Bullseye Series Part 2: Growth, Goals and KPIs

In a previous post we told you about, Bullseye, our new tool to measure your business’s maturity so that Something Digital can help you select the right partners and services to grow your business. But that’s just the start. An important goal of Bullseye is to identify the best areas to target for growth, and to put a rational strategy in place to succeed.

One of the things we say a lot these days is that the outcome of any strategy should be set of specific tactics that work towards the goals set. It’s why Something Digital is hyper focused on tactics. At the same time, we need to measure success. There’s no point in putting a strategy for growth in place without a means of measuring whether or not it’s effective.

This is why Bullseye is so strategic: it helps to ensure that Something Digital recommends tactics that will advance your growth strategy, and are appropriate to your company’s infrastructure, available resources and skillset.

Let’s say your top goal is to increase your conversion rate. A worthy goal, to be sure, but one that for more mature companies must be broken down into separate KPIs. Here’s why: every website has new, intermittent and loyal customers, all of whom convert at different rates and timeframes. Focusing on a single metric — your overall conversion rate presented in Google Analytics — won’t allow you to put tactics into place that are geared towards each user type. To really grow your revenue, your strategy should include granular tactics.

Our approach is persona based. We look at your site metrics to identify personas of customers for every stage of your sales funnel (that makes sense for your level of maturity), and then create specific, measurable tactics for each. Such an approach requires multiple tactics and KPIs. In fact the more mature the company, the more narrow the KPIs to measure. Growth will come from understanding the entirety of the customer journey, as well as tracking and optimizing all of the touchpoints prospects engage with prior to making a purchasing decision.

Take first-time visitors. A KPI we might want to track is the length of time it takes for these visitors to purchase; a goal may be to narrow that window; and a tactic can be to prompt a smaller conversion, such as encouraging the visitor to opt in to the site’s newsletter. Another KPI we may want to track is increasing the rate of return visits by new leads; a goal may be to spend remarketing budgets as efficiently as possible; and a tactic can be a lead-back campaign that’s executed across social media.

On the opposite end, a level-one Bullseye company will require a different set of KPIs, goals and tactics. For instance, level-one companies may not have enabled Google Analytics advanced ecommerce metrics. If that’s the case, our first priority is to ensure they have the means to define and measure success. An ecommerce team can work hard to increase conversions across the site, but if they can’t measure it, they can’t claim it.

Next, we’ll need to identify where and how the company can drive the best returns on the investments they make. Often, the best ROI stems from focusing on visitors with the lowest conversion rates. Let’s say that mobile visitors convert far less frequently than desktop visitors, we would focus on optimizing the mobile experience to get more conversions right away.

Some tactics can apply to all levels of maturity, although with different implementations. For instance, if the goal is to increase conversions, a tactic we may suggest is adoption of a conversion rate optimization tool, such as HiConversion (an important partner of Something Digital, and a participant in the Mobile Optimization Initiative). HiConversion offers a powerful A/B testing tool that benefits businesses of all maturity levels, but how it’s used will vary.

At the end of the day, Bullseye is designed to help Something Digital:

  • Identify, track and optimize appropriate KPIs
  • Right size tactics to deliver on the strategy
  • Ensure the strategy takes your business to the next level

 

Next up: How Bullseye Paves the Way for Partners.

Written by: Phillip Jackson, Ecommerce Evangelist