marketers for help. There are numerous “Ask an Expert” forums online that you can participate in. Just make sure that you’re answering questions specifically related to your industry and niche.
Additionally, if you want to read more in-depth articles about marketing your online store, you can find a wealth of information online. Simply search for “online marketing” and you’ll discover a whole forum full of helpful articles and insights. Make sure you remain objective and avoid becoming too “armchair coach” about your business (even the best advice can seem useless if you apply it blindly).
In summary, the main points to keep in mind regarding tracking your online marketing performance are:
- Understand your business goals
- Choose the right metrics
- Track these metrics over a reasonable period of time (at least three months)
- Compare your results to those of your competitors
- Use the data you gather to make informed decisions about your business