In our dreams, we’d have infinite resources for our marketing efforts and we’d dazzle the world with our intricate and clever strategies that bring abundant customers and build massive loyalty. Dreams are fun and they can inspire us to grow in new directions, but the real world is a bit more constrained. Yet within these real world limits it is important that marketing campaigns have meaningful and determinable outcomes.
In order to measure results, you’ll have to take an in-depth look at your data. The great news is that there is a lot of data out there, but the not-so-good news is that you have to ask the right questions in order to get relevant answers. For example, if you only ever measure the volume of your Twitter audience, you might lose sight of the fact that there are a substantial number of automated accounts aka Twitter bots, as well as fake accounts and accounts that are all but abandoned. Focusing too much on vanity metrics can distract you from valid information.
So what are reasonable metrics to take into account when measuring the success of your marketing efforts? While much of the answer depends on your unique goals, such as building brand awareness, increasing retention or revenue, or conversion, there are some rules of thumb that can help you evaluate elemental data points to ascertain where your marketing currently stands.
Take a look at the total number of visitors. If your goal is simply to build brand awareness, you may be satisfied if this number increases over a certain period. However, if your goals include wider long-term gains, you’re going to have to look deeper at the numbers and investigate some indispensable data such as the source of your traffic, the number of new vs. returning visitors, the bounce rate of those visitors and whether or not a visitor took a specific action like signing up for your newsletter or following you on social media.
Remember, measuring your marketing efforts via your website is going to look different from web analytics. Web analytics regarding the technical aspects of your website can influence your results — if a pop-up takes more than a few seconds deploy, your bounce rate will increase — but marketing analytics regarding your website will show how your audience is responding to your marketing efforts. Continue reading “Is Your Marketing Working? How to Measure the Right Data” »