As a business owner, it’s easy to get overwhelmed with everyday processes that are required to keep a business running. However, many times, Marketing gets put on the back burner. Although you may not have a lot of time to dedicate towards marketing efforts, it’s important to at least keep in mind some basic metrics so you have some way of measuring success. By no means do you have to be a marketing guru to run a successful business, but you do need to be aware of these basic metrics and know how to use them to attract new business and overall increase your profit margins. Not knowing these basic metrics about your business can negatively affect your business’s profitability over time.
1) Overall Traffic
Your website plays a huge role in your business’s success. Knowing solid metrics like how much traffic your website is getting is important to give you the insight to be able to measure leads and conversions. Your website may be receiving a lot of traffic, but that doesn’t mean it’s all good traffic. Bad traffic can, in fact, bog your business down which is why it’s important to know your audience and to target the right people. By increasing the quality of the website traffic and visitors to your website, you’re also increasing conversion numbers. It’s important to keep in mind though that it’s not always about the total number of visitors, rather how interested those visitors are to buy. The further a visitor gets in your sales funnel, the greater chance they are to convert. By increasing the quality of your traffic, the more likely you are to increase your website conversion and get the traffic to becoming paying customers.
Utilizing Google Analytics “All Traffic” gives you a birds-eye view of where you stand, and is a good benchmark to keep your eye on overtime. Many times you will notice that holidays and seasonality, for example, will affect how many visitors your website is getting. Knowing that these may affect your business’s leads, will enable your team to put together a strategy to combat the loss of visitors during those times.
2) Your Audience
Knowing who your audience is, who they are, and how many you’re reaching is vital. Every successful marketing strategy brings in customers and does so cost-effectively. In order to bring in more leads, you need to target your efforts towards your target market. This audience is made up of your current customers, as well as people who have voluntarily decided to follow your business on social media or have given you their information in some form. You should always know these three things about your audience:
1) Where they are located
2) What they have in common with each other
3) The number of people within your audience
In order to find these metrics, you can refer to:
– E-mail Subscriber List
Always have the “subscribe” option on your website. This not only allows your recipient list to grow but encourages visitors to stay in touch with your business. You’ll get excited when you start to see your subscriber list grow! You can also include an option to “subscribe” within your email footer in case a current subscriber forwards it to a friend.
– Phone Number List
Many businesses are starting to utilize text messaging instead of email. There are many services out there that allow you to market to customers on their mobile devices. If your business takes appointments or reservations, this option may work well for you. Giving your customers the option to “opt-in” to text may work out better for them versus getting an email since it may be more convenient for them.
– Social Media Following
It’s important to keep tracking of your followers and where they are coming from. Keeping a running tally of your weekly follower growth is a good idea to see if you’re growing or declining. Knowing these numbers can reveal some useful content connections.
3) Your Ranking
Knowing where you rank on Google is important. Regularly conducting Google searches for your most important keywords and keeping track of how you’re doing is highly advisable. One of your landing pages may be ranking well, whereas another landing page may be down on the second, or third page of Google which lowers its chances of being found. You’d need to then refer to a marketing agency like Search And Be Found to be able to help you improve your SEO and increase visibility to improve your overall ranking. Focusing on local SEO and voice search can significantly improve your ranking, however, you first need to know where you are before you can diagnose the problem and rise in the search results.
4) Return On Investment By Campaign
Knowing the ROI for each of your marketing campaigns is important. It’s easier than you think to calculate ROI. ROI is calculated as a percentage using this simple 4 step formula.
– Calculate total revenue from the campaign
– Calculate the total cost associated with it
– Subtract the costs from the revenue to give you your profit
– Divide your profit by the cost which gives you your ROI
These calculations will help you know which marketing campaigns are earning you the most revenue. Knowing this information allows you to rethink your marketing strategy, split-test and improve ads and campaigns that are underperforming, and most importantly allocate money to impactful marketing tactics.
No Two Companies Are The Same
In a nutshell, no two companies are the same. The metrics your business measures should answer questions that are important to you. These metrics are the key to reaching your goals.
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