So, you’ve launched your business website. Now what?
The process of establishing a website for your business doesn’t end when the site finally goes live. You still need to ensure that it serves a purpose, whether it is to get more visitors to learn about your product or website or to ultimately make a sale. This is why you need to keep track of your website’s key performance indicators, or KPIs. These include various metrics like traffic and visits, bounce rate, leads and conversion, among many others.
This information will tell you exactly how well your website is doing and where you should focus your efforts to succeed. The following is a list of metrics you should follow to measure your website’s performance.
Top Metrics to Focus On
Visits: A “visit” is an individual visitor who arrives at your website and proceeds to browse. This metric counts all visitors, regardless of the number of times they’ve been to your site. This gives you a better picture of how well your campaigns drive traffic to your website. Based on a HubSpot study, a typical B2C company website with 6-10 employees should have an average of 276 weekly visits. That number should scale up as your business grows.
Conversion: You built your website with a specific purpose in mind. That’s why you need to know how many of your visitors actually bought the product/service or enquired. Divide sales by total visitors to get the conversion rate. Using Invespcro’s detailed conversion rate benchmark, you can see that the global average for e-commerce websites is 2.86%. Focus on improving your conversion rate, as this directly relates to your revenue.
Channel-Specific Traffic: When you’re measuring the number of visits your website gets, it is important to filter them based on their point of origin. These channels tell you exactly where the visits are coming from so you can identify where you should focus your campaigns more. For example, you’re getting visits mostly from social media channels, but your product isn’t really selling well. Perhaps you’d want to boost your SEO and SEM campaign and get visits from actual web searches.
Page View: Page views or impressions are the number of pages a typical visitor browses on your website. Once they arrive at your site, it’s important to retain their interest so they will browse around the pages, hoping they’ll learn more about your products or even go to your sales page. On average, a visitor will look at about 2.5 pages. Use this metric to gauge if the content of your individual pages is interesting enough to encourage your visitors to browse around.
Bounce Rate: This performance indicator tells you how good your website’s content is. Upon landing on your page, a visitor stays roughly around 8 seconds before they decide to leave your page. The bounce rate, however, depends on the industry. In this bounce rate benchmark created by Digishuffle, an automotive website usually has a 46.34% bounce rate, while a literature website has a 61.21% industry average. Check and see where your page stands to know if you need to update and freshen up your content.
Other Metrics to Consider:
- Lead: A lead is a potential customer that expresses an interest in your product. Unlike your regular visitors who stumble upon your website through search engines, leads are typically obtained through an online referral scheme or through a direct response to marketing activities.
- Lead to Close Ratio: To get this ratio, divide your total sales by your total leads. What you get is a ratio that defines your sales success independent of your marketing efforts.
- Cost per Lead: This gives you a look at the cost of your chosen campaign versus the total number of leads you generated with that channel over the same period, to know if it is worth maintaining.
- Customer Value: To know this, you have to take into account all sales the average customer will initiate over the course of your relationship. This determines if your effort to retain the customer is worth it.
- Customer Retention Rate: You get this by calculating what percentage of customers return to your business to buy again. Low customer retention can mean that a product lacks appeal, or you need more outreach programs.
- Projected Return on Investment: Simply put, a positive ROI means your strategy is effective, while a negative one means a serious need for adjustment. To compute, compare your cost per lead against your lead to close ratio and compare that figure against your average customer value.
For example, you pay $50 per lead and close 50% of your leads. You’ll be spending $100 for a new customer. If your average customer value is more than $100, you’ve generated a profit and your marketing campaign can be considered a success.
Keeping these metrics in check will give you a deeper understanding of your website’s performance. You’ll have the opportunity to adjust and refine your approach before you misspend your budget on campaigns that don’t work. With a proper website, you have a platform to educate your customers about what your company has to offer. It also serves as your sales and payment portal where visitors can directly transact with you. A good website builder like semilimes can help you craft your website from scratch. Through it, you’ll be able to incorporate what you’ve learned from the abovementioned list to ensure success for your business.
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