Top 5 Metrics to Focus On To Increase Conversion
Have you ever tried to get on a program to lose weight, shape up or get a six pack to win the love of your life? Yes you did and chances are, you used your weight as a key measure to track your progress and some frequent posing in the mirror, undressed and too sexy for your own good. Yet, despite the push and pull, you ended up hitting the plateau with your weight staying the same and your love flame disappearing into the darkness. What happened?
The problem is – you focused on the wrong measure! If you truly want to get those biceps and become the Fabio of your block, you should be measuring those biceps, not your weight. In fitness science, measuring your top 5 areas: 2 biceps, mid section and 2 thighs are the top 5 metrics that bring results.
The same logic applies in ecommerce. Contrary to the popular belief of focusing on conversion and abandonment rates, your performance will only dramatically improve if you measure the other top 5 metrics.
- Add-to-cart rate
- helps you focus on what works, on the positive actions of your shoppers.By studying what made those users click, you will discover better and more useful merchandising for your specific audience that wants to buy. In fitness, the equivalent would be your optimal heart rate where you start burning fat. Tweet this
- Engagement rates
- are super important because they all lead to moving your shoppers to buy. What is that your shoppers do most that adds maximum to the overall decision to click, engage and purchase? What combinations of actions? What site and page functionalities that transform most shoppers into buyers? Engagement rates are similar to your biceps measures, every move and inch matters.
- Real conversion rate
- does get you real, if you isolate your bouncers, seasonality, non-qualified traffic and add dollar value to what it means for you. Traditionally, most online retailers measure orders divided by visitors within the 30 days and despite the attractive simplicity, the value you get in this formula is harder to move and influence and tells you almost nothing to what you can do. In real life, it would be similar if you study a biography with only a piece of info in early childhood years, skip the young adult and mature years and go straight to the death bed with key life achievements. With the torn pages in the main lifetime years, you have no clue what led this unique individual to his/her life success.
- Time to purchase
- opens a question you should be constantly posing to yourself and your customers. How fast does it take to make this decision if I do everything perfect in the user experience and marketing for you? How I can help you, my customer, make this decision fast so that you move on to the sweeter parts of your fabulous life and better ways to spend your time. The health metric alternative would be knowing how much you need to workout to get your sexy body results. Tweet this
- Purchase frequency
- may bring you riches as it helps you identify what you can dial up in your customer lifestyle to add more interactions with your products. Similar to learning how often you need to run, jog and lift. Can you make your customer shopping experience as addictive as Facebook? Can you shape certain behaviors to add value to your shoppers to buy more often.
Do not chase the conventional wisdom, it never leads to anything breakthrough. Lose the scales and get a measuring tape. Figure out what makes your shoppers add to cart and how fast it can happen vs. obsessing about conversion rates.
Study your other engagement rates (clicks on videos, reviews) and all other things your shoppers do on your site before they add to cart. Get real with your true conversion rate and see how you can improve your site experience to facilitate faster time to purchase and increase purchase frequency with your merchandising and offsite marketing.
Do not be a silly marketer as Avinash Kaushik points out, measure what moves your shoppers from point A to point B and you might end up winning their hearts with your new definition of the shopping experience!