There is no dearth of data to track.
Marketers do not struggle with not having enough data. They struggle to draw insights from the data already provided.
There are thousands of metrics that you can track.
But which are really important? And if your website is not hitting your goals, what should you focus on and work to improve?
The sheer number of matrices can be overwhelming, but in this piece, I’ll show you the eight most important matrices. Measure and optimize for these, and you will begin to see how well your site works.
By the end of this article, you will know what to study, what to ignore, and how to improve your site’s conversion rates.
Revenue is the lifeline of all businesses. Your business has total funds. Your gross revenue is everything before spending.
Revenue is a common thread that holds sales and marketing teams together. If you have heard of a good official language, raise your hand, “Marketing does not increase revenue. Makes sales. “
2. Sources of traffic
My first metric didn’t receive traffic?
Won’t happen when it comes to conversion rates, traffic is not as important as many people think. What really matters is how many people you meet, but how much those visitors help you achieve your goals.
And understanding where visitors are looking for your site is key. There are three primary sources of traffic.
Direct visitors- These are visitors who come to their site directly by typing their URL in their browser address bar.
Find Visitors- These site visitors search you through search engines, usually Google.
Referral visitor- These visitors click through a link to your site from elsewhere, be it another website, a social media page, or elsewhere.
Different types of traffic have different engagement levels. Since engagement is the 1 challenge for B2B marketers, it is a good idea to track each traffic source individually and do what they are doing best.
It is necessary to have a variety of sources for incoming traffic. If you are receiving all your visitors from one source, it can be risky.
For example, if all your traffic is coming from search and Google’s algorithms, you can lose your traffic overnight. It is best to keep your traffic diversified for your safety.
3. New Visitor Conversion Rate
The way a first-time visitor interacts with your site is how it interacts with a returning visitor.
To improve first-time visitor conversions, you must separate this metric from the conversion rates of your loyal or returning customers. Check it out when they visit the website for the first time and how you can improve that experience.
You only have a few seconds to grab a visitor’s attention, so take a look at your first impression and compare it to your competitors. What message are you giving?
When you first visit a site, think about what matters to you. Chances are, you look for factors like usability (how well you can navigate it), clarity (understanding everything about the site), and price (to find the information you were looking for) are doing.
4. Return Visitor Conversion Rate
When you look back at the visitor conversion rate, there are two questions you should ask yourself.
First, why did the person return? And second, did the person turn around for the first time? And if not, how can you change them the second time you visit your site?
Even if no one converts as a new visitor, keep in mind, you’ve made enough assumptions to keep them coming back. This means that the conversion process will be much easier on the return journey, as this may be the first time they have found your site.
You have to vary the return visitor conversion rate and find out how to increase it.
5. Participation Per Visit
Even if a visitor does not convert, all is not lost. You can still monitor their behavior on site.
What exactly are they doing, how can you get them to do it more, and how can you influence this behavior in conversions?
For example, if visitors are viewing too many different pages, spending a lot of time reading those pages, and leaving comments or reviews, they are still interacting at a high level. Even if they are not converting (yet) your goal should be to increase these interactions.
You can use tools like Crazy Egg to help you understand where your visitors are clicking and how they are interacting with your content.
You should also find out how you can take advantage of those interactions in increased conversions, be it downloads, subscriptions, purchases, or anything else.
6. Cost per visit
The value of each trip is a simple metric to understand, but much harder to calculate. Basically, it asks how much each trip is worth.
The simplest way to calculate this is the number of trips divided by the total value created. Use an eCommerce store as an example. As you can see from recent figures, most eCommerce site conversion rates are around 3-4%, with mobile users reaching about half.
If a 3% conversion rate is found in this store, and the average purchase is worth $ 100, that means they sell for about $ 300 for every 100 visitors. In other words, their value per visit is $ 3.
But sometimes this metric is difficult to calculate because the value comes long after a trip, or in an abstract form that is difficult to measure.
For example, if you are selling ads, blog visitors can create value every time you add a page view to your traffic. But they also create an intangible value when they comment on your site, making it look more authoritative and hectic.
Likewise, visitors to eCommerce sites create value every time they buy a product, but to some extent disqualified value when they leave product reviews or when they tell their friends about the site via word-of-mouth. Let’s make.
7. Cost per conversion
This is a value per visit value and is one of the most important metrics you can calculate. It is also known as lead generation cost or cost per referral.
If you have high conversions and high value per visit, then it does not matter. If your cost is prohibitive, your net income may be zero or even negative.
An example of an eCommerce store with a $ 3 price per visit, which can be great if their traffic is free. But if it costs them $ 150 per conversion, and each conversion only orders $ 100, the store will quickly break down.
While trying to increase conversion rates, keep in mind your cost per conversion and overall margin.
8. Bounce rate
When you are just starting out, you want to reduce your visitor bounce rate. The bounce rate is the rate at which new visitors come to your site and click immediately without doing anything.
Since they are not spending time or interacting, it is a sign that they are not going to change.
A high bounce rate can mean many things, including weak or irrelevant sources of traffic or landing pages that are not optimized for conversion. Common problems include poor design, low usability or high load times.
Another problem may be which page people are landing on. For example, research makes product description pages less visible to other types of landing pages. If your site has this problem, then move visitors to other pages instead.
If you are in eCommerce, bounce rates are often called abandonment rates, which is the rate at which people leave their shopping carts without purchasing.
There are many other factors involved when a purchase is at stake, but it is usually the result of a complicated checkout process or surprising costs or charges.
9. Exit pages
Finally, you need to figure out which pages are causing people to leave. In many cases, your last call to action or conversion may be on page two or three of the process. For example, you might want people to browse products, add to a cart, then enter payment information.
If people are leaving before going to the final stage, you are losing potential customers.
To solve this problem, dive deep into your exit and in the process find out at what stage your visitors are leaving or leaving their car.
There are certainly a lot of reasons that may be behind this issue, but by optimizing your exit pages, you will start seeing your conversion.
10. The User
This data point can be similar to website sessions, but the difference here is that users are visiting your site, not total visits. When someone visits your site multiple times, only one user is counted. This is important because it indicates how many people return to your site – your most interested person or loyal customer.