Achieving Business Objective

Posted on Posted in Analytics, Good Website ROI, KPI and Metrics

Achieving your Business Objectives by Crafting a KPI Strategy

Know your website, don’t bury your head in the sand.

You thought that website data / KPI strategy and all those numbers were just for the IT guy? Think again. Your website is a critical tool in your marketing arsenal, and the data that it can provide is seriously invaluable for refining your web design and user experience (or in some instances completely overhauling or re-designing your website). Here I’ll be letting you in on the must-know Key Performance Indicators for boosting sales, converting more visitors and, ultimately, growing your profit. Oh, and don’t worry – I’ll start by answering the question (minus the mind-bending industry jargon) of “what are KPIs?”

KPI do what now?!

In straightforward terms a Key Performance Indicator is…

Value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets.
– Klipfolio

Ultimately a KPI can tell you whether what you’re doing, is working, or whether you need to reverse the engines and have a re-think. KPIs can span all areas of business – from sales reports in the office to your website.

You Business needs a KPI Strategy

Here are three of the most critical, and basic, KPIs related to online success. These are each linked with an ‘end-goal’ and wider business objective.

Here are three of the most critical, and basic, KPIs related to online success. These are each linked with an ‘end-goal’ and wider business objective.

1. Conversion rate
Conversion rates could be based on anything from making a sale, to gaining an enquiry via a contact form. All of the data leading up to this point (such as how the visitor arrived where they did, and how many visitors dropped off before this point, should help shape your website presence). This is the purest example of how KPIs and business objectives merge.

2. Bounce Rate & Time on Site
These are the most fundamental indicators of how good your user experience is – demonstrating whether your customers can discover what they need and if so, how long they took to find it. Conversely, data that shows your visitors leaving immediately (bounce rate) is a red flag that should be immediately explored and analysed.

3. Average Order Value
If you own an eCommerce store, then you really need to be focussing on average order value – boosting this drives down the cost of customer acquisition, as well as decreasing the cost of fulfilling each order. Tactics to foster better average order value includes cross-sells and up-sells.

For a seriously in-depth rundown of the top twenty KPIs for Google Analytics, you should check out this blog from WebSEO.

Accessing Analytic Data for your Website

Now you know of their importance, how do you access this data?

In order to get your hands on the data outlined above, you need an analytics tool – for which I unequivocally recommend Google Analytics.

Whilst there are other, more advanced website analytics programs out there (such as software that shows heat maps, and other bells and whistle features) Google Analytics is easily robust enough for 95% of SME needs. It’s also relatively easy to set up (give us a call and we’ll get you started).

If you believe that you may need something more advanced, you might want to read through our blogs or the easy option, just give us a call and we can run over your analytical needs, and help you come up with a great plan of action for your online assets.

Want some insight into the KPIs you should be measuring yourself against? Need to know exactly what you should be focusing on for website visitors that convert more effectively? Whatever you need – even if you’re still pretty unsure as to how to make the most of KPIs and website analytics, Green Arrow Consultancy is ready when you are. Let’s get started.