Calculating the Important Metrics
Most companies do not know the basics of calculating important metrics and this ignorance can result in preventing them from future growth and improvement. If you are looking to learn more about metrics and how gathering this data can influence your company’s future, read the tips below and follow what will work best for you.
How Merchants Rate Their Best Merchandising and Navigational Strategies:
Analytics Evaluation – 93%
Pricing or Promotional Strategies (ex. free shipping) – 81%
Site Redesign or Enhancements to Improve Customer Experience – 79%
Optimizing Onsite Search Relevance, Sort Options, and/ or Landing Page – 78%
Keeping In-Stock Assortment Correct – 76%
Email Using Tactics with a Pre-established Frequency – 71%
A/B, Multi-variate, Or Other Usability Testing – 71%
Rich Media or Related Tools – 64%
Adding Editorial Content, Expert Reviews, and User-Generated Content – 62%
Personalization Strategies, Like Placement of Up-Sells – 62%
Elevated Brand Differentiation – 54%
Social Media Elevation – 44%
Calculating Conversion
A Merchant Survey of Conversion Rates
1-2.9 Percent – 52%
3.0-4.9 Percent – 15%
5.0-7.9 Percent – 15%
0-1 Percent – 7%
8.0 – 20 Percent – 6%
Don’t Know – 4%
Greater than 20 Percent – 1%
Social Impact: How Surveyed Companies Measure Social Media Success
Number of Facebook fans
2011: 78%
2012: 90%
Number of Twitter followers
2011: 61%
2012: 66%
Click-through rates to retail sites from social media
2011: 53%
2012: 58%
Growth rate year-over-year for predetermined KPIs
2011: 34%
2012: 50%
Number of YouTube views
2011: 40%
2012: 46%
Sales from social networks
2011: 47%
2012: 41%
Improved SEO
2011: 39%
2012: 37%
PR and media exposure
2011: 30%
2012: 35%
Calculating important metrics is a vital factor in determining your future success. After reading this article you can learn to use the metrics above to your advantage and raise your ROI. Investing time into using the data you have gathered will give you more insight on what steps you should take next for your business.
