Kieran Christensen
It’s always exciting to make a sale – whether you’re a billion dollar retailer or it’s the official launch of the eCommerce site for your small business. There’s a lot that goes into every sale that we’ll never fully understand – and this blog post isn’t about those mysterious market forces. This post is about what you can track, what you can learn, and why you should care.
How accurate do you feel your Google Analytics data is? Setting up Google Analytics bot filtering is often the first step towards critical data cleanup. You’ll be amazed at how much traffic will disappear when you apply this filter, but remember quality is so much more important than quantity. You don’t want to waste your time analyzing bad data!
What is lifetime value or LTV? (And why bother to calculate it?) The most basic reason is knowing the value of a customer. Lifetime value simply adds together the value of all the purchases a user has made in their “lifetime” with you.
Once you have that information in hand, you can do things like improve your Return on Ad Spend (ROAS) or do more precise budgeting around Cost Per Acquisition (CPA) for new leads.
You don’t need to be a mega-corporation to gain valuable insights from your customer data. Even a list of a few thousand subscribers becomes more valuable when you can assign a dollar value to each one.