E-Commerce KPI Study: There’s (Finally) a Benchmark for That

By ProfAlfonso

Posted by ProfAlfonso

Being a digital marketer, I spend my day knee-deep in data. The time I don’t spend analysing it, I spend explaining its significance to a client or junior colleague or arguing its significance with a client or senior colleague.

But after many debates over the importance of bounce rate, time on site, mobile conversion rate and the colour grey for buttons (our designer partook in that last one), we’re never much closer to an agreement on significance.

Our industry is swimming in data (thanks Google Analytics), but at times we’re drowning in it.

Numbers without context mean nothing. Data in the hands of even the savviest marketer is useless without a context to evaluate its performance against competitors or the industry at large.

Which is why we need benchmarks.
Through benchmarking, marketers can contextualise data to identify under-performing elements and amplify what is over-performing. They can focus on the KPIs that are important, and recognise whether they are achievable.

Benchmarks also give context to those who aren’t familiar with data. One pain point that digital marketers face globally is communicating their performance upwards. There are very few ‘digital natives’ sitting in company boardrooms these days but plenty of executives who know their numbers inside out.

Industry benchmark data arms us with perspective and framework when we need to communicate upwards. It ensures we get pats on the back when deserved and additional budget released when required.

Google Analytics Benchmarking Reports

Google, you might argue, have already solved these problems.

The upgrade and roll-out of Google Analytics Benchmarking Reports has been met with plenty of excitement for these reasons. With its large data set and nifty options to chop up the data by geography and website size, for a minute it certainly seemed like the benchmarking of our dreams. And while we recognise its usefulness to benchmark …read more

Source:: Moz

      

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