Data Driven: Online 'Cousin' Metrics
• Revenue Per Visit: Another important metric is sales or revenue per Web contact. This is a number you will want to track as you find ways to motivate customers to visit your site.
• Visits to Conversion: This metric is similar to close rates on the phone. Knowing what this number is, how it is trending and what you can do to improve it is vitally important.
• Frequency of Visits: You need to segment your Web activity by frequency of visit. During certain seasons, you may experience drastic increases in the one-time, never-to-return visitor. Examine your metrics to see how this segment's behavior on your Web site differs from your "everyday" customers.
• Source Code Reporting: Much like traditional direct marketing, source code reporting tells you where orders are coming from; the online cousin sources identify where Web traffic is coming from. Are your paid search campaigns and other traffic drivers properly segmented? Are you contacting each customer or prospect segment differently?
Sales Source 'Pie'
Understanding what percentage of your sales to credit to your online efforts can help guide future decisions about allocating budget and resources. The charts (on page 12) provide an example as to why this is so important. The first represents sales by channel. For many of us, the Web is the channel of choice, and your pie may look a lot like this. The second depicts the original source of the sale. What prompted the customer to make a purchase? What medium is generating the most sales?
Your pie undoubtedly looks different, but do you know what that breakdown actually is? Do you know what it looked like a year ago? Two years ago? What are you doing today that will influence what it will look like a year from now? What is your ROI by slice? Ideally, you are measuring this at least monthly, noting trends and seasonality.