There are a lot of types of marketing data out there, and it can be downright confusing for business owners (who are generally non-marketers) to know what to prioritize. Most owners understand that although data is increasingly available, more data isn’t necessarily better. So, how do you know which pieces of customer data, advertising data and other data are important to track – and which you can disregard? Here’s a quick checklist of metrics that are most deserving of your time to help you make these decisions.
Let’s start with Google. Having Google Analytics in place for your website is a really important – and fairly painless – way to keep tabs on your site performance. It can also provide a window into how your marketing is doing, if you know how to monitor it. Here are a few of the top numbers to watch:
- Bounce Rate – If a site visitor spends time on only one of your pages before leaving, they’ve “bounced.” This isn’t good, and indicates that your website didn’t do enough to hold their attention. So, your bounce rate tells you how well your website is engaging the people who stop by, which is important to know so you can optimize and improve it.
- Traffic Source – From where do your visitors come? This is a telltale piece of data because it helps you know where you should invest more marketing dollars (or scale back).
- Conversion Rate – This metric reveals the percentage of visitors who actually take the action you want them to on your website. This might be making a purchase, filling out a form or requesting a quote; it just means they’re interested and taking action toward becoming a customer.
- Demographics – If you haven’t yet built out your buyer personas, it’s really crucial you stay apprised of who your customers are in terms of demographics – and then build those personas accordingly. Even if you have personas fleshed out, knowing the demographics of your target buyers who are visiting your site will help you tailor your messaging and graphics to draw them in and convert them.
- Average Page and/or Visit Duration – This is along the lines of the bounce rate, but this metric tells you how long the average visitor spends on your site during a given visit or on a given page. Again, this helps you see how well you’re capturing their attention and giving them what they came for.
Next up is Google Ads. How do you measure your advertising success, and what data do you need to track? Here are some of the ones we recommend monitoring:
- Number of Impressions – An impression is counted each time your ad is shown on a search result page or other site on the Google Network. This gives you an idea of how many people have seen your ad.
- Click Through Rate (CTR) – This is how it sounds; the number of clicks that your ad receives (divided by the number of times your ad is shown). This metric helps you see how much your ad is resonating and inspiring action so you know whether to keep it going or pause and adjust.
- Cost Per Acquisition (CPA) – This number tells you the average amount you’ve been charged for a conversion from your ad and gives you an idea of your ROI on that given ad.
In conjunction with Google Analytics and Google Ads, it’s important to keep track of specific data within your Customer Relationship Management (CRM) software. Here are some of the main ones you should regularly check in on:
- Lead Source – This one is sometimes overlooked, but so critical in allocating your marketing budget to set you up for success. First, make sure you have your CRM configured to capture lead source. Second, if team members are entering contacts in manually, make sure they ask leads where they heard about you so they can put that into the system. This helps you know which sources are driving the most leads your way, so you can invest more into them.
- Customer Lifetime Value – This number tells you how much a customer has been worth to your company, in terms of revenue, over their entire relationship with you. It’s good to track this over time because you can start to identify trends, and see which customers deliver the greatest value so you can direct your focus toward them.
- Deal Value – Similarly, average deal size is helpful to watch. If your average deal values are decreasing, this signals a problem and can mean your profitability is eroding. If they’re increasing, you can dig into why that is and how to keep it going.
- Buyer Journey Stage – Mapping out and tracking your buyers’ lifecycle is a great way to offer relevant content and move customers seamlessly through your funnel. If you’re not tracking their stage in your buyer journey in your CRM, you’re missing an opportunity to further automate and optimize it.
- Reason for Lost Opportunity – Not everybody becomes a customer, but many organizations forget to capture why this is. This sort of data can be just as helpful as positive data because it tells you what warning signs to watch out for with prospective buyers. Make sure your sales team is inputting the reasons that their deals fell through into the CRM so others can easily access the information and you can identify trends over time.
All the types of marketing data can be overwhelming if you tackle them at once, but you really don’t need to. Instead, prioritize the information listed here and use it to fuel improvements in your marketing and your business. You and your customers will enjoy the rewards. Need help making the most of your marketing – and your data? We can help!