KEY METRICS AND STATISTIC FOR ONLINE MARKETING
Every online business is engaged in generating sales and driving new leads. ?The measurement of both of those two activities adds up to what a business?s true score card is. However, if a business is going to attempt to improve its income, there are more statistics that should be tracked.
Without any analysis of a company?s marketing statistics there is no way to evaluate what to do if there is a slowdown in the industry. ?Without the ongoing analysis of what is happening at earlier points in the marketing funnel, a company?s management would have to be resigned to accept the occurrence as bad news.
Every business needs to track how many people are coming to visit their site on a daily basis. ?This is truly the starting point for all online statistical analyses. ?Watching how that number moves over time will provide clues as to which sources of promotion are working best, and which ones may need to be changed. ?After knowing how many people are coming to the site there is another closely related figure to watch.
The next basic statistic is conversion. ?How many prospects are taking a favorable action once they arrive at the site? ?Whether the favorable action is to sign up to receive email updates or to make an actual purchase, conversions must be tracked as percentage of how many people are actually making it to the site.
Once companies begin to manage their actual conversion rate, owners can begin to make decisions about what needs to be on the website and what needs to be offered. ?A number of these functions can be performed by installing what is called an analytics program.
Once a conversion rate has been established, the next step is to attempt to increase the percentage of visitors that take favorable action. ?To do this, management will look at each aspect of what a visitor experiences on the site. ?And then one by one, a process is undertaken to test different variables at each aspect of the experience.
By testing variables, management would be attempting to find some aspect of the visitor experience that results in a more favorable rate than the original established conversion rate. ?There are a number of different variables that management can test, five of which are:
1) Different words on the decision page
2) Different colors on the decision page
3) Different fonts on the decision page
4) Different alignment on the decision page
5) Different images on the decision page
A test is administered as follows. The marketer would create a second version of the page. ?On the second version, they would apply the tested element. ?For example, perhaps they might try a different image on the page (#5 above). ? ?The page with the tested element would be designated as the ?B? page. ?The page generating the original conversion rate would be designated the ?A? page.
As visitors arrive at the page, some visitors would be shown the ?A? version of the page, while some visitors would be shown the ?B? version of the page. ?With the appropriate tracking systems in place, the marketer would take a look whether or not the variable changed the conversion positively. ?The page which had the highest conversion rate would be kept to move on to the next variable to be tested.
Marketers call the process split or ?A and B? testing. ?Visitors are split between two pages where variables are tested. ?By consistently analyzing how the visitors respond to different variables, marketers will be working on continuous improvement in the conversion rate.
Source: http://www.name.com/blog/contentmarketing/2013/01/key-metrics-and-statistic-for-online-marketing/
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