The Ultimate Guide to Using WhatsApp Business Analytics for Ecommerce
As an eCommerce business, you need to be active where your customers are and create a marketing strategy that engages them in the right way at the right time - even on WhatsApp.
But to identify the right approach, it has become essential for brand marketers and business owners to make friends with numbers.
This is where the importance of using a WhatsApp Business API solution provider and WhatsApp Business analytics comes into play.
What are Whatsapp Business analytics?
WhatsApp Business Analytics provides a comprehensive set of metrics and analytics to help businesses measure and track the performance of their WhatsApp Business accounts' communication.
Measuring WhatsApp Business Analytics gives businesses the power to track campaign performance, customer engagement, and sentiment, optimize their WhatsApp strategy and adjust their customer outreach accordingly.
From a business perspective, this means looking at a dashboard that displays the number of messages sent and delivered, open rate, click-through rate, and conversion rate - although the dashboard and the numbers you do gather may vary based on the WhatsApp Business API solution provider you are using.
Different WhatsApp Business API solution providers may have different features, access levels, and data collection and reporting capabilities, which could affect the accuracy of the numbers you are collecting and the range of data rendered on the dashboard.
Why should you measure WhatsApp Business analytics?
Because you can't improve what you don't measure, and with WhatsApp Business Analytics, you can measure and improve your customer communication game to win!
Measuring WhatsApp Business analytics is vital for staying on top of your customer interactions.
WhatsApp Business is a powerful communication tool with an over 2 billion user base that can be used to power marketing campaigns and customer service initiatives.
WhatsApp Business analytics helps you track the performance of your messaging campaigns so that you can make the necessary changes to optimize them over time.
In this section, we delve into the significance of WhatsApp Business analytics measurement:
1. Keep track of campaigns
Businesses can run various campaigns through their WhatsApp Business Account to improve their marketing, including promotional, engagement, customer support, and re-engagement campaigns.
Measuring WhatsApp Business Analytics provides an overview of your various campaigns on WhatsApp Business, as well as tracking the campaign's effectiveness and achieving the desired results.
2. Identify market opportunities
Now that you can see the campaigns, you can also see how they are performing and which ones do better, so you can double down on them and try to replicate the success.
You can also identify which campaigns are not performing as well and adjust them according to the data you have. Furthermore, you can identify gaps in your campaigns and use them to your advantage by introducing new campaigns, targeting different audiences, and using different advertising strategies.
This will also help keep your WhatsApp costs optimized.
3. Identify bottlenecks
With numbers in front of you, you can see why a campaign may not be working - instead of guesswork, take a data-driven approach to fix your WhatsApp business strategy.
With WhatsApp Business Analytics, you can examine each campaign and automation's CPA (cost per acquisition) or ROI (return on investment). This helps you evaluate the customer journey, message types, imagery, formatting, and designs to optimize for better responses.
4. Understand customers better
Looking at how customers interact with different WhatsApp messages over time can help identify common patterns. From preference of interaction to the type of campaigns they typically engage and convert on, WhatsApp Business Analytics gives you a comprehensive picture.
By analyzing customer behavior, you can also serve up personalized content to customers via WhatsApp, increasing the likelihood of engagement and therefore driving sales.
Do you have WhatsApp analytics on the WhatsApp Business App?
The WhatsApp Business app provides access to the basics of WhatsApp Business analytics. This includes tracking key performance indicators such as Messages sent, Messages delivered, and Messages read and received.
- Messages Sent: The total number of messages sent through WhatsApp Business
- Messages Delivered: The number of messages successfully delivered to your contacts
- Messages Read: The number of messages read by your contacts
- Messages Received: The number of messages received from your contacts
To check your statistics, open WhatsApp Business > Tap More options > Business tools > More options > Statistics.
Any business can not necessarily achieve an edge over its competitors by merely knowing how many messages are sent and read.
To get deeper insights into the success and performance of your campaigns, you need to measure more specific WhatsApp Business analytics such as open rates, click-through rates, conversion rates, customer journey, etc. These will help you to identify which campaigns or messaging techniques are working and which are not and provide you with valuable data points.
Let’s take a look at some of these WhatsApp metrics.
