When optimizing your ecommerce website to boost conversions, it is crucial to establish definitive ways to evaluate the effectiveness of your ecommerce marketing campaign. For a brick-and-mortar storefront, it is relatively easier to measure whether a marketing strategy is working or not. However, keeping track of how a marketing strategy is working for a virtual storefront can be complex. You’ll probably come across a myriad of challenges –
- Which marketing platform is driving more customers and sales?
- Why other marketing channels aren’t performing as desired?
- How many website visitors and sales you are getting each month?
- What is the performance of your ecommerce store during peak season?
Unless you are able to gauge the key elements of a marketing campaign, it could mean lost revenue and wasted time. To ensure your efforts are potent and pointed, it is crucial to have a powerful analytics in place.
In this blog, we will cover how to use analytics to measure the success of your ecommerce marketing campaign.
1. Understand the Key Ecommerce Marketingcommerce Metrics to Track
To begin with, it is important to determine the ecommerce metrics you want to measure. This may vary depending on the platforms/channels you use. However, the most important KPIs to track are:
- Performance Data: This offers a detailed view of whether or not the online ecommerce marketing campaign is driving a desired action – generating a click, a subscription, sign ups, etc. Here’s what you can track to derive performance data:
- Online store sessions
- Orders or sales attributed to a particular marketing campaign
- Ad spend on advertising or marketing campaigns
- Ecommerce Website Traffic Data: This is an important KPI that helps measure how your ecommerce business is performing. While there are several proven ways to drive traffic to your online store, it is also crucial to measure them. Key metrics include:
- Ecommerce website traffic over time
- Conversion / conversion rate
- Top sources of website traffic
- Top locations from where maximum traffic comes
- Top sales sources
- Number of orders and total order value
- Ecommerce ROI on Marketing
Next, measure the Return on Investment (ROI) for each ecommerce marketing strategy. Tracking this KPI helps determine whether a marketing campaign is successful or not, and if it is justifying your spending.
However, this is just a gist of key ecommerce metrics you should track. For in-depth analytics, dive through 67 Key Performance Indicators to measure for your ecommerce website.
2. Use Ecommerce Analytics Tools
Ecommerce analytics can be multi-faceted, complex, and time-consuming. Fortunately, there are several good ecommerce analytics tools available today that can help you to effectively measure the success of a ecommerce marketing campaign. Some of the most widely used tools are:
- Google Analytics
- Shopify Analytics
- Heatmap Tools
- Ecommerce Analytics Tools such as Kissmetrics, Matomo, Adobe Marketing Cloud, etc.
- Social Media Analytics
Experts suggest using a combination of these tools to derive actionable insights that can help optimize your marketing campaign and improve the results.
3. Analyze the Data
This is the most important step of measuring the success of your ecommerce marketing campaign. Merely having tons of data on different ecommerce metrics is not enough. It is crucial to deeply analyze these data and derive meaningful insights to work upon. You will know how your online store, business, and the industry is performing as a whole, what are the vital market trends, potential risks, areas of improvements, and much more.
Learn ecommerce analytics best practices to understand how your campaigns are performing and how to improve the same.
4. Partner with an Ecommerce Marketing Company
Measuring the success of your marketing campaign is complex because it involves numerous ecommerce metrics to track, analyze data, and derive valuable insights. As an online business owner, you may not have expertise in this field; neither you are aware of essential analytics tools. Hence, it makes more sense to hire an ecommerce marketing company.
They have excellent understanding of how ecommerce marketing analytics, using the right methods and tools to generate meaningful insights. They are also proficient in analyzing the data and optimize the campaign based on such information. Most importantly, they can save you valuable time, resources, and effort.
Keeping track of key ecommerce metrics can help focus your ecommerce marketing strategies to channels where your target customers really are – driving qualified leads and more conversions.
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