The Benefits of Routines
We all have habits in our lives, whether we are consciously aware of them or not. Recent studies have demonstrated there are hidden benefits to routines. Having routines, ensures you do things well, alleviates anxiety and frees you up to be more creative and productive. At LimeLight, we believe these benefits apply to develop a conscious ecommerce analytics routine that ensures you stay on top of your business.
When we look at eCommerce brands that put these routines at the heart of their business, we instantly see the impact on business performance. These business owners focus routinely on the metrics that matter, creating space for creative productivity and developing high-touch customer experiences that drive healthy growing businesses.
You may even already have certain analytics habits you are not aware of it. The essential next step is to develop a conscious, disciplined routine. We wrote this guide to help you get started. Inside you’ll find information on setting goals, daily routines, what you may be ignoring and how to dip your toe in the holy grail of predictive analytics. We hope you find this information helpful. Please feel free to reach out with any questions – our analytics team are passionate about helping entrepreneurs get a handle on the metrics that matter.
The secret of your future is hidden in your daily routine. – Mike Murdock
Setting Goals and Making a Plan
Whether you are planning to run a marathon or learn how to play the piano, you need a plan on how you are going to reach your goal. Setting a realistic plan and efficiently incorporating this plan into your daily routine is the secret to success. The same is valid for setting goals for your business.
As an eCommerce entrepreneur, analytics are at the heart of your business. Understanding your business data helps you determine opportunities and potential challenges — who are your best customers? Which product is selling the best? What marketing channels provide the best ROI? This is an ongoing process that requires constant refinement – aka an analytics routine. Here are a few steps and questions to ask yourself to ensure you are putting the right analytics foot forward.
Set realistic goals
Before you can even start to understand your business and estimate a realistic goal for yourself, you’ll want to have a real set of data to work with and spend time learning what kind of data impacts your business the most. This process can take a few days or months depending on the volume of transactions you’re dealing with. By six months at the latest, you should have a good set of data to work with.
Most businesses are data rich, but information poor. -Avinash Kauchik
Focus your data efforts
There is no shortage of data to collect. Don’t collect data to collect data. Avinash Kaushik, Digital Marketing Evangelist at Google is noted as saying, “most businesses are data rich, but information poor”. If you’re not going to use the data or it is not relevant, applicable or useful to your business goals, don’t continue to incorporate it. Maintaining data can be expensive and data alone doesn’t guarantee business results.
Focus on the fundamentals. Don’t bite off too much too quickly. The internet is filled with articles on eCommerce analytics — use them! [youcan start with our articles on CLTV and MRR ]. The key is to pick the fundamentals that have the most significant impact on your business. We highly recommend the Lean Analytics book to help businesses of all sizes develop a focused and agile data strategy. This Lean Enterprise Worksheet is a great tool for picking that ONE metric to incorporate into your routine.
With a focused approach and a test and learn mindset you can incorporate a healthy analytics routine into your business operations and before you know it – checking your analytics dashboards will be as routine as brushing your teeth.
Setting Goals Is Only the First Step
As important as it is to set the right business goals, this is only the first step. Goals are only useful if you monitor them and measure progress: As the famous saying goes “What gets done gets measured.” That way you can always know whether you’re on track, and re-evaluate and adjust your plan if needed. If you don’t know whether you’re on track, you won’t know if you need to take action or readjust timelines.
Tracking your goals can be a time consuming and very manual process – but LimeLight’s got you covered with our Benchmarks Feature, an automated way to track, monitor, and measure progress towards your business goals!
With Benchmarks, your data is more meaningful and actionable. Create KPIs using key business metrics, and monitor progress in your Analytics Dashboards. Now you can view your data against your unique business goals.
No sign-up or activation required – if you’re a LimeLight customer, you’re all set to go in 3 easy steps!
- Select your KPIs – with 15 to choose from including orders, gross revenue, rebill rate, CLTV, decline %, refund %, and more.
- Set your targets. To help you set realistic goals, we even show you your company benchmarks – your 90 day average for each metric.
- LimeLight takes care of the rest! Automated tracking in all your Analytics Dashboards shows how each KPI is tracking against targets. Note, once you configure your Benchmarks, it takes up to 2 hours for them to be reflected in your dashboards.
Don’t just set business goals – track and achieve them! Start using Benchmarks today!
Sign up for the Benchmarks Webinar
To help you get started, don’t miss the upcoming webinar dedicated solely to this topic. Learn the importance and bottom-line impact of measuring, monitoring, and managing your KPIs straight from our Director of Analytics, Chad Buckendahl! Plus, we have a guest speaker – Marc Evans, VP of Operations at HaloRiver! He’ll share personal stories from the trenches on why KPIs are so important to his business, and how he’s used Benchmarks to achieve his goals.
Once you have your routine, you’ll be surprised at how quickly it can start to feel like second nature — but if something isn’t working, you should feel free to adjust it accordingly. Analytics is about turning data into insights and insights into action. It’s never helpful to become a slave to your routine. All routines need to serve you, your customers and your business goals. Get started today by download our ebook to learn how to set daily routines, the metrics you may be overlooking and even how to get started developing a predictive ecommerce analytics routine.
Developing A Healthy Analytics Routine
Download the complete eBook to start developing your analytics routine.
-Critical Daily Metrics
-Lesser Known Metrics
-Predictive Analytics Tips