Acquiring business data is the power to dominate over competitors these days. With the increasing superiority of online businesses over the traditional ones, it’s getting essential for business owners to get the most out of their business while taking count of their business metrics. As the holiday season is right on our heads and the final run for the big year ending sales is on, businesses should totally concentrate on best managing their Key Performance Indicators (KPIs) for online success. Monitoring business crucial KPIs will not only help entrepreneurs to identify sales and marketing progress but also help them to match customer service goals.
Depending on your selected unique business goals, KPIs should be picked and monitored with the help of a professional Florida SEO company. If you are unaware of business performance indicators, then let us help you with the details. Also, make sure to follow this article till the end to acknowledge crucially impactful business data that will help increase business performance and, ultimately, the year ending sales.
What are the Key Performance Indicators?
KPIs are measurements that accurately and summarily show whether a business is progressing towards its set goals or not. KPIs for e-businesses are as crucial as goal and strategy settings. KPIs deliver information about business and customers so that strategic and informed decisions can be taken. But, KPIs aren’t vital on their own. The real value of business KPIs lies in the acquired actionable insights that professional SEO agencies in Florida can utilize to make strategic decisions. Business owners can accurately create strategies to create more online sales opportunities. In addition to this, the data derived from KPIs can help employees to solve critical business problems.
Types of KPIs for Online Businesses
There are different types of key performance indicators available, which can be measured and reviewed according to your business requirements. KPIs can be chosen with regards to determine quantitative, qualitative, business future prediction, past performance, and more. When it comes to online businesses, irrespective of B2B or B2C nature, KPIs are generally divided into five categories.
* Project Management
* Customer Service
Businesses can choose KPIs according to their target requirements. Though all the performance indicators can be used by any business, B2B businesses should target more on marketing and project management KPIs whereas sales and customer service KPIs are more important to the businesses of the B2C niche. We recommend B2B businesses should take help from a trusted SEO agency in Florida to thoroughly determine and process business KPIs. Whereas, B2C niche businesses should consider hiring professional Shopify SEO services, Magento SEO services, or a WordPress SEO company to select and focus on business KPIs. Let’s start with our sales, marketing, and customer service supporting key performance indicators, which are the most crucial ones to be taken care of on a regular basis with professional help.
Sales KPIs for Online Business
Sales KPIs are measures that indicate conversions and revenue. B2C businesses can use sales KPIs to look into various aspects of their sales channels. Here is the list few crucial KPIs that your B2C business must monitor with the help of a professional Florida SEO company.
Average Order Size: Determines how much your customers averagely spend on a single order.
Average Profit Margin: It represents your business’s profit margin percentage over a period of time.
Gross Profit: It calculates the total cost of products sold from the total sales.
Conversion Rate: It determines the rate of users’ purchase compared to the total of the total number of visitors.
Transaction Numbers: This reveals the total number of transactions. Professional Shopify SEO services use it with average order size and a total number of visitors to determine other business insights.
Abandonment Rate in Shopping Cart: It determines the number of users who add products to the shopping cart but don’t check out. This number always should always stay minimal as higher abandonment rate results in business losses.
New or Returning Customer Orders: This KPI metric will help you to obtain a comparison between new and repeat clients that your online business receives.
The affinity of Product: This will determine which or how many products are purchased together. This will perform cross-platform strategies.
Product Relationship: It determines which of your online offered products or services viewed by customers consecutively so that business owners can take the help of Shopify SEO Services to improve and focus on them to promote constantly.
The Level of Inventory: It’s a crucial online sales KPI that could show you the count to your total product stock present on hand, what products are sitting long in your online store, and how quickly your products are selling.
CLV or Customer Lifetime Value: A pretty crucial one to keep tracking. Customer targeting WordPress SEO companies and Magento SEO services always keep strict eyes to it to better optimize the business relationship with clients over the time. It determines the customer worth over the course of their relationship with your business.
CAC or Customer Acquisition Cost: This KPI reveals how much your business is spending to acquire a new customer. This can be determined by professional SEO agencies in Florida easily by looking at your total marketing spend and how it divides down per individual customer.
Marketing KPIs for E-Business
The marketing KPIs will help your e-business to determine the progress of advertising and marketing goals successfully. These KPIs directly put an impact on your sales KPIs. Your business marketing professionals, as well as professional Shopify SEO services, use these below mentioned KPIs to determine which products are selling, which customers are buying them, how they are purchasing them, and when, why, or where they are buying them. The data acquired from it eventually help e-businesses to improve their marketing strategies for the future. The marketing KPIs that we are mentioning below can be easily determined with the help of a trusted SEO agency in Florida.
Website Traffic: This one refers to the overall count of web visitors to your business website. The count here must stay high so that your website will receive more business.
New and Existing Visitors: Well, we don’t reveal much about new sand existing visitors. This marketing KPIs will help businesses to gauge their success with digital marketing campaigns. We suggest online businesses always to hire a trusted Florida SEO company to get the best results for their web sales.
Total time Spent on Website: As clear to its name, this KPI refers to the total amount of time visitors spending on your web portal. The more time they spend on your website, the better their engagement with your business brand will be. With the help of expert SEO services in Florida, you can create customer enticing and knowledge sharing content pieces and eye-catching landing pages that will allure your website visitors to spend more time on your website, which checking different sections of it and your business offerings.
PPV or Pageviews per Visit: This marketing KPI will determine the average number of pages each of your website visitors browse during their visit to your web portal. The more pages they browse, the better your engagement. You can also determine how many clicks it’s taking or the most user preferred path for your product purchases.
Bounce Rate: The number of web visitors that exit your website after browsing only one page or just after few seconds after their visit will be determined by the bounce rate. Online business owners should prioritize their efforts to minimize the bounce rate for their website. We suggest taking niche expert help from Florida SEO services to handle such issues successfully.
