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Site Statistical Analysis Discover exactly where to get the most revenue from every Pound, Dollar and Cent spent! For several years we have owned and operated a small string of websites with varying themes. The one thing that each of these websites has in common is that each one of them is profitable. Now they may not be making a mint, but I can tell you with no hesitation that they have been more profitable than a lot of big-name dot-coms. Over the years we have discovered something fundamental to a site's success. The websites that track information always outperform the ones that don't. We found that if you didn't track information such as cost per visitor, and sales per visitor, you're working in the dark People often spend time on websites that are not performing, while neglecting sites that do ok . Even though this is common practice, it is bad business! Have you heard of the proverbial saying "don't throw good money after bad"? It is much more beneficial to devote resources to a part of a business that is profitable than to spend these resources on areas that not. A simple example would be if you were to fund an advertising campaign on an unpopular product. Let's say that you were only selling $1,000 a month of this product. If you ran an advertising campaign and doubled your sales you would sell $2,000 that month. Sound good? What if the advertising cost $1,000? If you had a more successful product selling $10,000 worth a month and doubled that, total is $20,000! Which product would you rather have double the sales? How do you know which parts of your business to invest resources into? You can do what a lot of small business owners do and guess what part of your business 'feels' like it's doing well. Or you can track the site statistics to be able to determine precisely what is going well and what is not, and how much resources you can devote to your promotion to become even more profitable. A common measure for website's success is 'Conversion Ratio'. The conversion ratio is how many unique visitors to your website divided by the number of sales your website makes. Knowing this, you determine how many visitors you need to get to your site to reach a certain number of sales. If your conversion ratio is low, then you know not to waste money on promotion, you need to develop the product or service more. Other units of measure for e-commerce websites are cost per visitor and revenue per visitor. Imagine having a website that cost $100 in advertising to get 1,000 visitors, and took in an average of 90 cents in revenue per visitor. I would put as much money into promoting this site as I could afford, because this means that $100 in advertising would return $900 in revenue! My point is that without keeping such statistics you would never know where to commit resources. You can keep these statistics on a piece of paper or even a spreadsheet like I used to, or you can use our new Web Stats software that tracks website statistics. Some of the information that the Web Stats software tracks are:
The software breaks these statistics down for the past 6 months, past 3 months, past 30 days, past two weeks, past week, and current day. The software also graphs these results to make it visibly obvious what the trends are. What could be easier! The Web Stats software even lets you track unlimited websites! Of course you need to enter the basic data into the software at least once a week, or you can enter in your website data as often as once a day for more accurate results. If you want to stop guessing at where you should invest your resources, you need to get this data it's by using our Web Stats software. Stop throwing good money after bad and start tracking your business!
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