Also called key performance indicators, the KPIs are milestones that configure progression. While conveying all plus and minus, ups and downs in sales, purchases, bounce rates, conversion rate, ROI or any other verticals, it creates a crystal clear picture of your store’s performance.
In other words, it sets the path to pass through, to recognise the challenges, to analyse the efficacies of strategies and to discover some breakthroughs. Every E-retailer, like any other entrepreneur, wants to play some big shots for multiplying their revenue by leaps and bounds. The apparent picture of their performance can help them hit the bull’s eye.
Best KPIs for Measuring Marketing Performance:
The marketing should be persuasive enough that the results start gaining appreciation. Such an impressive influence can be created through smart SEO tweaks. If they are coupled with social media promotions and Google Adwords after a thorough observation of the KPIs, market trends and consumer behavior, the outcome amplifies revenue.
Here are a few KPI metrics that can help you wade off marketing challenges:
- Website traffic: Like the on-road jungle of automobiles, the website traffic defines how many visitors explored your website.
- Average session on the website: It illustrates the average time being spent on your website in his one visit.
-> [Average sessions= Total session duration/ Total number of sessions]
- Page views per session: It describes the average number of views a webpage receives during each session. The improvement in the number of views subtly displays that the traffic loves to explore the website.
-> [Page views Per Session=Total number of page views/ Total number of visitors]
- Bounce rate: The bounce rate is the percentage of visitors bouncing out of the web page upon viewing just one. The lower the bounce rate, the better it is for its visibility.
-> [Bounce Rate=Total number of one-page visits/ Total number of entries to a website]
- Email list growth rate: Here, the percentage of subscribers that points at the appreciation or depreciation in the count of subscribers who clicked and subscribed to it.
-> [Email List Growth Rate= [(Total number of new subscribers-Total number of unsubscribes)/Total subscribers] X 100]
- Email bounce rate: The percentage of unclicked emails that were sent, but not clicked.
-> [Email Bounce Rate=(Total number of emails that bounced/ Total number of emails sent) X 100]
- Email open rate: It is the percentage of who has clicked and opened the link in the email.
-> [Email Open Rate=(Total number of unique open/ Number of total emails sent successfully) X 100]
- Email Click through Rate (CTR): Like click through rate, it shows the number of clicks on the links in the email.
-> [CTR= (Total number of individual clicks/ Total number of emails open) X 100]
- Email conversion rate: It figures out the percentage of email recipients who have completed the purchase upon clicking the email.
-> [Email Conversion Rate= (Total number of conversions from email/Total number of emails sent) X 100]
- Average CTR: It represents how many visitors visited and then, clicked. It signifies whether or not the visitors are finding relevant content that meets their intentions.
-> [Average CTR=Total number of clicks that an ad receives/ Total number of impressions]
- Social media engagement: The engagement tells how many prospects and current visitors have your brand in their likelihood. If it happens on Facebook, Instagram and any other app, the soaring number of comments, reviews and likes mark the social media engagement.
- Pay Per Click (PPC): By PPC, you can determine the amount you are spending on every click of your product ad. It derives a clear sense of your SEO and Google Adwords performance.
-> [PPC=Total advertising cost/ Total number of ads clicked]
- Cost Per Click (CPC): It refers to the money that you spend for converting a visitor into a buyer.
-> [CPC=Total cost for generating the traffic/total number of conversions]
- Customer retention rate: It is the percentage of customers who returns and buys from the website. You can compute it, as given below:
-> [Customer Retention Rate= {No. of customers at the end of a specific period- Total no. of customers during that period}/ Total no. of customers at the beginning of that period X 100]
- Conversion by device: It defines the total number of conversions pertaining to a particular device, such as mobile phone or tablet or desktop.
The aforementioned performance indicators are a significant key to unlock hundreds of ways to remove discrepancies and span across the e-Commerce challenges which can hamper your marketing campaigns. The digital marketing experts can easily deploy their expertise to draw these KPIs for analyzing their marketing performance.