Do you measure your marketing?
Small business marketing isn’t easy. You need to understand what is working and what isn’t. These are some of the most important numbers to measure your marketing performance with, and where to find them. Let’s work backwards from the most important one.
Sales and Profits
Sales and profits are the backbone of a business, we are all aware of that of course. However, have you considered that effective marketing is steeped in the traditional art of salesmanship, which helps small business owners to navigate specific goals to convert prospects to loyal recurring customers?
Through an understanding of marketing data and measurements, you can truly grasp the value of each client, allowing you to focus on profitable relationships as opposed to ones that waste time and resources.
Whether you call them leads, opportunities, prospects, it doesn’t matter. The bottom line is that you need a constant supply of leads, the right leads, to keep your business healthy.
Within the total number, how do you segment them as they progress through your pipeline? Personally, I use Suspect, Prospect, Qualified and Sale. We close 64% of all leads we describe as qualified and we lose just +7% of those to competitors. You need to know these numbers for the following reasons:
- If you are generating lots of leads, but few become classed as qualified, your marketing is attracting the wrong leads. If you aren’t closing your qualified leads, you need help in your sales process.
- If you know why you are not winning sales opportunities, you can take action to improve.
Nobody buys from you without checking out your website. Whether you are an e-commerce company, selling directly through your website, or a services business whose website is predominantly a brochure site, your website stats can tell you a great deal. Google Analytics is free and can provide valuable insight into the source of your web traffic.
- where is your traffic coming from? For example: If you are spending time and money on social media that isn’t generating traffic to your website, you may need to re-consider part of your marketing plan.
- How long are people staying on your site?
- What devices are being used to view your website? Just how important is it for your site to be perfect on a mobile device?
- What pages are they landing on?
- What pages have a high exit %age, suggesting they aren’t effective?
- How do they move through your website?
If your website is a key tool in getting people to enquire, you need to know what is happening. Knowing whether your website is working is key to measuring your marketing performance.
Search Engine Optimisation
Do you know what keywords are generating traffic for you? Google Analytics is a fantastic versatile measurement tool but Google deliberately hides almost all information about the search terms driving traffic as they are the company that makes the money off keywords, therefore obscurity benefits them in that particular aspect.
Search Console, formerly known as Webmaster Tools, gives you a great deal more information.
Over time you can see how your SEO efforts are working.
Even in the age of GDPR we live in, email has proven to still be a popular marketing channel. Do you know how well your email marketing is performing?
MailChimp, and all other email marketing tools will tell you:
- How many people are opening your emails
- How many are clicking on the links
- How many email addresses are bouncing
Now you may ask yourself what does all this mean? An example may be a situation where you come across data that shows that many people are opening your emails but only a small percentage of them are clicking through the links. You scratch your head and ask yourself, “why?”
While it would require a full professional diagnosis to tend to your particular business needs relating to this question, some possibilities could be to do with the alignment, layout or unclear call-to-actions.
Another question that may arise is, “why is it useful to know what the bounce rates are?”
It could help you to simply update your database to focus on high-quality leads, or it could even possibly present an opportunity as that potential client has moved companies and therefore, they become a renewed lead.
Who are the people most interested in you? There are a number of ways to find out how engaged your audience is:
- Member rating: MailChimp gives you a star-based member rating based on how often they open and click on your emails
- Returning visitors: Another Google Analytics function that is only a numerical indicator, it will tell you what percentage of your website traffic is people returning
- Twitter Engagement levels: Twitter Analytics will tell you what tweets are working and what aren’t. Their choice of measure, in my opinion, is flawed as it uses impressions rather than engagement percentage. All social media channels provide a similar tools.
Adwords Click-through Rates
If you are using Google Adwords, the click-through rate is one of the key numbers you need to understand. Shown as a percentage of the number of impressions (the number of times your ad is shown), it will tell you whether your ads are grabbing the attention of the people searching. One more number to add when considering the effectiveness of your Adwords marketing is the bounce rate on your website, from Google Analytics. If you are generating traffic but it is bouncing off your website, you need to look at the website’s contents as they aren’t working.
If you want your marketing to be effective and deliver the leads you need to grow your business, you need to measure your marketing performance. These numbers will give you a good steer on what is and isn’t working.
But you still may find yourself asking if these numbers are good or bad?
Furthermore, you may not have the resources or time to figure this out yourself and if that is the case, SME Needs has the expertise to help you make sense of your measurements. Call us on 020 8634 5911 for a chat, or click here.[av_button label=’Need help with measuring your marketing performance?’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ size=’medium’ position=’center’ label_display=” title_attr=” color=’red’ custom_bg=’#444444′ custom_font=’#ffffff’ link=’manually,https://smeneeds.co.uk/contact-us/’ link_target=’_blank’ id=” custom_class=” av_uid=’av-2gxd42′ admin_preview_bg=”]