WooCommerce focused on Advertising? Must have 3 Acquisition metrics to monitor!

WHAT is Acquisition metrics?

If you ask me personally, then Acquisition metrics = Success metrics. Its why you have your WooCommerce for the first place.

A marketeer would answer it with a segmented sentence, complicating it further. Acquisition is the total of three distinct stages: lead generation, lead nurturing, and sales.

Whatever is your Success, and whatever you call it (Growth, Performance, Results) its tied to your specific niche. If your WooCommerce is all about promoting YOUR product, then your Acquisition is all about those who want to purchase YOUR products (or at least consider).

You need a clearly defined acquisition strategy to bring the right “interested people” in to your WooCommerce to convert them. But how do you set up and then evolve you acquisition strategy? The answer lies in your tracked acquisition metrics. By tracking these metrics, you monitor your business and make data-driven decisions for your growth. And never forget: “What gets measured gets managed!”.

Figure out fast and early whether or not you’re FOCUSING the real HUMANS. Buying digital fluff (leads, clicks, follows, visits, downloads, subscribers or whatnot’s) mostly makes reporting beautiful and bank account empty. Then optimize the acquisition costs (make it cheaper or get more for the same cost). Expand that knowledge into further campaigns. Optimize again, over a specific time frame, and you’ll have a more effectively budget.

WHY monitor Acquisition metrics?

Acquisition Metrics are KPIs, and KPIs are Important for your WooCommerce. Said one voice, in a whimsical tone.

Acquisition metrics and KPIs help WooCommerce businesses to gain an in-depth understanding of how their marketing efforts are contributing towards goal achievement. Customer acquisition metrics are important because they provide tangible insights into the effectiveness of your marketing and sales efforts.

These Acquisition metrics allow you to track the cost of each customer, understand the value they bring to your WooCommerce business, and measure the success of your conversion strategies. With this information, you can make data-driven decisions to optimize your acquisition process, allocate resources wisely, and maximize your return on investment.

Monitor ONLY 3 Acquisition metrics?

3 is just a personal recommendation. Not small enough to get ignored, yet big enough to get noticed, even if you glimpse over them.

Set up Acquisition notification via important channels like email, sms, alerts, notifications that work for your WooCommerce. Not all the time will this be perfect, but should be important enough to not get forgotten. Make sure these Acquisition alerts are scheduled on a day/hour when intervention is possible. Friday, late afternoon is translated to either Monday late afternoon, or ignored and skipped.

Frequency? Depends.
If this makes or breaks your budget THIS month, then monitor this weekly.
If this makes or breaks your Q1-Q2-Q3-Q4, them monitor this monthly.
If this is a subject for a meeting, then schedule this BEFORE that said meeting.

In all cases, should consider MOM (month over month) and YOY (year over year) monitoring. Helps understanding where you’re heading, at what expected point (logical and educated deduction).