12 December 2019
5 minutes reading time
Many companies nowadays, supply a wide range of products online. Behind the scenes, they also have a mountain of data from a variety of analytics tools, such as Google Analytics, about how each of these products is performing. For example, online behaviour (how often customers view a product), sales data (how often customers order a product) and channelrelated data (how each channel contributes to turnover). Quite often, Google Analytics generates so much data that it becomes quite a challenge to see the trees for the wood. What’s more, standard reports don’t necessarily provide the most relevant insights, for example product margins. This makes it difficult to translate insights into best next actions and hinders datadriven optimization of your website and media deployment at a product level.
A Product Performance Report (PPR) provides insight at an individual product or product group level. Plotting product performance based on interaction and conversion results in four distinct categories:
Best next actions can be assigned to each of these quadrants to improve product performance, for example optimizing media budgets, pricing, inventory levels or cross-selling. Including additional information in the PPR that is relevant to your organization provides more valuable, more detailed and more relevant insights into best next actions at a product level.
Using the Product Performance Report it’s possible to determine the best next actions for each product or product group. What’s more, it serves as a means to monitor and periodically report on the effect of your optimization efforts. In summary, this way of working provides true insight into product and product group performance and targeted action for marketing and/or conversion optimization.
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