Hey everybody! We’re back with another episode of Whiteboard Wednesday, and this time we’re taking a step back and thinking about how to measure our performance in the past year. Watch the video below or keep reading for a full transcript.
Hey everybody! We’re back with another episode of Whiteboard Wednesday, and this time we’re taking a step back and thinking about how to measure our performance in the past year. We’re going to break down 6 conversion metrics for your ecommerce business and what they mean.
First, your conversion rate shows you how many website visitors actually signed up for your list or bought something from your store. This is the overarching metric that will show you how well you’re doing.
Sign Up Rate
From there, you’ll want to drill down into sign up rate, which shows you what percentage of people who see your campaigns are signing up. The big difference between conversion rate and sign up rate is that your conversion rate is based off of every single visitor, whether or not they saw a campaign.
Now, let’s drill down even further to see your campaign performance. Understanding these will help you make design decisions for next year’s campaigns. You’ll want to look at:
Sign ups by display type will help you decide which display type works best for your site: Pop ups, flyouts, banners, or bars?
Sign ups by trigger type shows you which types of triggers—timer, scroll, exit intent, and so on— are most effective at driving sign ups across one or all of your campaigns.
Sign ups by source shows you where the most qualified traffic to your site is coming from—are your best customers finding you from search, social media, or something in between?
Sign ups by offer type show you what kinds of offers work best—a percentage off, free shipping, and so on.
And finally, you’ll want to look at redemption rate. This shows the percentage of people who actually made a purchase using one of your coupon codes. This will tell you whether or not your discounts and offers are compelling enough to get people to buy.
So, now you know! If you’re a Privy customer, you can see all this in the Reports tab of your plan, or you can get this data from tools like Google Analytics. See ya next time!
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