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- Although inbound and e-commerce are similar,
they're too different most when it comes to goals
and key performance indicators, also known as KPIs.
A KPI is a quantifiable measure to evaluate
the success of an organization, employee,
and so on in meeting performance objectives.
E-commerce campaigns often emphasize financial growth
and direct attribution more than typical
B2B inbound initiatives.
Groove Commerce's e-commerce KPIs include
website traffic, e-commerce conversion rate,
average order value, lifetime customer value,
and online revenue.
In our experience, creating a goal-based approach
using these KPIs has helped our clients
better align specific tactics and strategies
to their bottom lines.
To help you with this process,
we created an Ecommerce Conversion Calculator.
This tool lets you project
how individual performance changes
can affect your overall online revenue.
Once you've clearly defined goals
for your e-commerce business,
your next step is to outline strategies to achieve them.
Let's look at these using the inbound flywheel.
The first stage of the flywheel is to attract.
During this phase, brands generate product awareness
with strategies like pay-per-click advertising,
search engine optimization,
content creation, and social media marketing.
Next we move on to the engage stage.
This phase focuses on creating relationships
with prospective customers
and includes both micro and macro-conversions.
In e-commerce, we refer to micro-conversions
as lead capture opportunities,
like a newsletter sign-up.
These micro-conversions nurture prospects
and guide them toward a larger macro-conversion,
like a product purchase.
Finally, we move into the delight stage.
The aim here is to strengthen customer loyalty
with memorable experiences.
When this happens, the flywheel gains momentum.
Customers refer more business by sharing social proof,
user-generated content and, ultimately, referrals
to help you grow better.
To reach customers at each of these stages
and to move them through the sales funnel,
you'll need to develop a number of micro-campaigns.
These are made up of small, ongoing activities
that support a larger marketing effort.
To learn more about e-commerce goals
you might consider setting for your business,
check out the article in the Resources section below.
(upbeat music)