The relaunch strategy focuses on boosting our online presence by optimizing critical metrics. Key performance indicators, such as Conversion Rate and Average Order Value (AOV), are targeted to optimize sales revenue. For example, improving the Conversion Rate by simplifying the checkout process can drive more purchases. The Average Order Value can be increased through bundled product offerings.
Best Seller Performance ensures top products maintain their popularity, while strategies enhancing Customer Retention Rate, like loyalty programs, encourage repeat business. Website Traffic optimization via SEO and social media broadens the audience reach, integral for sustained growth.
Top 5 metrics for Relaunch Strategy
1. Conversion Rate
The percentage of visitors who make a purchase from your website. It's calculated by dividing the number of sales by the total number of visitors and multiplying by 100
What good looks like for this metric: 2-3%
How to improve this metric:- Optimise product descriptions and images
- Simplify the checkout process
- Offer limited-time promotions
- Use customer reviews and testimonials
- Ensure website is mobile-friendly
2. Average Order Value (AOV)
The average amount spent each time a customer places an order. It's calculated by dividing total revenue by the number of orders
What good looks like for this metric: $50-$100
How to improve this metric:- Offer bundled products or upsells
- Provide discounts for larger purchases
- Add recommendations for complementary products
- Ensure pricing is competitive yet profitable
- Create a loyalty program
3. Best Seller Performance
The sales performance of your top-selling products. It includes tracking sales volume, revenue, and profitability of best sellers
What good looks like for this metric: 20% of revenue from top 10 products
How to improve this metric:- Highlight best sellers on landing pages
- Feature best sellers in marketing campaigns
- Regularly review and update best seller list
- Provide easy ordering options for best sellers
- Analyse and replicate successful product traits
4. Customer Retention Rate
The percentage of repeat customers over a period of time. It is calculated by dividing the number of returning customers by total customers over the same period and multiplying by 100
What good looks like for this metric: 20-30%
How to improve this metric:- Enhance post-purchase follow-ups
- Offer loyalty or rewards programs
- Engage customers through personalised communications
- Seek feedback and implement improvements
- Ensure a high-quality customer service experience
5. Website Traffic
The total number of visits to your website, which can be segmented by source, such as direct, social, referral, and search
What good looks like for this metric: Varies by industry and company size
How to improve this metric:- Invest in SEO strategies
- Utilise social media marketing
- Run targeted advertising campaigns
- Leverage email marketing to attract returning visitors
- Collaborate with influencers or affiliates
How to track Relaunch Strategy metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
