Issue #11 • November 2017

Marketing Metrics: Tracking the Stats that Build Your Business

Do you want to make the most of your resources, follow and test customer trends, improve sales numbers, and generally build a successful business?

If you answered yes, then you need to understand the metrics that run your business.

Everything these days is data driven, and those pieces of data are what we call metrics.

Metrics are what you use to measure the success of anything from your newly launched product to how well your webinars are converting. They are the proof you need to make informed decisions about your day to day tasks as well as your long-term goals.

marketing-metrics

  • Want to know how your emails are performing?
    Then check out your open, click, and deliverability rates.
  • Want to find out how your customers use your product or if they’ll recommend it? Survey them to find out the Net Promoter Score or the Customer Satisfaction Score.
  • Want to know where our website is turning casual readers into customers? Then you’ll want to set up goals in Google Analytics to watch what page readers land on, how long they stay, and when they convert.

Do you see how these marketing metrics can be game changers for your business?

With this data you can finally make educated, well-documented decisions about running your business. You no longer need to rely on your gut! And even though I’m sure your gut has helped you make the decisions that led you to this point, you’ll sleep better knowing there are actual numbers to back you up.

Now, all these marketing metrics already exist, it’s just up to you to set up the systems to track their progress and then implement your findings.

These pieces of data are just what you need to level up your business.

But not all data is helpful.

The problem with too many metrics

The downfall with all this amazing data at your fingertips is that it’s easy to fall prey to measuring the wrong metrics.

There are SO many metrics out there you could be following, and honestly, some of them just don’t matter.

But how do you know when the marketing metrics don’t matter?

You’ll know these vanity metrics by their inability to help you earn a living with your business. They’ll be the numbers that look great on paper, and might give you those warm fuzzy feelings, but essentially have nothing to do with you making the real decisions that help you reach your goals. Some of these vanity metrics include:

  • Page views
  • Number of social media followers
  • Downloads of free content upgrades
  • Ad impressions
  • Website views
  • Blog comments
  • “Likes” and “Shares”

These pieces of data might impress some because they do tend to be big numbers. But really, they are only shallow representations of what’s really going on.

Too often, creators are either tracking the wrong kind of metrics or they’re just not tracking them at all. Do you fall in either of those camps?

Whether it’s from a newness to business, not understanding their importance, or being overwhelmed by the amount of metrics you could be tracking, it’s time you figured out how to track the right stats.

The marketing metrics that matter

In this issue of Tradecraft, we tackle the main metrics all creators need to be familiar with in order to build their business.

These are the marketing metrics that tie to tasks you can test, evaluate, and improve on over time. That means they’re the ones that will help you make the right decisions to grow your business.

Are you ready to dig into these metrics to know how to track and improve the real numbers that make a difference? Click through our issue articles below to get started today.

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