The most successful eCommerce businesses make decisions based on metrics.
There are thousands of metrics you can track, but only a few of them directly represent the state of your business and can be turned into actionable insights that help you grow.
So let’s talk about some of the most important things to track for your ecommerce business:
When you’re tracking the above properly you’ll get more sales, you’ll have increased conversion rates, and you’ll have happier customers who come back and buy more.
Let’s take a look at these in detail:
What is Lead Scoring?
Lead scoring is a shared sales and marketing methodology for ranking leads in order to determine how hot a prospect is.
You score leads based on the interest they show in your business by assigning points to them. Ie.. 30 points for submitting a webform, 10 points for downloading a PDF etc….
Lead scoring helps companies know whether a prospect is ready to make a purchase, or needs to be developed with lead nurturing.
Different actions can then be taken depending on a prospects score. If they have a high score and so are considered to be a hot lead, then you can trigger them straight into a sales campaign.
If they have a lower score, and need a little more nurturing you can trigger them into a Long Term Nurture campaign.
Firstly, What is a Lead Source?
A lead source is, in the simplest of terms, is the first channel through which a lead visited your website.
Essentially: how they first found you.
This could be through a Google search, it could be by them clicking a link to your website on another website, or it could be as simple as them clicking a link in a tweet that takes them to your website. All of these examples are potential lead sources but there are many many more.
Lead sources and reporting go hand-in-hand – with lead sources you can see which channels drive the most conversions on your website, and which of those conversions actually turn into customers.
It’s very important that your list is a healthy one. So how do we know if it’s healthy or not?
There are a few things we can look for
Low Bounce rates - A “bounce” occurs when you send an email, but the email doesn’t get delivered. You can read our blog on all the different bounce types here
Low Spam reports - This is when someone reports an email that you sent to them as being spam. While you might think this simply means that the email gets moved to the spam folder, it actually has a greater impact than that. Most major email services will start blocking the IP address all of your emails are sent from if they receive more than a handful of complaints. This has a direct impact on your email deliverability and your ability to send any emails, not just emails to the account who reported you as spam.
Low Unsubscribes - An unsubscribed contact is a contact who has clicked on an unsubscribe link in one of your emails. You can not market to these contacts again without getting their permission. If you’re getting a lot of unsubscribes, then that could mean you’re not communicating properly to your list.
Highly engaged contacts - A highly engaged contact means the contact is actively reacting to messages, opening them and clicking the links.
To sum up, a healthy list consists of very few bounces, spam complaints and unsubscribes, and is full to the brim of highly engaged contacts who are eager to get their eyes on your sales emails, and are ready to buy your awesome products!
Behavioural segmentation is the process of dividing the total market into smaller groups based on customer buying behavior.
Behavioural segmentation is done by companies on the basis of buying patterns of customers like usage frequency, brand loyalty, benefits needed, during any occasion etc. It is done keeping in mind the needs and wants of a customer based on the behaviour that they show.
Advantages of behavioural segmentation
There are several benefits of segmenting on the basis of customer behaviour. Some advantages of behavioral segmentation for Ecommerce are:
1. It helps a company identify customers with a similar behaviour. This makes it easier for companies to target them.
2. It provides you with data you can use to get more sales.
3. Brand loyalty can be further built upon those customers who have shown an affinity towards a brand. Therefore behavioural segmentation can create a loyal customer base.
Next I’m going to move onto Behavioural Engagement and what to track.
If you want to use behavioral marketing, you have to track what prospects, subscribers, and customers are doing. Here are a couple of the most common behaviours that we can look at:
Customers and what they have bought: You can use the past purchases of your customers to create better product recommendations, send them discounts, and other marketing emails to increase their loyalty.
Activity: Where are your customers clicking? Which CTAs work for them? You can use this information to create more relevant messages.
In Infusionsoft, we can track Behavioural Engagement by using tags. If you don’t use Infusionsoft, then you may want to look for another way to track Behavioral Engagement
Here are some examples of things we might use tags to track for:
What campaigns contacts are in
Recency - how recent did they last make a purchase
Frequency - how often do they make a purchase
Monetary - what is the total value of their orders
What system do you use? How are you tracking? Would you like to chat to an expert about anything marketing related? Then why not book a free Marketing Therapy Session.
The Marketing Therapy Sessions are about you. No pitching or sales jargon from us - we promise!