When it comes to analyzing your KPIs and metrics, false positives are important to be aware of. Conversions are a good indicator of performance, but it doesn't stop there. False positives can be avoided by looking at data beyond clicks and conversions, such as average order value or sales-qualified leads.
It's important to also take a look at where your traffic is coming from as bot traffic can lead to inflated results. Make sure you're digging deep into your data and looking at the whole picture!
Here are some key takeaways:
- The number of purchases vs average order value - if you’re running campaigns purely based on the number of purchases but you might be missing out on being able to maximize conversion value. Fewer purchases may be better if the value of the cart is higher and there is better customer lifetime value (LTV).
- MQLs vs SQLs - Marketing qualified leads vs sales qualified leads - looking at which leads are more qualified leads that are actually closing rather than just filling in the top of the funnel who are interested but may not be ready to buy yet.
- Lead volume vs lead value - similar to the purchase vs average order value, if you’re getting more leads and are seeing an increase in conversions, make sure to compare with what that equates to in actual sales dollars. The higher the lead value, the more valuable it is so it may be better to shift the budget to where you get a lower number of leads but the value is 10x that of a lower-priced lead.
- Ad clicks vs unique landing page visits - Make sure to look at clicks that relate to landing page visits because if you’re looking at the volume of clicks, KPIs will be very misleading. This also can be affected by bots and the Apple iOS15 updates that overestimate the numbers.
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