5 Steps to Maximizing Holiday Revenue with Web Analytics
Business Environment eCommerce Technology
Purpose of Web Analytics
We have partnered with Bay Leaf Digital, a digital analytics firm based in Dallas. The firm combines 20+ years of experience in corporate digital analytics, SEO, and conversion optimization to maximize revenue throughout and beyond the fast approaching holiday season.
Web analytics help measure performance, find opportunities, and act on said opportunities on your website. With web analytics, we can prioritize fixes or updates to the site and find the root causes of site issues. During the rush of the holiday season, you will have questions pertaining to your website such as, how do we make the most money? Are price points working? Should I move the product around on the sales page? Through this five step process, we can help you answer these questions.
1. Audit Your Analytics Setup
First, you need to check the quality of data that in Google Analytics. Does the platform record page views, events, session, and custom metrics correctly? Are transactions being recorded correctly? Maybe no errors exist with tracking and recording, but you need to make sure the information proves useful and relevant to you. This starting point sets a baseline for the future.
2. Implement Enhanced Ecommerce Analytics
Next, comes implementing enhanced Ecommerce tracking. With this beefed up tracking you can measure the conversion funnel and even further view data by visitor type, location, marketing channel, page type visited and so on.
3. Plug Obvious Conversion Leaks
Next you will find where potential customers are abandoning your page. Are load times slow? Is your site hard to navigate? Finding where these conversion leaks occur and plugging them is key.
4. Engineer a Compelling Promo Code
The sub-optimal way of offering a promotion would be to put
out something like “10% off on all products under $100.” The optimal revenue maximizing way, as you can see in the graph, is to have your percentage discount meet at peak gross profit.
5.Create a performance measurement plan
Finally, an understanding where all the previously implemented analytics are getting you to is key to your success. You may have questions like, How well are products converting? Is the promo code effective at driving transactions? Is revenue coming in at the projected rate? Using a product conversion report, promo code utilization report, and an hourly revenue & conversion report you can answer all these questions.
Implementing a process such as this can cost around $2,000-3,000 but by teaming up with Bay Leaf Digital to create an entry level package, we reduced this price. We managed to do this by focusing on the most critical parts of the process. These parts include an analytics readiness review, finding conversion leaks, and recommendations for maximizing revenue. This can all be done for $549 a month. Visit our services page for more information on this and our other services. Utilizing the service can help you maximize your revenue for the holidays and beyond.