Happy Easter everyone. As I have a few moments here, I thought I would blog a little about path analysis and how it can be such a powerful driver for conversion improvement. For those who are new to the term “path analysis” – essentially is the tracking, monitoring and strategic planning related to the primary online processes within your web site.
Any website that is established with the goal of monetizing traffic should conduct path analysis to properly gauge site performance. In conceptualizing a monitoring plan, the business should first outline the goals or scenarios that are to be monitored. In a basic eCommerce business – the following four processes should be monitored:
1. Cart to Conversion process (ie. after someone adds to cart, what percentage of visits are converting into sales for the business)
2. Search to Conversion (ie. after someone receives a search result, what percentage progress to the cart and then finalize the order process)
3. Site to Email (ie. What percentage of overall traffic that visits through the homepage is progressing to the email sign up option)
4. Spotlight Products to Conversion (ie. eCommerce sites usually “spotlight” 3-8 products within the homepage – how are these products doing from a conversion perspective?)
By seeing the percentage of traffic that progresses through these processes within your site, your business will be able to identify areas of the site that are causing visitor confusion or inhibting conversion rates in some form.
Knowing this data can set improvements in motion to hopefully reduce that leakage and drive incremental improvements.
Remember, if your conversion is 3% today – just getting one more person out of the 97 who didnt buy will impact your sales 33% on the upside! Optimize those sites out there!