Average Session Duration: This refers to the average amount of time a web visitor spends on your website in a single visit.
The Source of Traffic: Another crucial marketing KPI to take not of. It refers to where the web visitors are finding your website and visiting it. This eventually helps you determine which marketing channel is the most productive for your e-business and take future actions accordingly.
Mobile Device Traffic: The importance of this KPI is really standalone, especially in the 21st-century era, where portable devices are a crucial part of our day to day lives. This will monitor the number of web visitors accessing your website through mobile devices. E-business owners need to mobile-optimize their business website at earliest with the help of a professional SEO agency in Florida to gain more number of online visitors as well as sales and profit.
KPIs Related to Subscribers: Well, this one has multiple KPIs included inside it, such as newsletters subscribers, texting subscribers, the growth rate of subscribers, etc.
CTR for Marketing Emails: The CTR rate for email will help you determine exactly what percentage of your subscribers open your promotional emails, and the number of subscribers clicking the website referring link after opening it. This eventually helps you determine the website traffic that your business is driving from email campaigns.
Chat Sessions: This one is solely for online businesses that have live chat support on their website. The number of chat sessions successfully initiated refers to your user engagement and about their common queries and questions regarding your website.
Social Followers: The presence of your online business in different user popular social platforms such as Facebook, Instagram, Twitter, Youtube, Snapchat, etc. is extremely necessary these days. This KPI will determine the total number of loyal fans, followers, and likes your business has for its social networks. E-businesses can even take help of creative Shopify SEO services to best promote their products and service offerings on different social platforms and gain more brand awareness, customers as well as a loyal fan following.
Click Rate: This KPI will show you the count of clicks your promoted business links get. This KPI can be applied to almost any place; on your social media campaigns, email campaigns, website, Pay per Click Ads, display ads, and more.
PPC Traffic: PPC is an undivided part of every online business. If your e-business is running a PPC campaign with a renowned Florida SEO company, then this KPI will be extremely helpful for you as you can view the count of traffic your website is receiving through the PPC campaign.
Blog Traffic: If you are not aware of analytic tools, hire budget suited Florida SEO services that can determine your blog traffic by filtering various analytic tools. This will also help you to create more customer-impacting content pieces for future business promotion.
Business Reviews: Tracking your business reviews is essential these days, especially if you are running an online business. They will provide proof to display among potential clients regarding your product or service quality. Business reviews will also help professional SEO agencies in Florida to drive more results for your online business, if only you hire one to best support you.
Apart from above e-businesses can also keep track on other marketing KPIs such as display advertising CTRs, performance rate for affiliate marketing, average CTR, average search engine position, social engagement rate, and more to keep a better track of how their online business is performing, where it lacks in performance, and how you can improve it with the help of high-standard SEO services in Florida.
Customer Service KPIs for Web Business
If you want your business to prevail and serve you better results compared to your long list of business competitors, then customer service is a point that you should never miss. These important e-business KPIs will help to determine how effectively your business is serving to its customers. As the customer satisfaction level matters, a lot for new as well as returning customers, online business owners should never ignore to keep track of their customer service levels. Let’s have a look at a few crucial customer services KPIs that you must measure to receive e-business success.
CSAT or Customer Satisfaction Score: This particular KPI can be measured by customer responses received from common survey questions with a numbered scale. Make sure to hire a Shopify or Magento SEO service to determine the customer satisfaction score for your e-commerce website, whereas expert Florida SEO companies can help you prepare successful strategic plans to reveal your customer satisfaction score.
NPS or Net Promoter Score: This KPI shares your insight regarding your customer loyalty and relationship by determining how likely your customers will recommend your brand, product, or services to others.
Customer Service Count: The total number of customer support request that your online business receives through various channels such as email, phone calls, live chat, etc., will be determined by this KPI. Experienced Florida SEO services can help you determine the counts accurately.
Average Time for Customer Query Resolution: This KPI shares insight into the average time that your customer support team takes to resolve an issue, starting from the point of conversion started by the customer. The less your average customer response time, the better your customer satisfaction level will be. Also, do take care of the average first response time, which is extremely important for better customer satisfaction levels.
Active Issues: The total number of currently active customer issues and queries will be determined by this business KPI. Online businesses should always keep their active issue number to the minimal and try to resolve customer issues as earliest as possible.
Rate of Service Escalation: The rate if service escalation will refer to how many times your customers have requested to redirect their query or issue to higher levels, such as supervisors or other senior employees. E-businesses should always keep this number low for better customer satisfaction levels.
How Do You Keep Track of Your Online Business KPIs?
Usually, business owners don’t have enough time or simply don’t want to invest their time on such tasks even though it’s important for their online business success. It’s understandable that time is a luxury for business owners when they are constantly evolving and improving their business. As we discussed from the start, keeping track of certain business KPIs can help e-businesses to receive more year ending sales as well as throughout the year, it’s essential for e-businesses to hire professionals of Florida SEO company to keep track of this business valued key performance indicators so that they can prepare, resolve, and take appropriate actions to improve their business performance accordingly for continuous and future success.
As this will be a series of blogs to acknowledge online business owners how to improve their year ending sales or online business sales anytime, be sure follow the next part of this series where we are going to discuss the top SEO KPIs that every e-business should take care of before the 2019 ends. Also, if you need help with expert level SEO services in Florida, do contact us at Devlimer today. We have a team of industry-experienced SEO professionals to help you determine your business KPIs and improve their statistics for the best business results. Do call us at (904) 638-4709 or write at firstname.lastname@example.org for query solving, service requests, and immediate assistance.