Selling products and services online is a common way to generate revenue from your website. But merely having good products is no longer sufficient to drive sales.
Regardless of your products and services' quality, selling becomes challenging if your business is not well-known. Some novice sellers mistakenly assume they can promote their products and services to everyone. But knowing your core audience is crucial. It allows you to focus your digital marketing efforts and money on certain groups most likely to buy from your online store.
With over 200 million actively maintained and visited websites, how can you make your site more visible and profitable?
Experienced users of Google Analytics have learned different ways to spot opportunities to increase their visibility and revenue. Below are practical Google Analytics tips to help your site become more profitable.
Define Specific Profitability Goals
It's essential to define specific goals for your website. Like marketing, these goals assess the site’s ability to sell or convert a visitor into an actual customer.
Before delving into web design and development, establish measurable criteria for what you want to achieve with your website specifically. Ensure that the profitability goals you're seeking to attain align with your business, mission, and vision.
For example, you aim to increase sales online. It might be a good idea to prioritize improving your website's navigation, making it more user-friendly. This strategic optimization will make the process easier for visitors, motivating them to make a purchase.
Meanwhile, it's best to set a specific percentage rate increase if your goal is to generate more online sales. Doing so will enable you to account for seasonal sales fluctuations and make more meaningful historical comparisons.
Analyze Transaction Data
Google Analytics allows you to determine the exact earnings of your website, enabling you to set more precise goals. You can get a transaction report and gain insights into every online transaction on your website. This report contains information about the transaction, such as the following:
Date and time
Buyer's name and contact details
Goods or services purchased
The payment method and amount
Regularly reviewing and evaluating transaction data is vital to understanding your online business's operational and financial health. This helps you make more informed decisions about the future of your e-commerce and its website.
You can promptly identify patterns and problems with Google Analytics transaction data. Since a comprehensive record of all financial transactions is one of the most essential features of transaction reports, you can better understand the financial situation of your business.
That will allow you to determine areas where you need to make the necessary adjustments and improve your site's overall performance and profitability. For instance, your online store consistently encounters fewer sales than anticipated. You should explore new marketing techniques with your site or adjust pricing.
Build Custom Audience Segments
Google Analytics captures a wealth of data about your audience. But it's up to you to understand and use it to make your site profitable. Leveraging segmentation and closely looking at the data is vital to unlocking your Google Analytics dashboard's power.
With customer segmentation, you can cluster customers with common characteristics like age, gender, industry, and other relevant attributes. Google Analytics allows you to target certain groups and personalize your advertising, service, and sales efforts to their needs, pain points, and traits.
Knowing each segment's specific needs and challenges will be beneficial in developing campaigns and funnels optimized for each group. It also enables you to communicate with them through their preferred channels or platforms.
Let's say you’ve identified a group of customers who have added items to their carts but still need to complete their purchase. You can create content for these visitors to motivate them to make their final purchasing decisions.
This insight helps you implement a marketing strategy to boost customer loyalty and overall profitability by setting up custom audience segments. Here are examples of recommended segments worth investing in for Google Analytics:
Technology platform or device characteristics of visitors, such as browser type, screen resolution, or mobile phones.
Content viewed by site visitors, like a particular page type or related pages
Action taken by customers, including completing conversion goals or purchasing products as demonstrated through your e-commerce website
Characteristics of visitors, including geographic locations
Types of visitors or their engagement with your brand, such as new or returning ones
Referrals or sources of website traffic, like social media sites, search engine marketing, affiliates, or direct traffic
Track Responsive Web Design
A smooth user experience and professional web design are vital to attracting customers online and increasing profitability. Note that it's more than making your web design aesthetically pleasing to your site visitors.
Your website serves as your storefront. But unlike the physical store, virtually anyone can access it anytime and anywhere. Hence, it significantly influences how your potential and existing customers perceive your e-commerce and brand.
As different types of web-enabled devices are released on the market, making your website mobile-friendly is more important than ever. When clients and prospects visit your site, they must be able to browse and find information easily, regardless of the type of device they're using.
Since converting visitors into customers starts with making a good impression, you'd want to ensure that you have a responsive web design. That means it can adapt and meet what the users need and prefer. Fortunately, Google Analytics has a feature that lets you track users' interactions with your website on different devices.
That will help you enhance the user experience on your e-commerce site. By monitoring the device's responsive design, you can be confident that your site is accessible and easy to navigate on any device.
The Bottom Line
There is more data you can pull from Google Analytics. They're undeniably valuable in growing your brand and making your e-commerce site more profitable.
However, a wealth of information can also be overwhelming, causing you to overlook the bigger picture. Consider collaborating with a website analyst. They're better equipped to accurately define what you should monitor on your site to get the most value.