I recently wrote to a number of my current clients after the financial year to do some goal setting around measuring ecommerce product success for the next 12 months.
The answers rolled in…
One hadn’t even given it a thought. And the rest gave me solid answers.
Though one stuck out far more than the rest. And I thought it could almost completely wipe them off the map this year.
The answer was in relation to one of their products they wanted to focus on. It tested terribly in the market, it had data to back up a conclusion, just that they didn’t know how to measure the products success with Google Analytics.
The customer was wanting to focus on their 23rd most popular product that had very little growth. That to me was insane! With a little over 30 products, why focus on something that wasn’t selling that well? Could it be romance? Could it be an outside influence?
I pitched a consultation immediately, as I should have as a professional. Though I got knocked back.
So I decided if I wasn’t going to get paid to help, I may as well show the world how to measure their ecommerce product performance and success.
Setting Up Google Anaytics for Ecommerce
- Setup your Google Analytics account once unlocked head to the ‘Admin’ area for that property and enable ‘Ecommerce’ from the ‘View’ column.
- For WooCommerce users: Download Google Analytics for WooCommerce from your WordPress Plugin dashboard (Shopify users can install the tracking snippet I assume)
- Go to your Google Analytics ‘Property Settings’ and grab your tracking code (it usually starts with ‘UA’)
- Then add the snippet to the location of the WordPress plugin you have just installed, you will receive the correct prompts.
- Now leave for a day or two to gather some data.
Measuring Ecommerce Product Performance (the Success of Your Products)
Once your setup you’ll see traffic going to your main dashboard. Now I want you to head to Conversions > Ecommerce. Here is where we’ll measure what matters.
This area can help you forecast future goals. Sure it’s historic data, though it can usually help you focus on your UX (user experience of your store)
Measure Shopping Behaviour aka Cart Abandonment
Wanting to know customers who go awol at a certain objective busting criteria point? Check this out. You’ll know where you can up sell more or keep users trucking through to checkout. Tinkering with this is good, though once you are happy with how it’s working set it and forget it for a long while. One of those things you get right and do tiny incremental changes.
Measure by Days of Trade (Sales Performance)
Not many people in the industry do this. Though I pull out data of successful days and map them to Google Calendar for the next year. Because expecting what happened last year to happen is one thing, but knowing when I can assume extra marketing might be needed ads a lot more value to clients.
What Exactly Should I be Measuring for Success?
What you manage gets managed.
If you manage the range of trousers for AS Colour measure the Product Category named ‘trousers’. It’s basic. You can then build out dashboards that you check in on once a day or week and move on.
Currently at Ladbrokes, we use Geckoboard on a screen to track live metrics for the day so we can see abnormalities in what should be being measured at long term goals for each department.
Noah Kagan has the rule of measuring 1-metric for each of his internet businesses. AppSumo tracks email signups. Sumo.com measures new accounts like how a Saas would. What would your 1-metric look like?
This 1-metric will often occur other parts to become tracked. So really build out your dashboard and focus on number 1 being the main metric.
Don’t Get Caught in ‘Analysis Paralysis’
Being open to data is the first step to insane growth! Though using it for anything else then what you need to focus attention on is where a lot of business owners get romantic. Bullshit traffic figures with low return on investment is doing yourself and your potential customers a disservice.
Get back to doing real work and focus on what matters to your business, not your ego.