You have to track beyond conversions
Revenue is vanity. Profit is sanity.
I learnt a new insight during my recent chat with Andrew, founder of e-Commerce marketplace analytics platform, BRP Analytics. You can watch it on YouTube here
Most e-Commerce sellers only track conversions.
- How many orders did we get today?
- Which platform?
- How much did we make today?
But the secret to building an e-Commerce business that scales is to track Average Order Value (AOV) and Purchase Frequency.
Most businesses only focus on getting new customers. Then they forget about the ones they have.
Yes, it's important to acquire new customers. But what do big businesses do? Study big businesses, like Amazon or Apple, and you'll realize they spend a lot of resources on keeping the customer they already have.
An Apple fanboy don't buy just one iPhone. He buy a few iPhones, MacBooks, and Apple Watches throughout the years.
The truth is most businesses will inevitably experience a slowdown in acquiring new customers, as it reaches market saturation. At that point, acquiring more customers becomes more expensive and difficult.
More Facebook ads or UGC videos will not be the answer.
It's being creative to solving more problems your existing customers have.
A masterclass in figuring out e-Commerce marketing
That's why I've gotten a few experts together in a workshop to share their strategies to growing an e-Commerce businesses. From traffic acquisition, customer retention, conversion optimization, affiliate partnerships to marketplace analytics – you'll get a "full-stack" of strategies and ideas needed to grow an e-Commerce business today.
Even if you don't market or run an e-Commerce business, the lessons and connections you'll take away from Underdog Live: E-Com Edition is going to be priceless.