I don’t do predictions so I thought I’d give you some tips, whether you’re in e-commerce, the lead generation business or the media advertising business.
If I could only do 5 things using Analytics for my business in 2010 these would be the first things I’d do.
- Measure segmented outcomes. In e-commerce it’s easy, measure conversion rates to sale across your different traffic sources. With lead generation measure conversion rates of how many people sign up to hear more about your services. With the media business the outcome might be the amount of heavily engaged visitors. Those that stay on your sites longest and see the most pages are able to see more adverts. By segmenting you’re able to determine the traffic sources to concentrate on (the one that drives the most outcomes).
- Do statistical analysis. By doing statistical analysis you can pinpoint where you should look. It shows you where the “abnormal” trends are. A couple of years ago I wrote about a method to do this so rather than repeat it here, please check it out. Google Analytics also does this for you now (their intelligence feature) so if you use GA make sure you start there.
- Measure segmented bounce/exit/abandonment rates. As a place to start monetizing your potential. These metrics indicate people who haven’t found what they wanted. In all three sectors you have different reasons for not wanting this to happen. In e-commerce sites you don’t close the sale if the abandon from your shopping cart process. In Lead generation sites you don’t get the lead if they exit from your form sign up page. In Media sites it’s not ideal from your revenue perspective as 1 page visits (especially) don’t add up to many advertising Euros. Segment here again to find the worst sources of traffic so you can see if it’s worth eliminating them or changing your content/processes to reflect what people want.
- Include other data sources. You don’t live in a vacuum, your competitors might be the reason your conversion rate is low if you’re in e-commerce. What if they sell the same product you do at half your prices with twice your shipping speed? If you’re in the lead generation business check out whether you are outperforming your competition. You may be driving 20% more traffic (and thus getting 20% more leads) than last year which is a result but only if you outperform the rest of your market. If you’re in media advertising well you need external numbers to compare how well your competitors are driving traffic so you can put your own traffic into context.
- Monetize, Monetize, Monetize. At Kwantic we monetize everything we can. In e-commerce it’s very easy, improving conversion = €xxx,xxx similarly with lead generation any improvement in exit/bounce/abandonment translates to potential value. With media sites you either cut your costs, increase your traffic or get more engaged traffic. Increased traffic or more engaged traffic means more advertising can be sold thus increasing revenue.
So, there you have it. Short and hopefully sweet. Only one thing left to say… Happy New Year!