In Sitecore Analytics 101 we learned about various Sitecore reports and how they can help improve customer experience and drive revenue. In Sitecore Analytics 102 we discussed how to configure basic reports in Sitecore.
In this blog, we will discuss glossary of Sitecore KPI and how to leverage them for data-driven marketing.
1. Visitor: A person that makes one or more visits to a website.
2. Visit: All the actions a visitor takes from the moment they enter a website until the moment they leave and consists of all the pages viewed, and resources consumed, such as campaigns triggered and conversions achieved.
3. Page Event: An action, associated with a webpage, which is triggered either by a visitor or automatically. Examples:
Visitor triggered page event – the visitor submits a form.
Automatically triggered page event – the time limit on the form expires.
4. Engagement Value: It is a quality metric to determine the efficiency of the visit. Data trending of value metric will tell if an efficiency of a visit has increased or decreased over time. If visits line is increasing at a faster rate than the value line, then your marketing is increasing the number of visitors, but your marketing effectiveness is decreasing.
5. Relevance is the Value/Visit: It is metric used in Engagement Analytics to determine your efficiency. This is an expression of the relationship between the quality (engagement value) and the quantity (visitors and visits). Value per visit = Value/Visits. You can also think of it in these terms: if your website has more relevance to your customers, your marketing effectiveness will increase. Marketing managers should use the Executive Insight Dashboard to investigate what traffic types and campaigns cause an increase in Relevance. Then they should explore how they can again increase visitor levels while retaining high Relevance
6. Potential: Quantifies how much value your organization could gain if you managed to increase the value per visit of a page up to the same level as the site average.
Potential value gain = (Average Value per Visit — Value per Visit) x Number of Visits
Potential = Potential value gain *100 / Sum (All facets Values)
Obviously some pages should and will always have a high Potential, but if you create a landing page that you think will make a significant contribution to the website and it turns out to have a high Potential, then you need to re-examine it.
I think it is important to measure a quality of visits instead of quantity using the value metric. There is an exact correlation in your website between where there is a high Engagement Value and where revenue is generated. This makes Engagement Value an excellent tool for forecasting revenue.
Did we miss any Sitecore Analytics KPI? Share your thoughts on above if it was helpful or how have you been leveraging Sitecore metrics for data-driven marketing.