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PRESS RELEASE Monetate is Joining the Kibo & Certona Crew

Take a Peek Inside our Latest Report Series: Personalization Metrics: The Definitive Guide to Measuring Success

Take a Peek Inside our Latest Report Series: Personalization Metrics: The Definitive Guide to Measuring Success

Part 1: You Can’t Improve If You Don’t Know What to Measure and How
In the world of ecommerce, there are a variety of different options when it comes to metrics. Without a good framework, accurate interpretations of these metrics can be challenging. Today’s merchandising, online marketing, and ecommerce managers have complex jobs from optimizing their customer experience and site design to maximizing sales and managing ROI of their technology partners – all without disrupting the shopping funnel. Like any business investment, they are accountable for measuring the return of their personalization efforts. With so much at stake, where is the best place to start?

Before you can define what metrics work best with regard to personalization engines, you must understand one key factor. Today’s methods for benchmarking are often hampered with inconsistent tracking and reporting metrics that are out of context with regard to the segment group targeted, the date range in which the purchase is occurring, and the channel and vertical in which the personalized recommendations are used. Clearing up these inconsistencies is the only way to truly measure the effectiveness of your personalization efforts.

Segmentation Defined: Who are you targeting?

Carefully defining the target of your personalization efforts is essential. To accurately measure how recommendations perform in a given vertical or channel—whether it be web, email, mobile, call center, or in store—online and multi-channel retailers must first distinguish between customers who interact with the recommendations and those who don’t, called responders and non-responders respectively. Responders are typically your best customers. They spend more time on your site, convert more often, spend more, and have a higher propensity to return than non-responders. As a result, they have distinct conversion behavior that must not be mixed in and confused with the conversion behavior across all shoppers in a channel.

To get the full version of our new industry-wide reference guide: Click Here