Top 5 Metrics Every WooCommerce Store Should Track to Improve Sales Performance
Tracking the number of sales from your WooCommerce store is not enough to grow your business. You simply don’t just wait until people start to notice your site.
There are certain metrics that are so important to fast track your business in the right direction. However, you don’t track every single metric there is, but instead, track the right metrics.
By tracking the right metrics, you’ll know exactly what areas to improve in your business. This is, in fact, the secret behind most successful eCommerce sites.
To get you started, here are our Top 5 Metrics that will help Boost Your Sales Performance:
Track Your Sales Conversion Rate
The Sales Conversion Rate is probably the most important metric that any WooCommerce store owner needs to track. The formula to arrive at your site’s conversion rate is by calculating the no. of sales divided by the total no. of visitors.
Tracking your Sales Conversion Rate empowers you to gauge the performance of your web pages, apps, ads and overall website, and most importantly, identify what specific areas you need to improve on.
By optimising your Sales Conversion Rate, you can increase your revenue with the same number of traffic and the same amount of money you spend on ads and other apps.
If you ignore this metric, you’ll definitely lose your chance of getting more sales and boosting your revenue.
How to improve your Sales Conversion Rate?
- Improving your Value Proposition.
- The use of high-quality, large and attractive images.
- Feature trust badges to ensure your visitors that the website is legit.
- Feature honest reviews submitted by consumers.
- Add a Live Chat support and make sure that your support team is quick to address any enquiries.
So, how do you keep track of your Conversion Rate?
Google Analytics will serve as your best friend in this department. Make sure to sign-up for an account if you haven’t done so already and then, set up your WooCommerce store with Google Analytics. It offers a great way for you to track and improve your Sales Conversion Rate.
Track Your Website Traffic
When you’re done integrating Google Analytics with your website, it’s time to check your overall website traffic.
After you have improved your conversion rate, it’s likely you will improve your website traffic as well.
The more traffic there is on your site, the more chances you get to increase your sales. Tracking your website traffic is also necessary to help you calculate your conversion rate.
What to do to improve traffic on your WooCommerce site?
- Utilising popular Social Media platforms to boost your brand or store’s popularity.
- Adhere to good SEO practices so your website gets ranked higher in Google.
- Use Social Media Influencers to market your brand or store.
Track Your Email Opt-In Conversion Rate
Email Marketing is another awesome way to increase your revenue and increase your site traffic. You have the advantage of collecting your audience’s emails as soon as they check out your store, which gives you more control on what to communicate to your audience as you send out your emails.
Unlike the complexities in terms of algorithms used by platforms like Google, Facebook or Instagram which could change drastically and cripple your business, on the other hand, Email Marketing doesn’t.
Furthermore, tracking your Email Opt-In Conversion Rate is necessary in order for you to assess the performance of your email marketing strategy. The formula is the no. of email opt-ins divided by the no. of users.
How to Improve Your Opt-In Conversion Rate?
- Make your Opt-In Offer more enticing.
- Make sure the location of your Opt-In Box is visible and convenient for the user.
- Place Welcome Opt-In and Exit Opt-In Boxes on your site.
Track Your Revenue By Traffic Source
One of the most common mistakes of website owners is not being able to know exactly which traffic source they’re getting most of their revenue from.
It can be difficult to determine which channel or source delivers more results which is the reason why Revenue by Traffic Source is another important metric you’ll need to track.
Tracking this metric allows you to focus on the source or channel where your actual buyers are. It also helps cut your spending on advertising and marketing on sources that don’t work and channel your money on to those that are profitable.
In order to track your Revenue by Traffic Sources, you’ll need to set up your Google Analytics correctly. If you don’t know which sources are profitable, you can experiment on several sources and then, identify which of these deliver more revenue.
After you have identified which sources don’t work and sources that bring more sales, channel your money to sources that work and better yet, double your investment.
Measure your Customer Acquisition Cost
Customer Acquisition Cost pertains to the average cost of obtaining a consumer or buyer. This metric is also important since you want to make sure that the consumer spends more on your store compared to the cost you’ve spent to obtain them.
These costs or expenses include money you’ve spent on advertising, marketing, salaries and other means you’ve used for your business.
It can be a frightening thought not being aware that you’re actually spending more on customer acquisition than the revenue you get every time a buyer purchases from your store.
To measure your Customer Acquisition Cost, add your overall sales and marketing expenses divided by the total no. of consumers you have obtained.
How to spend less on Customer Acquisition Cost?
To spend less on Customer Acquisition Cost, we go back to our first metric which is to increase your Sales Conversion Rate and traffic on your website.
The more website traffic converted to sales on your website, the more you spend less on Customer Acquisition while spending the same amount of money on advertising and marketing.
Leveraging on referrals is another great tactic for reducing your Customer Acquisition Cost. Think about it, if one consumer refers another it cuts the Customer Acquisition Cost of one consumer by half which is awesome.
It isn’t necessary for you to spend more on referrals and typically it happens by word of mouth. Just make sure your consumers or buyers are happy and satisfied with your brand and you’ll expect more referrals come in your way.
These by far are our top 5 metrics that will definitely guide you in growing your business progressively. Although there are still other metrics out there that you can track but these are the ones we consider to be paramount.