Trying to create the most engaging content possible for your e-commerce website? Then you’ll need to get a good idea of your e-commerce marketing metrics.
Without data to support your marketing efforts, your campaigns are like a shot in the dark — and if you miss, your conversion rate will tank. Metrics help you understand your consumers’ preferences and behavior with quantifiable insights, so you can create your campaigns your audience will love!
However, there are a vast number of metrics available to analyze your marketing success, especially if you’re marketing across multiple channels. How do you know which are the most important for your efforts?
We’ve narrowed it down to the five most important metrics for e-commerce marketers. If you’re ready to create your best campaign yet, read on to learn more about which marketing metrics you should focus on.
Click-through rate is a great way for e-commerce retailers to measure audience interest, showing where and when visitors follow links to learn more about your offering. But what defines a favorable click-through rate (CTR)? That depends on your company’s industry.
To discover how high of a click-through rate is a good goal for your company, begin by researching average click-through rates in your field. Then, if your CTR isn’t competitive, it’s time to revisit the effectiveness of your content. Try to use headlines and copy that evoke an emotional response from readers. It’s also beneficial to include captivating CTAs, images, video content, and relevant hashtags.
Impressions are often confused with engagement, but these metrics aren’t quite the same. Essentially, impressions measure how many people view each advertisement or social post, whereas engagement measures the number of people that interact with the piece. Impressions are an important metric for e-commerce stores to measure because they provide a clear picture of how often content appears on a user’s feed, which can help you determine the cost of each advertising campaign or the ROI from running a social account.
Your e-commerce website’s reach and engagement are directly related to one another. While impressions measure the total number of times your content is displayed (including multiple impressions from the same customer), your reach measures the actual number of unique people who have seen your content.
Reach is useful because it will help you analyze whether or not your content is relevant to your target audience. For example, if your ads have a high reach and a low conversion rate, you may not be displaying your product or service most effectively. Or, if your content has a low reach overall, you may be targeting an audience that is too niche. In this case, look for ways to broaden the scope of your content and messaging.
4. Customer Lifetime Value
When you’re running an e-commerce business, you need to think long-term about the value of each customer beyond a singular sale. With the customer lifetime value (CLV) metric, you can understand how much revenue each customer will generate throughout their relationship with your company. To calculate the CLV, multiply the average order value by the average purchase frequency rate and the average customer lifespan. It’s cheaper to retain customers than to gain new ones, so if your CLV seems low, focus on improving your customer retention strategies to instill brand loyalty.
5. Bounce Rate
Your bounce rate is the percentage of site visits during which visitors only view a single page, reflecting overall engagement. However, there isn’t a clear average bounce rate for websites, given that there are 4 billion websites on the entire internet. A good bounce rate depends on the content of your website and where the traffic comes from.
To decrease your bounce rate and increase your engagement rate, leverage your other web analytics like click-throughs and reach to discover which content your visitors find most relevant. From there, create value-adding content tailored to your audience, and you’ll be able to grow your web traffic organically while lowering your pesky bounce rate.
Make the Most of Your Metrics with Factoreal
When you’re running an e-commerce store, it can be challenging to keep up with all the most relevant metrics across every marketing channel. But with marketing automation software like Factoreal, tracking your metrics is easy. Factoreal empowers your e-commerce store to take complete control over marketing strategy and track all of your metrics in one place.
An omnichannel solution, Factoreal integrates with all of your marketing efforts, from email and social media to SMS. So for an all-in-one customer engagement platform that will help you launch, analyze, and manage each marketing campaign, look no further. At Factoreal, we make marketing automation affordable and easy-to-use, so your e-commerce brand can get the most out of every campaign.