What metrics do you track most to determine the success of your business?
I am close to launching a website for my artwork! I am hoping my online sales will give me a better idea of where my audience is coming from, in order to better direct my marketing efforts. Is this the most important metric to look at? What other metrics should I be tracking from my website to help manage the success of my business? Thank you for your answers!
You are looking for business success and not website performance, isn't it? I hope I get that correct.
Let's say this is the successful formula you want:
Inspiration x art skills x art tools x marketing & selling x operation x finance = profit
The role of your website should perform some functions above, and you should base on the above to extract the metrics to match your formula.
Take "operation" for example, we can extend the formula to:
Orders from sales x logistic x human resource x operation platform x artwork warehousing x CRM x post sales service x artwork handling = costs - potential sales
Metrics from your website may be:
1. no.of clicks per sale
2. web sales transaction/ web operating cost
3. web orders/ total orders
4. web orders/ transportation costs
5. order returns/ total order
6. web data will be part of the data to calculate stock level and reorder level of a particular artwork
7. respond time to order from the operation employee
8. no. of complains per month/ day
The best way to track success is to include metrics from start to finish of the process of lead acquisition to purchase. I think some of the below answers already address the internal sales metrics for post purchcase analysis. So, I'd like to share what I think should be considered for pre-purchase analysis.
Definitely install Google Analytics on all your webpages. This will allow you to track a lot of data on your potential customers, from what source brought them to your website, where they are from, what pages they visit, how many pages they visit, how then they stay on each page, and more.
These metrics will help you assess things like where people come from to get to your site and how to capitalize on that; what is the most common or best flow of users through the website; is there a page people get lost on and how can you fix that, etc. This will also help you see what some people who made a purchase looked at in addition to the purchased item for potential upselling.
best work with the right tools, so they provide you a number of different informations. You don't only want to know from where your audience is coming, but do they like it, what are they looking for, why did they come to your site, why didn't they buy something, give aways, landing pages, newsletters to visitors with a work put in the picture. you can do much more. Succes
Website metrics are only part of the equation. With website metrics make sure you use a tool such as Google analytics to track where leads are coming from, as well as what they are clicking on.
Are you using a newsletter? If so you'll want to look at those metrics as well.
You also want to examine your financial metrics. What activities are producing the greatest amount of return for the initial investment.
A dynamic and Complimentary team contributes to the success of any professionally managed business
Number of traffic of visiting your website
Comments and feedback
What is your website? I will check it out and see what I can recommend more
Great question...The website is a great idea and a great way to market your artwork. Through certain analytic tools, you will definitely be able to not only gather where they audience is coming from, but other dynamics to help define your audience. Also on your website, you can place an action call that will allow your viewers to leave you information about themselves. You want to also track the age, income, and how they found out about you. As an artist, you will be able to tailor your marketing efforts better when you know who and where your base is coming from and ways to interact with them to increase your sales. But I would also encourage you to work with a local marketing or pr firm to create events around your art. It is a great way to be face to face with customers and gather information to create a strong database and send traffic to your site.
Try and get cart statistics . If it is possible for you to track the cart behaviour of the buyer ; it will help you enhance your website as well as your core product [ artworks ]
- Sales lead data should be synchronize with your marketing.
- Predefined questions including like " where did you find us?"
- Google analytic data " Location, keywords or referral sites etc"
- Lead details like company, position etc.