All Past Recaps/Must-Measure Metrics for an Online Business + Networking Event (September 10, 2013)
Must-Measure Metrics for an Online Business + Networking Event
Event date: September 10 2013
Posted by: Amelie Walker-Yung
After a summer break in August, NYC Webgrrls reconvened at ThoughtWorks on September 10 ready to learn more to help build their businesses and careers. The discussion topic for the evening was Must-Measure Metrics for an Online Business.
Before we dove in to the metrics, everyone took 30 seconds to introduce themselves...tell us who you are and what you do, what you NEED, and what you can OFFER. This Webgrrls staple introduces everyone in the room and makes the informal networking at the end of the meeting much more focused. You know exactly who you need to meet! Attendees included founders of education startups, non-profits and travel websites, to name a few.
Chapter Leader, Nelly Yusupova, led the discussion, encouraging questions and input from everyone. She first defined some terms like impression (when someone sees your ad or website), CPM (cost per impression), conversions (clicks or actions taken once a potential customer gets to your website), CPA (cost per action), and bounce rate (the visitors who only see one page of your site before leaving). These are all important metrics to watch that can help determine changes you need to make to improve and identify problems with your website that could be affecting your business. It's best to check your stats at least once a month to keep an eye on your visitors and their actions, or lack of actions, on your website.
Nelly also talked about determining the Customer Lifetime Value (CLV), which is the amount it costs to acquire a customer. This important metric tells you how much and where to spend your marketing money. Learn how to calculate the Customer Lifetime Value.
Turning to e-commerce, we discussed how important it is to understand what is happening on the checkout page and customer metrics to monitor. Visits until purchase, average order size, per visit value, average number of repurchases, onsite searches, and coupon redemption rates are among those to watch.
Finally, we talked about Customer Loyalty and Referral Metrics. The loyalty between a provider and a consumer is very valuable, as are the referrals that can result. A high referral rate and, especially, a high referral conversion rate is what you want. How to get referrals? Sometimes it is as easy as asking. A happy customer can become your best salesperson. Customer loyalty also leads to repurchases, something else you want to track. Don't let your customers forget about you!
Webgrrls left with new knowledge on how to measure their success, armed with tools to improve that measuring.
This event exceeded my expectations. Nelly presented an organized, logical review of the key components of optimizing websites through the wealth of key performance indicators. She made a complex realm easy to understand.
Mary A Alonso
See you next month at the Build Your Social Media Footprint 1-day bootcamp! Use code NellyFriend to receive 10% discount. REGISTER NOW