If you’re spending any time or money marketing your business, you know that metrics matter. Of course, the real question you might have is: Which metrics? When it comes to a successful business, you need to keep an eye on the right marketing metrics. And those could be very different for your business and the one right down the street.
Identify Your Marketing Efforts
Before you can determine which marketing metrics to consider, you first have to know what marketing you’re doing. Even if your gut response is, “I’m not doing any marketing,” the truth is that you definitely are. You could be going to networking events. Perhaps you’re a speaker. Do you have a book or website? Are you spending money on Facebook or Instagram ads? Is your business on social media at all? You may not consider that you are doing marketing because you’re not paying anything for it, but time is also effort and a resource you’re investing into marketing.
You need to be very clear about what marketing you’re doing, the effort you’re expending, and the resources you’re using to market, whether those are time, money, or both.
Get a Handle on Your Goals
Knowing what you’re currently doing in the marketing realm is one thing, but knowing what you’re hoping to achieve is something else. You need to be very clear about your goals. Do you need five new clients this month? Two new partners? If you are running Facebook accounts, what do you want followers to do? What are your goals in all of your marketing?
With goals, come conversions. What is a conversion for you? The term “conversion” gets thrown around a lot these days, so you may be confused on what it really means. But honestly, at the end of the day, conversion just means that the person did what you asked them to do. So maybe a conversion in networking is having three quality conversations or getting the business cards of five potential partners. Maybe the person you met called or you scheduled a meeting. For social media, maybe someone joined your list or visited your Facebook page.
A conversion does not have to be a sale. Sometimes it is, and sales are great, but a conversion is not always a sale. You need to get clear on what a conversion is for you and what your goal is in the realm of conversions.
Define Your Marketing Metrics
Before you get to the conversion, something has to happen. If you want someone to join your email list, they have to get to the place where they can join it. When your goal is for a client to book a call, they have to land somewhere that can happen.
But what happens before they convert?
When you know what you’re trying to achieve, what a conversion is, and what has to happen before that conversion, you can define your key performance indicators, or KPIs. And that’s where you create your marketing metrics.
The bottom-of-the-barrel KPIs are the things that happen before conversion, and you need to be able to measure those.
If you want people to book a call on your website, they first have to get to that page of your website. That would be a KPI. How many people are visiting that page? How many are booking a call? And how are you driving traffic to that page? If you’re not getting a lot of people to visit that page so they can book a call, you need to dial up the marketing machine.
KPIs Are More than Just Sales
KPIs are at all levels. What happens before the conversion, what the conversion is, how many sales you’re making, and so on. But don’t stop there. If sales are your only marketing metrics, that’s not super helpful if customers need to book a call before they can make a sale. Then you need to have metrics around that aspect. If potential clients have to get to your website, have a conversation with you, or see you at a networking meeting before a sale can occur, you’ll need marketing metrics around those components.
KPIs happen along each part of the process, not just the sale.
When it comes to marketing metrics, you can measure a variety of metrics, or KPIs:
- joining your list
- booking a call
- calls you get from your website or from ads
- clickthrough on ads
- how many people are visiting your website
- how long visitors stay on your website and the pages they visit
- who is buying when they visit certain pages
- bounce rates
A Word of Caution on Marketing Metrics
While it can be exciting to have a handle on what marketing metrics you have—and what you could be measuring—you have to know a few things first:
- What are your marketing goals?
- What is your definition of a conversion?
- What happens before the conversion?
Once you know the answer to those questions, measure. When you understand what you’re trying to measure and have defined your metrics, you can put measurements into place.
Help Is Here!
If you’ve gotten this far and your head is spinning, that’s okay. FieryFX is here to help. Marketing metrics are super important, but I don’t want you to (and you probably don’t want to) spend money, time, effort, or even any attention on things that aren’t resulting in moving your business forward. Reporting, measuring, and metrics are very important, but they’re only important if they’re the right ones for you.
If you need help with all of these metrics, let’s schedule a consultation. We help clients with this all the time. We are experts in not only strategy but also reporting, because a plan is great, but if you don’t know what’s working, none of it matters.