What metrics should I measure? Yes, this song is about you.
(Ok, bad joke.)
After ten years I’ve noticed that clients and colleagues either want to measure everything, or don’t know what to measure – due to choice paralysis.
Did you learn to dive using the high dive or the edge of the pool?
(Expcet for those taught by Major Payne, we all know the answer.)
Start simply, then dive deep – if needed. I’ll use the example of a bed and breakfast that takes online reservations.
The 2 areas I’m most concerned with are exposure and conversions. Exposure is all about how many people are coming to my website. Conversions measure how many people make a reservation.
With this data I can determine my overall conversion rate:
Conversions / Exposure = Overall Conversion Rate
If I get 1000 visitors and 20 conversions, my conversion rate is:
20 / 1000 = 2%.
Now I have a benchmark. If my conversion rate drops below 2 or sky rockets, its a hint that I should dive deeper to understand why.
Bounce rates, which if really high might mean that your pages do not match visitor expectations. Or abandoned cart rate, if too high, may mean your checkout process is too complex.
Conversely, maybe a specific blog post has attracted a large amount of reservations – meaning you should write similar articles.
Start with only a handful of metrics (2-3) and based on the results decide if you should dive deeper. This will save you time and help you focus on efforts that drive business.
What metrics do you find most important?