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4 Marketing Stats to Keep You on Track
JANICE HURLBURT
Are you sure your marketing is paying off?
I’m not talking just about how many likes you receive on a post. I am talking about hitting key benchmarks or goals for your marketing reach and sales.
Marketing statistics are essential in helping you make strategic marketing decisions.
For instance, one of my clients tracks every marketing tactic. She knows how many calls, sales, and revenue from the sales per place. Years ago, she ran a small ad in a local monthly newspaper that cost $200 a month. This paper was the first place she advertised her local business and retained her first client in 1998, which paid for her Marketing & advertising with the newsletter for six months!
As advances were made in the internet and online marketing, she quickly realized this local paper was no longer productive. She went from five new clients a month to one every two months. Therefore, she canceled her ad without looking back. If she had not tracked her marketing 20 years ago, she would not have realized that money was being wasted. This tactic still works today.
Marketing Stats are Essential
Any marketing strategy is hard to maintain without the right stats. You need to know which marketing tactics are working and which aren’t and how to improve your results. These insights will help you modify your strategy in a way that improves your final outcomes and see measurable ROI (return on investment) from your efforts for years to come.
I get it. Few marketing strategies are perfect on the first try. Even big brands like Google test new products, features, and marketing techniques before rollout. The same principle applies to you and your company.
Key Strategy #1: Know your customer
Successful marketing begins with knowing your customers. You’ve worked hard to acquire these customers, so the first step to a successful marketing strategy is knowing who they are.
Understanding their needs, desires, and pain points will help you tailor your marketing efforts to speak to these concerns.
Knowing your customers and what they want will help you create messages that resonate with them, which will lead to more leads and sales.
If you don’t know your customers, you won’t be able to effectively market to them, which leads to wasted effort and low ROI
Be sure you have a clear profile or Avatar of your perfect customer. Ideally, you would have this information on hand before you create any marketing plan.
If you do not have an Avatar, then use one of the following templates:
Define your customer avatar worksheet with Keap’s template
Or use Hubspot “Make my Persona”
Use your favorite clients to create your ideal client.
Here are some ideas to use as you create Your avatar:
Demographic traits: List your avatar’s demographic traits (e.g., age, sex, education level, income level, marital status, occupation, religion, and average family size). What kind of car they drive, where they shop, magazines they read.
Psychographic traits: These are a little more complicated and require a deeper understanding of your client avatar. They’re based on values, attitudes, interests, and lifestyle. Examples include: wanting a healthy lifestyle, valuing time with family, using Pinterest to do home DIY projects, being supportive of the arts, and being philanthropic.
Name your avatar: Naming your avatar humanizes the profile. If you are targeting both men and women, you’ll want to create a male and female name.
Put a face to their name: Find a picture online in stock photos that best visually represents what your avatar looks like.
Speaking of a story: Write one about your customer avatar. Imagine you are your avatar and are journaling about the discovery of your product or service. What were they thinking before they bought your product? How were they feeling? Why were they feeling that way? What were they looking for? What were they hoping to solve or accomplish? How did they find you or hear about you? How did they feel once they purchased your product or service?
Key Strategy #2: Define Your Marketing Metrics
Measurable marketing goals will give you a clear indicator of the results of your efforts.
If you don’t know what metrics to track, you’ll have a hard time seeing which of your marketing efforts are working. In fact, it won’t matter how many tactics you employ if you don’t know which to prioritize.
The client I mentioned above tracked the following stats. These are in line with industry standards.
Lead generation: How many leads are you generating?
Conversion rate: How many of these new leads are turning into customers?
Revenue: How much revenue are you bringing in per customer?
These metrics will give you a clear picture of how well your marketing efforts are working. Ideally, you want to track all of these metrics on a daily or weekly basis. This way, you’ll be able to identify trends and adjust your strategy accordingly.
Key Strategy #3: Track Campaign Results
Beyond metrics, you also need to track your campaign results. This will help you see if your marketing efforts deliver the desired results.
Tracking these results will also help you determine if you need to make any changes to your strategy.
- How many new leads (or email addresses in email marketing and followers in social media marketing) did you gain?
- How many new leads turned into customers?
- How much did you earn in new sales from each campaign?
Use the same metrics listed above to measure your campaign success.
The point of these metrics is if your campaign brought you 50 new leads and you made 10 new sales at $20 each, is this good enough?
Email marketing often gets a bad rap. Many marketers believe that email doesn’t work. The truth is email marketing is still not only a viable strategy but a critical one. In fact, it’s more important than ever before.
Email marketing is consistently one of the top-performing marketing channels. The important thing to track is your email marketing ROI. This will help you determine if your efforts are working or not.
You’ll want to track the following in email marketing:
Bounces: Be sure to clean up email addresses that do not make it to the subscriber. Depending on your ESP (Email Service Provider), it may be called a soft or hard bounce. Your email platform will let you know why an email bounced.
There are a variety of reasons for email bounce backs, include full inboxes, servers that aren’t responding, sends to email addresses that no longer exist, invalid email addresses, and sends to fake email addresses.
Click-through rate: How often do people reply to your emails or click on the CTA link.
Open rate: How often are your emails being opened? I find it helpful to look at this stat. However, some email marketing gurus say you cannot trust this number due to spam filters.
New customers: How many of these leads turn into customers?
Track the following on your website:
Website traffic: How many consumers are visiting your website?
Lead generation: How many leads are being generated from your website?
How do you know when a lead is generated from your website? Leads are visitors who engage with your content by filling out a contact form, signing up for a newsletter, or downloading a free resource.
The more leads you attract, the higher your chances of converting them into paying customers. Tools like Google Analytics can help you track which pages and content generate the most leads.
These metrics will help you identify what’s going well and needs improvement.
Key Strategy #4: Track Social Media ROI (Return on your investment)
I know, I know. You’re probably saying social media does not give you new business and it’s a hard stat to measure. Don’t skip this section because I promise it will help!
When it comes to social media marketing, you’ll want to track the following metrics:
Impressions: How many times are your social media posts displayed?
Engagement: How many consumers are engaged with your posts?
Click-through rate: How often do consumers click on your social media links?
Conversion rate: How often do consumers click through to your website?
If you notice a decline in your metrics, your efforts are likely falling short and you’re not posting consistently on social media. If you have lost interest in creating posts, shift your focus to other marketing tactics that are producing positive results. You don’t want to waste your time on ineffective marketing strategies or eat away at time and your marketing budget.
In Closing
Your marketing stats will help you fine-tune your strategy over time. This knowledge helps you see what’s working and what isn’t so you can make necessary adjustments.
Consistency Matters: Tracking these metrics regularly is important to identify trends and take informed actions. Your marketing strategy will be hard to maintain without the right stats.
Remember, no marketing strategy is perfect on the first try. The best companies, large and small test new products, features, and marketing techniques before rollout. The same principle applies to you and your business.
I promise you that if you keep track of these stats, you will build your client base and result in sales.
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ABOUT JANICE HURLBURT
I help coaches and entrepreneurs shine their expertise online, by making the process of building their online presence fun, simple, and ready-for-success.
My digital agency will take care of the technology for you, help you shine like a star and get your expertise and efforts noticed. When you make me your partner in online management, I become the navigator of your journey, helping you map your success, attract the right clients, grow online and make more money.
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