Data is useless unless you do something with it.
Are you tracking metrics for the sake of tracking? How often are you doing something about your numbers? How often are you trying to impact your numbers? Are you even looking at your numbers?
Google Analytics, Omniture, Coremetrics are among many of the detailed and robust web tracking tools available. These tools tell you what’s happening, but they don’t tell you what to do about it.
Data is a hammer. On its own, it does nothing. In the hands of a skilled carpenter, it can create something beautiful.
You don’t need more data, you need expertise
The world of stock trading showcases the difference between data and expertise every day. This is an industry where everyone has access to similar data. Tools like E-Trade, Scottrade, Fidelity, and many others display huge tables, charts, and an array of real-time market data. Yet none of these tools suggest which stocks to buy, hold or sell.
If data reveals what to do next, then why aren’t we all winning in this lucrative game? It is because data is not enough and expertise is the difference between making a hugely profitable trade and a losing a fortune.
Data and expertise for eCommerce
eCommerce improvement starts with finding imbalances in on-site metrics. Things like:
- Your best converting content is rarely seen.
- Substantial product searches with zero conversions.
- Landing pages that can’t move customers down the journey.
- Your ad spend is skewed towards Monday when Sundays convert better.
In my experience, fixing just a few imbalances leads to massive positive outcomes for the business.
Imagine you found the data below from the Landing Pages section of your analytics tool. The Landing Page is the very first page a user enters your site:
What do you see? Do you recognize any imbalances or opportunities? I highlighted one below:
For a majority of eCommerce stores, product landing pages carry a high conversion rate because users typically arrive from one of the following sources:
- Direct search for product
- Retargeting Ads for product page the user already visited
- Email campaign featuring product
- Referral link from a peer sharing the product
This means the user wanted to directly see more information about that specific product showing high interest and potential conversion.
A high ranking landing page with a low conversion rate is an imbalance. Improving this specific page so that it reaches site-wide landing page average would yield the following in incremental revenue:
2,771 visitors x 1.3% conversion rate x $47.19 order value = $1,699 extra revenue per month
To fix this issue, the first recommendation is to check site speed. Site speed plays a larger role in site conversion than design. This data from Google demonstrates the power of site loading times. See how quickly people abandon a site altogether if it takes longer than 3 seconds to load.
If you are using Google Analytics, Google provides specific instructions on a per-page basis that impacts site speed. Fix those elements with a developer and you will see a dramatic improvement.
Often, the number of Page Speed Suggestions will detail individual scripts from multiple technologies that are slowing down your page load times. This is where script consolidation makes the most sense and finding technology solutions that can launch multiple experiences rather than a point solution.
In this case, the site load time for that particular product is almost 11 seconds:
Does your data need a fresh pair of eyes?
Reviewing and combing through data can be a painful process, but I can’t think of a more important exercise to complete before embarking on sourcing solutions to improve your site’s marketing performance.
Before thinking of adding a new program to the site, think critically about which metrics you think it will improve before you think about the program improving the bottom line. Most point solutions have an immediate metric they will impact before a final revenue number.
This was just one example in a new series of posts we’ll be doing to showcase what to do about analytics and how to improve your eCommerce performance. Share this article using the notification floating below and subscribe to our blog newsletter to stay informed.
Are you ready to discover your marketing imbalances and opportunities? Let's talk data.