Key Performance Indicators, Goals & Actionable Next Steps

At InMarketSuccess we specialize in analyzing the data that really matters to your business. To help evaluate success we define KPIs (Key Performance Indicators). Since each business has their own objectives or goals KPIs are often unique. The broad spectrum of data we can get from Google Analytics has it’s purpose but to really leave with an actionable next step unique KPIs are a MUST for every business.

It”s important to define specific KPIs for your own business. Looking at a website and deciding how to help increase orders, or improve conversion rates can be an overwhelming task. We have a more outlined approach starting with a KPI.

To keep it broad lets look at Conversion Rate as a KPI.  We often get asked: “What is an average conversion rate?”… there isn’t a great answer because it can vary so much from business to business and product to product. The better question is what is MY average conversion rate for the last month, last quarter, last year and what is it now. Compare Apples to Apples with the goal of improving your conversion rate over time. An even better question is “what am I doing to affect my conversion rate?”

When we talk about conversion rate it doesn’t need to apply only to an E-Commerce site. Most analytics programs can track form submissions, request for more info, webinar signup, banner clicks etc. So the objective here is to understand what level conversions rates are at and how they can be improved. We have a KPI or goal then we can create smaller objectives to help reach that goal. So here is how we’d outline it at InMarketSuccess–>

• KPI: Conversion Rate (Look at last 12 months, monitor monthly)
  • Smaller Objectives to Affect the KPI:
    Setup a goal in the checkout process to identify where users drop off
    • A/B Test the product page
    • Offer different payment options
    • Test Sales Copy
    • Segment traffic in analytics to identify conversion potential for segments of customers (organic, paid, social mobile, new, returning etc)
    • Segment keywords by conversion potential

These are some general ideas. It is a basic concept but very helpful to get the most out of your analytics. The approach above could apply to any KPI for any business. Start with a KPI, measure it and then define smaller steps to help affect that KPI. This is our approach at InMarketSuccess to help us define actionable next steps.