The 12 Marketing Analytics that Will Change Your Business
When you really get down to it, marketing is about getting to know your customers so you can understand them and then building and nurturing relationships with them.
So above all, marketing is a conversation. It starts as a conversation between two people who’ve just met and want to find out what they have in common. If it’s a good conversation, an understanding is built.
After all, the best conversations begin with taking a sincere interest in others, expressing empathy, valuing what they are interested in, noticing things about them, and using these things to start and fuel further conversations.
In business and marketing, that's where analytics come in and give you valuable insight into the other person. These insights can lead to top notch products and services, delivered through engaging customer experiences.
THIS is marketing.
And so successful marketing requires knowing how to use all the tools at your disposal to acquire those insights.
If you don’t track the impact of your communications, you won’t know what’s working and what isn’t.
You won't know when the conversation you’re having is missing the mark.
As a result, you might continue to waste time and money on things that don’t work for your business.
How to Get the Most out of a Marketing Analytics Report
The key to driving growth is understanding how to use your analytics effectively. In fact, “an integrated marketing-analytics approach can free up some 15 to 20 percent of marketing spending.”
Your marketing metrics show you exactly what’s working and what’s not, enabling you to keep adjusting and focusing your efforts on getting more results.
It’s actually a very powerful feedback loop you should use to your best advantage. Analytics are actually an impartial way to see where you’re struggling and need to refine as well as a validation of when your efforts are paying off.
How to Navigate your Marketing Analytics
Here’s a guide to the right analytics you need to focus on to get started:
1- Website Analytics
2- Social Media Analytics
3- Email Marketing Analytics
1- Website Analytics
NUMBER OF VISITORS – How many people are coming to your site? Is this number trending upwards or downwards? Look at the number in the context of your activity this month as compared to other months. If it’s trending upwards, what have you been doing that’s working and how can you do more of it? It’s a great kick in the pants to log-into Google and see the big red arrow pointing down, knowing the reason is due to slacking on blogging or social media.
MONTHLY TRAFFIC – Where your traffic is coming from is very valuable information. The channels with high click throughs to your site are the most valuable to you, so you’ll know you need to invest your time there. For example, I get hundreds of visitors from Pinterest every month, so I always make sure to be active on Pinterest even though this isn’t a platform I would have otherwise chosen to focus on.
TOP REFERRING WEBSITES – If most of your traffic is direct – i.e. a visitor types your URL directly into Google – that means you need to do more to engage people who don’t already know about you. If Facebook and Twitter are top referral websites, then perhaps you should spend more time on those social media platforms. On the other hand, if you are spending time on these platforms and not getting traffic, you should adjust what you’re doing there or rethink if it’s worth investing your time there at all.
TOP PAGES ON YOUR WEBSITE – What are your most popular pages? Your popular pages will give you insight into what pages your visitors are looking for — and what content they want to see. If a specific type of blog article gets lots of hits, consider other content or products you can build around it. Or, if no one is going to your products page when you’re really trying to promote your products, it's time to zoom in on how you can better direct your website visitors to that page.
OPT-IN RATE – What percentage of new visitors to your website are signing up for your newsletter? If you’re only getting 2-3% conversion to your mailing list, how can you improve your opt-in offer?
TOP KEYWORDS – Looking at your keywords shows you the words people are typing into Google to find your website. If they’re finding you mostly by your company name, that means you haven’t optimized your site for keywords related to your most important topics or services and you’re missing a huge opportunity to connect with people. You might also find surprises here! You might discover unexpected traffic from a keyword in a blog post and can give you key insights into how to develop your content.
2- Social Media Analytics
TOP POSTS – Gather a list of the top posts that received the most comments and engagement to keep doing what’s working really well. What can you do to improve the posts that are not getting engagement?
BEST TIMES TO POST – Note the dates and times of your top posts so that you can adjust your posting schedule to consistently publish at those times for optimal engagement.
MOST WEBSITE TRAFFIC – While some posts get little engagement, they might drive traffic to your site, which is actually just as, if not more, valuable. So don’t discount those posts!
3- Email Marketing Analytics
OPEN RATE – Email open rates vary by industry, but most average out at around 20%. A low open rate is a sign that something isn’t working and that it’s time to review and tweak your strategy. Look at your subject lines and whether your messages are crafted for the right people and if you are actually reaching them.
CLICK THROUGH RATE – Look at the breakdown of where your click throughs are coming from. Does your audience prefer reading articles or watching videos? Do they read your long articles or prefer a shorter format? Are they enticed by your free offers?
UNSUBSCRIBE RATE – Your unsubscribe rate should ideally be below 0.5%, (although some experts argue that a high unsubscribe rate is actually a good thing.) If your rate is much higher than that, you may be sending content too frequently, have the wrong people on your list or may not be delivering valuable content.
I hope you see how AMAZING this is. If you pay attention to how people are responding, you are paying attention to the conversation you're having with them (remember, that’s what you’re doing!)
So let the numbers guide you. When you do, you can really hit your stride. And the beauty of this is it only takes a few minutes every 1-4 weeks (depending on your publishing and posting schedule) to find out where you’re at and prioritize the things you can do to improve your results.
☑ Take Action
- If you don’t have a Google Analytics account yet- get one! It’s free and an essential tool in growing your business strategically. After your account has been up for a month, check back with this list to review these metrics and analyze your results.
- If your results aren’t what you hoped for, go through to all the metrics listed above, pick 2 or 3 and start making some changes!
- Start building your Business Growth dashboard and download the Story Tonic Business Bundle to get 6 free spreadsheet templates for building yours.
- And, if you’re serious about growing your business and just want someone to create a custom strategy for your business, book a call with me!