May 12th, 2016 — 9:50am
As explained in a previous post, not all metrics are created equal. The most worthwhile metrics are those that you can act upon, those that serve a specific purpose in the analyzation and optimization of your digital strategy.
All KPIs are metrics, but not all metrics are KPIs
Actionable performance metrics, when tracked and properly scrutinized, are your business’s key performance indicators (KPIs). KPIs can be either monetary or non-monetary – however, their purpose is to measure your progress in relation to clearly defined objectives. As such, before determining what your KPIs should be, your first order of business is to determine your objectives – KPIs are useless with nothing to measure up against. As Avinash Kaushik (of Occam’s Razor by Avinash Kaushik) so eloquently states: “If you don’t actually know what you’re trying to achieve, it’s also hard to measure success.”
When you have determined your business’s most pressing objectives and the subsequent KPIs to measure, it’s important to keep three particular things in mind no matter which KPI you’re looking at:
- Single-session analyses will only take you so far: be sure to look at results over several sessions (pan-session analyses), since not all – in fact, not most – conversions will occur on a first visit.
- Source attribution will become possible thanks to pan-session analyses: by knowing which point of initial contact brought your visitors to your page in the first place (regardless of how they came to your site when they finally converted), it becomes easier to accurately measure marketing success.
- Segmentation is important to know precisely who is visiting and who is converting – knowing your ideal audience will enable you to create targeted content.
To sum up, you need to remember that your KPIs are dependant on the behaviour of individuals over time. It is important to know the entire picture of the behavioural process involved in the relationship between the user and your company. You don’t need single snapshots, you need the entire movie.
Comment » | Key Performance Indicators (KPI), KPIs vs metrics, Marketing, reporting, Uncategorized, Web analytics
June 26th, 2015 — 10:00am
Think of the one most important action you want your visitors to take when they’re visiting your website. Do 100% of your visitors complete this veryaction?
The more the action you’re thinking of represents a highly involved decision, the more your potential customers will think about it before they make a move. And this will obviously affect your conversion rates and increase the time spent between their first visit and the day they make the desired action.
For example, convincing people to try online software is easier (low-involvement) than selling a car online (high-involvement).
Let’s guess that in both situations, at least 80% of visitors won’t achieve the conversion goal. In other words, money is left on the table. But what happened? Did they swear to themselves that they would never come back to your website or buy anything from you?
You see where I am going with this…
Too many people are spending all their time (and budgets) trying to bring new visitors to their website with online marketing. However, new visitors probably don’t know anything about your brand or what you’re offering. Instead, why wouldn’t you identify the visitors who almost accomplish the desired action and try to bring them back to your website to convert them? If they almost convert, chances are they are interested in what you have to offer!
You could even use a different message when targeting them to make the sale.
In case you didn’t know, it’s not as difficult as you might think. In fact, that’s a pretty straightforward thing to do. Welcome to remarketing.
Continue reading »
Comment » | Marketing, Sales, Tutorials, Web analytics, What would Tony do
April 4th, 2014 — 2:53pm
Since the launch of our Facebook Ads integration release few days ago, we received lots of great comments. One important thing was missing though: The possibility to better segment by Actions your Facebook Ads dashboard.
Thus, we added a better support of Facebook Ads actions. You can now filter by action type (like, comment, offline conversion, etc) and create a widget using the action type dimension.
To avoid confusion, Facebook Ads actions are the same thing as a conversion.
Note that filtering by action type or using the action type dimension requires you use the actions or unique actions metric.
Do you need to create a dashboard using Facebook Ads actions? Then, you should try DashThis!
Comment » | Dashboards, Key Performance Indicators (KPI)