Ecom / product business metrics

[B_Mac]

I have an opportunity to get some local entrepreneurs and a university involved in my business. Specifically, we are focusing on social media, branding, and marketing. I wanted to see if others have metrics they use to track these or any other area.

I know there are some fairly common metrics, such as CTR, bounce rate, and such, but outside of that, what do you measure?

I'll give an example. I have an idea of my target market, but I'd like to be sure and narrow it down to 3-5 "groups" by Age, Sex, Location, Income, preferred platform to make a buying decision (FB, IG, Youtube), and preferred platform to execute that decision (Amazon, ecom site, brick & mortar).

The question then becomes, what tactic do I use to get the answer.

 

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[MitchM]

To be honest, this question makes my brain hurt for some reason.

Do you have a product you’re trying to sell already, or are you trying to make an analysis of what product to sell?

My view on things is simple: find a market, a problem that market has, and solve the problem with your product.

The product should either be a valuable improvement to something that already exists in terms of design and/or marketing, or even something that doesn’t really exist yet.

Once you do that, just look at where your group is hanging out on the web, what the margins on your product are (will affect marketing plan), and test your messaging to increase CTR, Conversion Rate, and customer retention.

The market that you’re targeting will usually be centered around certain interests, professions, and problems (disease, debt, you name it).