But what if your site isn't a retail site? What if you're a business that only sells in physical locations and aren't able to accept online transactions? If this is you, then the good news is that you can still assign goals and values to your website. I'm not talking about ad placements; I'm talking about assigning actual dollars to user actions. Here are some tips that may seem simple, but are often missed.
1. Know your business
The foundational element is to know what value you provide to your guests. What is it about you that your guests love? What features/benefits do you need to serve your guests in your final pitch to drive physical store traffic? It's important to get really intimate with this data. The answers to these questions will provide you with your content strategy that you feature on your website.
2. Know your website
How does your website serve your guests? The user-experience flow is important to define. It's also imperative to understand how guests interact on your site. Assign tags to site actions and go through your analytics to see how guests actually use your website.
3. Assign user-formulas
Once you have clear answers to the two points above, assign user-formulas to specific actions on your site in order to put a dollar value to your guests. Here's a simplified example of how I've used this before. Hopefully I can show this in a way that isn't too confusing:
Once guests reached the product/location detail section of the website, we found that 50% of users hit the "click for directions" button on mobile devices. This function showed the highest intent for a physical store visit, so we assigned a conservative 30% conversion rate to an actual store visit. To get to our example, we're going to make a couple of assumptions:
1. Our average checkout value in our locations stay consistent with visitors regardless of where they originate from. For the purposes of this example, let's just say it's $20.
2. We had 100 page visitors for this reporting period.
So, if we had 100 page visitors, and 50% of them click to get directions, then that means 50 visitors clicked to get directions.
From there, we apply the 30% rate of guests from clicking to get directions, to actually visiting stores, which brings us to 15 users. After that, we apply the $20 average checkout amount which brings the total amount of revenue to $300.
The great thing is that you can apply this same logic to your site regardless of what your call-to-action is, from newsletter sign-ups to form submissions.
Hope this helps in bringing some different ways to think about how can add value to your website. I'd be interested in hearing about how you can apply this to your business. Leave your comments below, and let's discuss.
- Douglas Kwong, Advisory Board Member