Website traffic, conversions, bounce rate, engagement: nearly every digital step you make on behalf of your business is measurable. Whether you’re making tweaks to your website or running an aggressive eCommerce campaign, you have the advantage of having valuable digital feedback at your disposal. The key is using these metrics to make the right adjustments.
So how can you put this feedback to good use?
Analyze the Numbers
The first step in figuring out where to go next begins with looking at the performance of your past campaigns. In this regard, numbers are your friend. The important things to look for?
Consistency: Say you launched a campaign to boost your online sales numbers. For the first few weeks, sales were up. After that, however, the numbers tapered off, and before long, you’re back where you started. Your goal should be to consistently boost your online sales numbers, not just for a few weeks. Perhaps it would be a good time to
Bounce Rate: How often are people coming to your site only to leave? What are you doing wrong? Maybe nothing. However, this could be a prime opportunity to take advantage of retargeting. Be persistent, but not pushy. Show your customers you’re really interested in helping them, and above all else, be relatable and empathetic.
Overall Traffic: Here’s where you want to take a look at what’s driving the traffic to your website. Is it organic traffic? Paid traffic? Referrals? It can always help to include a “how did you hear about us?” feature on your website so you can trace your conversions back to the lead source. Find the sources that are driving the most traffic and concentrate the lion’s share of your efforts there.
Which Metrics Are the Most Important?
The most important metrics are largely dependent on your goal. With that said, a restaurant might not have the same goals as a non-profit. Regardless, goals should be SMART: specific, measurable, achievable, relevant, & time-bound.
Traffic: Once again, traffic is, quite literally what drives your business. Your website is both the face of your brand and the medium through which you tell your brand story. With that said, a common goal is to increase web traffic. Keeping regular tabs on your web traffic will tell you what’s working and where you have room to improve. When you see the numbers stagnate, it might be time to scrap the campaign and start fresh!
Return on Investment: This one’s simple. For every dollar you spend on your marketing efforts, how much can you expect in return? While some marketing tools are more cost-effective than others, some more pricey expenditures can pay massive dividends. Take a deep dive into the numbers and try to focus on the efforts with the best ROI.
Social Media Follower Growth Rate: Consistent with the other aspects of your business, your social media audience should be growing proportionately. Build a stronger customer base and interest in your brand will grow with it. To that end, focus on producing strong, diverse content. Mix it up; avoid being pushy or sales-oriented, and instead share facts, humorous anecdotes, and anything else you think may bring value to your audience.
Cost Per Lead: You can even take this a step further and analyze cost per acquisition as well. Either way, it’s important to take a look at what it costs you to bring in a new customer. It’s easy to measure; simply take what you spend on marketing/attracting new customers and divide by how many new customers/leads you brought in. The lower your CPL/CPA, the better for your business. If you find your numbers are too high, try to break into new, less expensive channels, like social media.
Don’t Be Obsessed With Numbers
Ultimately, however, focusing too much on your metrics won’t get you anywhere. If you’re constantly making changes to your strategy, your consistency goes out the window, and with it the trust of your audience.
The best practice may be to focus on at most a half dozen most valuable metrics and build your entire digital marketing strategy around them. When you outline your goals, make sure they’re not only SMART but measurable by your chosen metrics.
If you’re not keeping careful tabs on how each cog in your marketing wheel is performing, your efforts are largely wasted. While your brand’s goals may vary, your approach to analyzing metrics should stay the same.