Affiliate Tracking - Chapter 1: What is it?
(And why do you need it?)
Essential Google Analytics KPIs
If you have a store online you probably already know how difficult it is to keep track with everything that’s going on. Whether it’s the store performance, inventory levels, marketing campaign you’re running or anything else.
In the previous articles we have already established that KPIs are probably the most essential tool to keep track with everything! Making sure you know exactly what’s going on in your business, what are your weak points and when do you need to consider changing strategy. If you are new to this you probably heard or read lots of different opinions on what it is most important to track. And yes, there is A LOT of data to track. Do you need it all? Well… keep on reading and you might change your mind.
Why Google Analytics?
By default GA helps you monitor and generate reports on website traffic. If you have the tools and knowledge you can also generate sales reports, separately. Focusing on quality and functionality, GA works with a number of funnel-type imaging techniques. This allows customers to retrieve data using various types of reports, summarized in several dashboards.
So where is the problem? Can’t I just use Google analytics and start collecting data on my store’s performance? Well sure you can, but have you really gone through everything you can gather and started analysing it?
The majority of store owners that are connected to Google Analytics are struggling with endless data that is flowing through this platform and its countless abilities. And at the end of the day. traffic is great but what about sales reports?That, and the fact that we covered sales KPIs in the previous article, is why In this article we wanted to put some sense into all of this, and recommend what KPIs I think will help making data-driven decisions, when using GA for your online store.כרם
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5 Google Analytics KPIs you should track
Returning Vs. New visitors
First of all, let’s understand why all visitors are important. Returning or existing visitors teach you about the satisfaction level of your customers. While growth in the new Visitors number may indicate a successful marketing strategy and of course business growth. Both metrics are important and you want to keep it balanced.
If you’re starting a new business online then you should anticipate a growth in your new Visitors.
Returning visitors,along with loyalty, can indicate an increase in Customers lifetime value (CLTV).Tracking users shows your site’s traffic or how many people are visiting your site. Without traffic, there’s no revenue. Monitoring new and existing visitors also gives you information about traffic that you need to keep high if you want to increase your revenue.
This traffic KPI is probably one of the most important ones. Bounce rate measures how satisfying it was to visit your page by telling you how many of your visitors left your website after visiting only one page (usually your landing page). In this case you want to keep this metric as low as you can. A higher rate indicates that people are visiting your website and leaving it before they are browsing through other pages or completing any action.
There might be several reasons for that: your landing page is not appealing enough, it is non-user_friendly, it wasn’t what the source website suggested, the information is irrelevant for your visitors Ect. When people do engage your landing page and start browsing through your website, going from one page to another and completing actions the rate will be low. Regularly monitor this KPI to keep your visitors happy and make them want to stay. A good bounce rate is considered to be between 45% and 65%.
Total visitors per month
Wouldn’t you want to know how popular your store is? This is an important statistic KPI that you’re going to set as a benchmark in order to compare it with previous periods and of course your competitors. Although it seems like a simple one this metric is very important to indicate your business growth eventually.
Return on Ad spend (ROAS)
This metric evaluates the efficiency of your advertising campaigns. ROAS teaches you which of your campaigns are generating more visitors, more conversions, more traffic Etc. ROAS is calculated as the total amount you get out of the conversions associated with a certain campaign,split by the total amount you spent on this campaign. This allows you to check individual campaigns and evaluate their performance.
Cost Per Conversion (CPC)
This is another metric that will help you evaluate your campaign effectiveness, and will also indicate growth. Cost per conversion means how much money you spent on advertising split by the conversions made associated with this advertising; Over a period of time if you’re spending more money on marketing but your business is not growing, It means your marketing strategy is not working well.
This Is a metric you should monitor regularly because it will help you calculate the profit and return on investment, ensuring you do not pay more for acquiring a customer than their worth.
I would like to indicate two other KPIs that I elaborated on, in the previous article: Conversion rate and Shopping cart abandonment rate. The importance of these metrics is that they are all about money! – gained or lost. Conversion rate will tell you about the visitors that did spend time on your website but eventually did or did not perform any action. Make sure the information and products on your website are relevant to your audience, especially the audience you targeted on your campaigns. The shopping cart abandonment rate might indicate a problem in the checkout process that needs to be addressed.
Google analytics can be very confusing. Although it presents us with a lot of data that can be tracked and analyzed and on stunning dashboards it can also be difficult to read, track and understand. Especially for many store owners that statistics is not their strong side.
Understanding that, we at Kronoseal made everything easier for you! We have set up pre-made sets of sales and traffic KPIs that will help you monitor only the really important and crucial data! That means only what you need to evaluate your store performance, and give you meaningful insights.
We are doing this so you can stay focused on your main work and stop worrying about endless sheets and reports.
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