For many small business owners handling their own marketing, keeping track of the basics of which platforms to post on, when to send out emails, when to make website updates, and what to post on their blog can feel like a full-time job on top of the full-time job they already have. And, in fact, it is a full-time job. That’s why marketing people exist! (Hi! 👋🏻) But what about the marketing metrics? They’re not just numbers, they’re the key to unlocking your business’s growth and success.
When you consider the importance of tracking marketing metrics for small businesses, it’s clear that this is not just a step but a necessity for your business’s growth. Even when you’re posting on your platforms and your website is easy to navigate, it’s not enough to truly understand your marketing efforts.
This is where tracking marketing metrics comes in.
You have to know what you’re posting, why you’re posting it, and if it’s moving the needle. Without knowing what’s happening with the effort you’re putting in, you might end up just spinning your wheels – doing things that aren’t working over and over again. But if you can take a look at your marketing metrics and see what’s working and what’s not, you can develop a strategy that begins pushing things forward. You’ll figure out what your audience likes and be in a position to provide them with more of it.
By tracking the right metrics, you can:
- Measure campaign performance: Did your social media campaign generate leads? Did your email blast increase website traffic? Data gives you the answer.
- Identify areas for improvement: Is your blog content resonating with your audience? Are your landing pages converting visitors into customers? Data pinpoints areas that need tweaking.
- Make data-driven decisions: Should you invest more resources in content marketing or pay-per-click advertising? Data empowers you to make strategic decisions based on concrete evidence.
- Optimize your marketing funnel: Metrics help you visualize the flow of potential customers through your marketing funnel, allowing you to identify bottlenecks and optimize each stage.
The 3 Marketing Metrics Every Small Business Owner Needs to Track
Now that we understand the “why” behind data, let’s delve into the “what.” Here are the 3 core metrics every marketer needs to track, regardless of their experience level:
Website Traffic
This metric acts as the foundation, revealing the overall health of your online presence. It tells you how many people are visiting your website and provides insights into where they’re coming from:
- Organic Traffic: Visitors who arrive at your site through search engines like Google. Track your organic traffic over time to gauge the effectiveness of your SEO efforts.
- Direct Traffic: Visitors who type your website address directly into their browser. High direct traffic indicates brand awareness and could signify a strong returning visitor base.
- Referral Traffic: Visitors who arrive at your site from another website, such as a partner blog or social media platform. Analyze referral traffic to identify valuable partner channels.
- Social Traffic: Visitors who click through to your website from a social media platform. Social media traffic metrics help you understand which platforms resonate best with your audience.
Tools for Tracking Website Traffic
- Google Analytics: The industry standard, offering in-depth website traffic analysis and reporting.
- Similarweb: Provides competitive insights into website traffic sources and audience demographics.
Conversion Rate
This metric goes beyond website traffic and measures the percentage of visitors who take a desired action, such as:
- Signing up for an email list: A key step in building relationships and nurturing leads.
- Downloading a white paper or ebook: Indicates engagement and interest in your content.
- Making a purchase: The ultimate goal for many e-commerce businesses.
Calculating Conversion Rate
- Conversion Rate = (Number of Conversions / Total Visitors) x 100
Optimizing Your Conversion Rate
- A/B testing: Test different landing page elements like headlines, call-to-action buttons, and form layouts to see what drives the highest conversion rates.
- Targeted content: Create content tailored to specific buyer personas to increase their likelihood of converting.
- Strong CTAs: Clear and compelling calls to action tell visitors exactly what you want them to do.
Engagement Metrics
Not everyone who visits your website will convert right away, but that doesn’t mean they’re not interested! Engagement metrics help you gauge how well your content resonates with your audience:
- Social Media Engagement: Likes, shares, comments, and mentions all indicate audience interaction with your social media content.
- Email Open Rates: The percentage of email subscribers who open your emails.
- Time Spent on Site: The average amount of time visitors spend browsing your website content.
- Bounce Rate: The percentage of visitors who leave your website after viewing only one page.
Analyzing Engagement Metrics
Engagement metrics provide valuable insights into audience preferences and content effectiveness. For example, a high bounce rate might indicate a poorly optimized landing page, while low email open rates could signal a need for more compelling subject lines.
Tools for Tracking Engagement Metrics
- Google Analytics: Provides detailed reports on website engagement metrics.
- Social media analytics tools: Most major social media platforms offer built-in analytics dashboards.
- Email marketing platforms: Track metrics like open rates, click-through rates, and unsubscribes.
Taking Action With Data
By consistently tracking these essential metrics, you’ll accumulate a wealth of data. But here’s the key: data is only valuable if you transform it into actionable insights. Here’s how to bridge the gap:
- Set SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-bound goals provide a framework for interpreting your data. Align your metrics with your goals to determine if you’re on the right track.
- Identify Trends: Don’t just focus on individual data points. Look for patterns and trends over time. Are website traffic numbers rising steadily? Is your email open rate consistently low? These trends reveal areas for celebration or improvement.
- Segment Your Audience: Analyze your data by audience segments (demographics, interests) to understand how different groups interact with your content. This allows you to tailor your marketing messages for greater impact.
- Benchmark Your Performance: Compare your metrics against industry averages or your own historical data to gauge your relative performance. Aim to continuously improve your results over time.
Bonus Tip: Don’t be afraid to experiment! Test different marketing strategies and track the corresponding data to see what works best for your audience.
Remember, data analysis is an ongoing process. As you become more comfortable with tracking and interpreting metrics, you can explore more advanced analytics techniques and tools. The key takeaway: data is your friend, not your foe. Embrace its power to illuminate your marketing efforts, optimize your campaigns, and ultimately achieve your marketing goals.
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