Like many data-rich subjects, online marketing represents a challenge when it comes to clearly seeing real and actionable information. Cutting through the clutter requires one to stay focused on metrics with true meaning and purpose.
For example, web analytics dashboards that focus too much on click-thorugh rates and not enough on conversion rates will hurt the online marketer because he or she will “forget” that their real goal is to increase those activities that bring maximize ROI – i.e. bring the most conversions. How can that be, you ask. Are people that silly? Well, put a complicated dashboard in front of you with a thousand blinking metrics and you’ll lose sight of your goal too. Especially if you are just learning a new field.
Paring down your data world into those essential metrics that matter is the key to providing a valuable, easy to use dashboard.
Download the Essential Metrics Excel Dashboard for a look at how a simple, basic approach based solidly on a few key metrics can outperform much fancier dashboards.
This dashboard is provided by the hard-working Marketing Experiments team as part of their study on Improving Website Conversion: Essential Metrics for Online Marketers. Check that link for an explanation of the metrics used to track conversions. There is even an interesting, in-depth audio recording that explains the dashboard.
Here is a screenshot of the first tab of the excel dashboard.
The tabs of the worksheet are Time Series Projection, Subscription, Retail, Services, Metrics Selection, Essential Metrics, and Seasonality.
The clarity of this dashboard comes from the understanding that at the core of web analytics, there are really four elements that you can measure:
The amount of activity on your site (page views, visitor stats, etc)
The source of that activity (referrer info, search terms, etc)
The nature of that activity (entry pages, exit pages, time per page, etc)
The results of that activity (orders, signups, click trails, etc)
In terms of the metrics, the 2 basic ratios being measured are
The Cost per Desired Interaction
The Yield per Desired Interaction
Here is a graphic depicting the organization questions:
This dashboard focuses you on the metrics that matter to your particular business model.
Tags: Excel Dashboard for Online Marketing Metrics, Web Analytics Dashboard