Metrics to measure with WhatsApp Business Analytics
While there is no one set way of measuring the success of your WhatsApp campaigns, we do recommend keeping track of the following numbers:
1. Number of campaigns set up
The number of campaigns set up via WhatsApp will depend on the purpose of the campaigns, how detailed they need to be, and how many customers the business wants to reach.
A business could set up multiple campaigns, each targeting a different segment of its customer base. For example, a business may want to send out a weekly product update or a promotion every month, in which case they would need multiple campaigns.
An overview of all the ongoing campaigns helps you track how you're using WhatsApp and where you can optimize costs.
2. Types of WhatsApp campaigns
Your WhatsApp Business analytics dashboard should also be able to segregate and list down the types of campaigns you're running. Here are some kinds of WhatsApp campaigns that businesses can run:
- Customer service campaigns to handle customer inquiries and support requests.
- Promotional campaigns to send discounts, offers, and special promotions.
- Surveys and feedback campaigns to collect feedback and opinions.
- Announcement campaigns to send important announcements and updates.
- Referral campaigns to encourage customers to refer their friends and family to the business
- Lead generation campaigns generate leads by offering incentives to customers who provide their contact information.
- Re-engagement campaigns to re-engage customers who have not interacted with the company for some time.
Analyzing each campaign individually makes it possible to determine its level of success, which can be utilized to enhance the campaigns and their outcomes.
3. Open rate
Measuring the open rate of Whatsapp messages helps you identify what types of messages resonate with your target audience and what gets opened. It also tells you the best time to send a message to improve your engagement rate and reach more people.
4. Click-through rate
The click-through rate is a key component in crafting a successful WhatsApp strategy as it measures the number of clicks on a particular message divided by the number of times it was delivered. It determines which types of messages generate the most engagement and which are more likely to lead to conversions.
5. Engagement rate
Measuring engagement rate provides valuable information on the reach of your messages, the response rate, who is responding, and why. This allows you to gain insight into user behavior, helping you to make data-driven decisions to improve future communication.
Be it automated campaigns or the messages you respond to manually, it is essential to keep track of the number of two-way conversations you're having with consumers. The idea is to see how many consumers want to talk to your brand before they take a desired action.
A WhatsApp business analytics dashboard displaying how many contacts you've gained or lost during a period of time is crucial. It helps you understand when consumers opt-in to receive updates and notifications on WhatsApp, how much information they are willing to share, and when they tend to unsubscribe from the list.
8. Conversion rate
Conversion rate refers to the number of conversions - in this case, traffic to website or sales, you generate from the messages you send on WhatsApp. By tracking the conversion rate, you can identify how many campaigns it typically takes to get a consumer to move along the funnel to take a desired action. We recommend measuring the conversion rate of each type of campaign based on the objective it was set up with.
As the name suggests, this WhatsApp metric is about understanding the revenue the messaging platform generates for your business. Once you know your conversion rate, the next step is to see if that conversion has led to actual sales. It's also a good idea to look into the average order value received from WhatsApp and the profit you generate through the channel.
10. Spend on WhatsApp
Businesses on the WhatsApp Business Platform incur charges for each conversation, encompassing all messages sent within 24 hours. Keeping track of spending data, as one of the WhatsApp Business metrics, enhances your understanding of the costs involved in operating your business - this helps you plan your resources better.
The best tool for WhatsApp Business analytics - LimeChat
LimeChat's dashboard offers in-depth insights and reporting on WhatsApp for various business use cases.
From the number of campaigns set up, messages sent and received, ongoing conversations, engagement rate, conversions, and actual sales, the WhatsApp Business analytics dashboard brings all the data in one place.
It's important to note that there are no separate WhatsApp Business Analytics tools available - as there are for social media, email, and other channels. That's why brands must work with WhatsApp Business API solution providers like LimeChat that integrate seamlessly with the eCommerce CMS to fetch and measure the data accurately.
WhatsApp charges businesses based on campaign conversation, i.e., messages sent in a 24-hour session.
Each conversation initiated on the WhatsApp Business Platform incurs a charge, which varies by the user's country code. As prices are subject to change, please click here for the latest updates.
To avoid high costs, monitoring your messaging campaigns on WhatsApp closely is essential.
Keeping track of performance will help identify the messages with the highest returns, enabling you to focus your efforts on those that give you the highest returns.
Struggling to monitor the performance of your WhatsApp campaigns?