Are you still optimising your online marketing efforts towards return on Ad Spend and other campaign limited KPIs? While useful for optimisations, the real goal should be to improve the overall profitability and market share of your business, and thus your campaign KPIs should be backed up by business KPIs.

According to Joel Rao, CEO at iProspect, a leading Kenyan Digital Marketing Company, there are five Business intelligent KPIs that can elevate your E-commerce strategy, and they include:

• Prioritise higher margin items – Kick off your online campaigns with higher margin items as you won’t achieve volume sales from day one. This way, you are able to get a return for your spend early enough to justify continued investment in this channel.
• Sell high stock inventory – Remember when you last tried to make an online purchase, and the website told you they were out of stock? How did you feel? To avoid this disappointment that could hurt future sales prospects, improve sell-through rate by selling high stock inventory that reduces the risk of running out of stock.
• Optimise to new customers – Optimise your offering for a higher number of new customers. First time buy offers, return policies, detailed product descriptions, trial options, customisation options all go a long way in enticing new customers to make a purchase.
• Improve brand recall – A percentage of your digital spend should go towards driving brand awareness and engagement. What can you give out for free? Can you publish an interesting piece of content? Can you tell your business story in a creative way? Anything to help you connect emotively with the customer will help your brand recall.
• Drive in-store sales – Research shows that customers who visit a physical store have spend more than those who don’t. Incentivise customers to visit your retail store to grow your Omni-channel sales.

Joel Rao was a facilitator at Un.thinkable masterclass (our quarterly 10X Growth Leaders Workshop) in July 2020. Click here to apply for membership in Un.thinkable.