Dec 12, 2022
As a small business owner, it’s important to stay on top of your online performance and take advantage of key performance indicators (KPIs) that can help you measure your progress and set goals. Here are five online KPIs that small businesses should focus on:
1. Website Traffic: You need to understand how many people are visiting your website and where they’re coming from. This will help you understand which channels you should focus on for marketing and how you can optimize your website for better results.
2. Conversion Rate: Once you have visitors to your website, you want to convert them into customers. Your conversion rate is a measure of how effective your website is at converting visitors into customers.
3. Cost Per Acquisition (CPA): Your CPA is a measure of how much it costs you to acquire a customer. It’s important to track this metric so you can understand how much you should be spending on advertising and other marketing efforts.
4. Average Order Value (AOV): AOV measures how much a customer spends on average when they make a purchase. This metric is important for understanding how much each customer is worth to your business and how you can increase the value of each purchase.
5. Customer Lifetime Value (CLV): CLV is a measure of how much a customer is worth to your business over their lifetime. Tracking CLV can help you understand how much you should be investing in customer retention and loyalty programs.
By tracking these five online KPIs, you can gain valuable insights into your business’s performance and how you can improve. It’s important to set goals based on these metrics and track your progress to ensure you’re reaching them.