The Essential Business KPIs to Track in 2018

Essential Business KPIs

Here at DashThis, we have the opportunity to work with many digital marketing agencies from all over the world, who are themselves working with many different types of clients, whether it’s in the field of e-commerce, service, sales, tourism, or even car dealership.

 

It’s pretty amazing to see that so many businesses are using our reporting tool to keep track of their KPIs!

 

This is why I thought it could be interesting to give our own analytics a look and share with you the top business KPIs to track this year by industry, which I’ve decided to group like this:

 

  • E-commerce
  • Sales and Business-to-Business service
  • Automotive
  • Travel

 

Since the beginning of the year is often a time to start anew, why not make the most of that spit-shined motivation and ask yourself: “are we tracking the right KPIs or are we tracking anything at all?”

 

So I thought the timing was right for a best-business-KPIs-to-track kind of article!

 

Without further ado, here’s my takeaway on what the top business KPIs to track in 2018 are, by industry, from a digital marketer’s point of view:


E-commerce KPIs

 

Top Ecommerce KPIs

 

Visits, Transactions, Revenue & Conversion Rate

Let’s start with the essentials.

 

You want to track the visits on your website, the number of transactions people complete and the revenue it generates. You also want to track your e-commerce conversion rate, which is the number of transactions divided by the number of visits.

 

If you haven’t enabled Google Analytics on your website, this might be a little bit more complicated. If it’s the case, stop reading this article right now and go get that set up!

Average Order Value

If you want to know if your customers are buying more and if you’re doing a great job at upselling, this is pretty much the KPI you want to track. Plus, it’s super easy to calculate: just take your website sales and divide them by the number of transactions.

Product Detail Views

Track all the times a product was seen on your website. It’s also a good idea to break down that result for each product. This way, you’ll know which products are getting the most attention.

Product Adds to Cart

This is an important one, because it basically helps you know if people are abandoning your products somewhere along in the purchase process. Ideally, this number would be as close as possible to the number of products sold, because this means that people are actually buying everything that they add to their carts!

 

Wanna get a nice dashboard including all those KPIs?

 

We already set up a template for this purpose in DashThis. All you have to do is create an account and connect to your Google Analytics account. After your first blank dashboard, you’ll be able to create a new one for which you can choose any available template.

 

Pick the e-commerce one; it’ll look like this, but with your data instead. How sweet is that?

Sales and Business to Business service KPIs

Number of Leads

You probably have a bunch of marketing campaigns targeting specific niches, and you probably have created landing pages that are dedicated to these niches. If not, we truly recommend you start using this practice in 2018!

 

This KPI will help you know how many leads your marketing campaign generated. Make that number go up!

Cost Per Lead

Like I said, you put a lot of marketing efforts into bringing leads to your business. AdWords is pretty much the most common paid channel out there. It’s important to track the CPA (CPA means Cost Per Acquisition, which is the same as Cost Per Lead, in our case).

Conversion Rate (leads to sales)

How many leads bought your product in the end? Use this KPI to know the ratio of leads turning into clients.

Visits & leads by landing page

Track every page and landing page of your company to know which product or offering is driving the most leads.

 

Keeping this in mind will help you improve and optimise your website and your offering to get more clients.

Visits & leads by device

Do people find you through their desktop computer or mobile devices? With this information, you can optimise your website and decide whether to invest money on mobile advertising or not, for example.

Website visitor to lead conversion rate

One really common KPI is the website conversion rate. Here we’re talking about the ratio of leads by website visit. Is the traffic driven to your website qualified or not?

 

This one’s a must!

 

Wanna see what this dashboard template might look like with your data? Take a look here!

Automotive and Car dealership KPIs

Number of website leads

On your website, you probably have a form people can fill to get more info on the cars, or to schedule a test drive. For the purpose of this article, a person filling that form will be called a lead.

 

Track this KPI to see your potential customers growth.

Cost per form completion

You probably use platforms like Facebook or AdWords to get more traffic. Knowing how much each form completion on your website costs you might be a pretty good idea! Track this and make sure that number is lower month after month.

Most visited car pages

Your website probably showcases several categories, brands and types of cars, so you’ll probably like to know which sections of your website are most visited. If one specific car is viewed way more than the others, it could be a good idea to buy that kind of car more often.

 

By tracking this KPI, you’ll be able to get better insight and turn your business into a more profitable one.

Cost per car detail view

This KPI will help you understand how much it’s costing you for one person to consult a car detail page on your website. It’s a good KPI to track to know if your campaign are well optimised.

Visits & leads by channel

Which channel is driving the most traffic and leads? Is it your organic results on Google, or is it rather AdWords, Facebook, or a website like Craigslist? You’ll most probably find this KPI very useful.

Visits & leads by device

Do people shop for cars on their phone, tablet or desktop computer? With that information in mind, you can better optimise your marketing efforts and your website to get more customers.

 

Want to see what a great-looking automotive and car dealership dashboard template looks like? We’ve created one for you here!

 

Travel and Hotel KPIs

Bookings

Pretty straightforward, eh! Keeping track of how many reservations you get on your website is an essential!

Booking revenue

How much revenue are your website and digital marketing efforts generating?

Cost per booking

Knowing how much revenue your online presence generates is good, but knowing how much every room booked has cost you is even more precise. It’s another essential business KPI to track.

Average booking value

Are the people booking via your website on a budget and using your promotions, or do they rather prefer comfort and luxury? This number will help a lot when it comes to establishing budgets and making sales predictions.

Bookings, visits and conversion rate by country

Track where people come from. If you have a lot of clients in, let’s say, Canada, you might want to invest a little bit more money on advertising in that country. This KPI can help a lot a marketer’s creativity!

Bookings, visits and conversion rate by device

Again, are the people visiting your business’ website using their tablet, smartphone or desktop computer? You’ll be able to optimise your website accordingly. This can also give you great advertising ideas, since many platforms target people based on their device type.

 

Naturally, we couldn’t let you finish this section without creating a hotel dashboard template for you to check out!

 

Every business is unique

It’s important to take the time to analyse what’s important for your business.

 

Once you’ve done this, you’ll just need to identify where you can find this data. For digital marketing, pretty much everything comes from Google Analytics, AdWords or Facebook.

 

With that in mind, it’s super easy to build a dashboard or a report, and keep track of those KPIs to make sure your marketing efforts are paying off.

 

You can dig deeper in the data and include information from your own database or your CRM. As long as you’re tracking the right KPIs for your business, sky is the limit!

 

How to track your KPIs

Guess what? DashThis makes all this possible! We’ve designed many templates you can use according to the type of business you’re working with. You can easily just select that template in the dashboard creation process and save a load of time with your reporting.

 

Should you need help to set it all up, just reach out to us and one of our out-of-this-world account managers will get back to you ASAP.

Jean-Philippe Jean-Philippe Cantin

JP is one of our Digital Marketing Specialists. Passionate about analytics and inbound marketing, he’s always looking for new ways to generate more traffic and improve conversion rates. Want to be a guest writer on the DashThis blog? Drop us a line at marketing@dashthis.com!

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