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it’s easy to be overwhelmed with selecting the right ones to track. How do you distinguish between vanity metrics — numbers that look great but don’t propel your business forward — and the actionable metrics that can improve your business’s bottom line?
Tracking the wrong data can result in missed revenue and lost customers. Learn how tracking the right ecommerce metrics at the right time can provide the objective insight you need to achieve your company’s goals.
It’s important to identify the key data that can help you grow your business—and this data is different for every organization. But here are seven metrics that you should already be tracking to optimize your business objectives.
On the surface, metrics and key performance indicators (KPIs) seem interchangeable: Both are objective data points used to evaluate a business process. But while all KPIs are metrics; not all metrics are KPIs.
All measurable aspects of a business. They are used to track and analyze specific business processes.
Specific metrics that add business value and demonstrate whether your organization is achieving its objectives.
KPIs offer deep insight — rather than the broad view metrics offer — into how effectively you’re achieving your key business objectives.
Each business must determine its own optimal measurement periods of critical ecommerce metrics. For some, weekly measurements might provide the general directional indicators needed; other organizations may prefer the solid insight on long-term movements that yearly metrics provide.
When determining measurement frequency, consider these factors.
How much time will elapse between when you make a change and see the effect? The longer the lag, the less frequently you need to measure.
Frequent measuring may help you improve performance by ensuring you're staying on course.
Frequent measuring offers general directional indicators but not pinpoint accuracy. Less frequent measuring provides solid numbers through bigger samples.
Frequently measure metrics that require immediate improvement.
If the benefits of improved performance outweighs the potential cost of frequent measuring, more frequent sampling is suggested.
Establishing and tracking KPIs and metrics are critical to your business’s success, but there’s no one-size-fits-all approach. By selecting the measurements that are most important to your goals and then measuring them with the appropriate frequency, you can position your business for year-over-year growth.
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