Episode 24 of eCommerce Uncensored is the second installment of a 5 part miniseries detailing “5 techniques that can grow your eCommerce sales by 50%”. In this episode, Kevin and Jason of Fast Forward Unlimited give you Technique #2 and talk to you about metrics, or how to analyze your site’s data in an effective way.
Tip #2: Focus on the Right Metrics
A common mistake people make when analyzing data, is getting stuck on the wrong metrics. Jason calls these “vanity metrics”. It’s not that you should ignore them completely, but they only give you a superficial look at what’s happening and not the most effective way to increase revenue.
What NOT to focus on:
- Traffic-the amount of traffic isn’t as important as what the visitors are doing once you get them to your site. Think quality not quantity.
- Facebook Likes-Facebook has so many limitations in place, only a small fraction of your followers see your content.
- Bounce Rate- entrepreneurs get worried when they see a high bounce rate (visitors coming to the landing page and then leaving). But there are so many factors that can affect that number; it’s really not a good gauge.
- Time spent on site-don’t worry about time, worry about what they did while there.
What you SHOULD focus on:
- Average order value-get that number up! Those same ten orders that you would have anyway can double your revenue if you can get the customer to buy more. Bonus, this is already acquired traffic.
- Email subscriptions-constantly focus on growing your email list. The guys talk about this a lot. Check out Episode 23 and Episode 13 to learn some more about that.
- Conversion rate-make sure your site is optimized for the best user experience to make shopping easy.
You need to set your system up to maximize your conversion rates and average order values. Once that’s all working together you can scale by increasing traffic and social media following.
The guys will share Technique #3 to growing your eCommerce revenue in their next podcast. If you can’t wait that long, click here to download a copy of our FREE eBook, “5 Proven eCommerce Techniques to Instantly Grow Sales by Up to 50%”.
If you have any questions about this podcast or any other eCommerce topics we’d love to help you out you can email Kevin at [email protected], Jason at [email protected] or schedule a free call with us here: Schedule a Free 30 Minute Call