It’s sad to say but most Irish businesses are underperforming online for one main reason. They don’t do enough analysis.
If you don’t do the proper analysis you are relying on pure luck to make sales through your website. This is a receipe for failure. You may as well buy a lottery ticket instead of getting a website.
You see, a combination of both market and financial analysis is essential to create a profitable website.
You need to analyse which value proposition is the best for your product. This is done by split testing landing pages in conjunction with an ad campaign to bring in an appropriate sample size. Likewise, you need to find out what layout makes the most sales.
Financial measures the major ones being Cost per Lead, Cost per Sale and customer lifetime value must be calculated in order to make management decisions with regard to your website.
You need to know the Return On Investment for your site. This includes factoring in any labour and advertising costs. This should be then compared to other investment opportunities to determine what resources you will allocate to further development.
Business owners must start using quantitative analysis to gauge the effectiveness of their website in their marketing mix. The good news is that there is huge room for improvement.