5 Ways Google Analytics Can Save Your Business Money
If you run an ecommerce site but aren’t using Google Analytics… you’re missing quite a few tricks (and potential sales)! I’ve listed a few points below that show how Analytics can help save you money – especially if you’re driving traffic through a PPC campaign.
1. Are you losing customers during a checkout process?
Having spent valuable time and money targeting potential customers and sending them to your website, the last thing you want is to lose them at the final hurdle.
When your website has a well defined process involving a number of steps, such as a sales checkout, you can use a conversion funnel to track the number of users who drop out at each stage.
Often we find a high drop off rate when customers are asked to create an account or log in during the checkout process. By simply redesigning the page so customers can opt to checkout as a guest without creating an account, you remove an obstacle from their journey, making it far more likely that they will complete their purchase and not abandon it midway through.
2. Are your marketing ads attracting the right people?
The golden question! Knowing how many clicks your ads receive is a great way to work out traffic, but increasing your traffic doesn’t necessarily lead to an increase in conversions.
Using Google analytics, you can segment your traffic to monitor and compare the behaviour of different groups of users. This gives you valuable insights into how to improve your marketing strategies.
A recent audit of the analytics for one company found that although the majority of their adword clicks came from mobile users, desktop users, although fewer in number were more than four times more likely to make a purchase. As the goal was to drive sales, making a simple bid adjustment to just target desktop users boosted the company’s ROI significantly.
3. Is the order your products appear hurting your sales opportunities?
How much thought have you given to the order of your products or product categories in a list? And does it even matter? Analytics data would suggest that it does.
Customers can be an impatient bunch. If they can’t find what they want then the chances are they’ll go elsewhere. Usually you want your best selling products to appear first as data shows that products near the bottom of a list will often have a lower click through rate, but it’s not always that simple.
Using a product list report in Google Analytics, you can compare the performance of different products, but also experiment with how products perform in different positions to find the combination that optimises your revenue. You can also determine which suggested products spark the most interest and which products to cross sell based on a customer’s current basket in order to further boost your sales. Invaluable knowledge if you’re running an ecommerce website.
4. How long does it take users to decide to make a purchase
Knowing the details of your sales cycle, such as how long it takes consumers to make a purchase or complete a lead generation form and how many times they visit your site to make that decision helps you to target your marketing more effectively.
Combining frequency and recency reports with attribution models allows you to understand your sales cycle and how your online marketing campaigns interact to draw customers to your websites.
A client selling high value items with a long sales cycle found that although the reports showed their Adwords display marketing campaign was not resulting in many conversions, when they paused it, their revenue fell.
By looking at frequency and recency reports, they knew that their sales cycle averaged two weeks with customers visiting their site multiple times during that time period. In fact only 5% of their sales came from new visitors. When using the attribution models to look at assisted conversions, the display ads were actually really good at driving customers back to the site, even if they didn’t close the sale during this visit. They therefore had much more value in assisting with sales than they were getting credit for.
When segmented further, the display ads assisted more conversions in returning visitors rather than new ones. The company therefore adapted their Adwords to run as a re-marketing campaign and found that their ROI increased substantially, showing that understanding your customers behaviour really does pay off.
5. Search feature?
If only you could know what your customers think is missing from your website. Oh wait, you can!
If you have an internal site search, you can monitor a list of keywords that your customers are searching for. Not only does this allow you to position popularly searched items more prominently, but it may also give you ideas for keywords to use in analytics.
One company found that a high percentage of their site searches were for jewelry, with a variety of spellings. If the word was spelt wrong, the search wouldn’t return any results and consequently users were leaving the site. Discovering this meant that the search feature could be adapted to search for misspelled words also, improving their number of conversions.