4 Data Metrics to Track to Keep Your Business from Crashing

4 Data Metrics to Track to Keep Your Business from Crashing

We live in a world that is now driven by data and analytics. From sports to fashion and advertising, there is a growing need to understand opponents, competitors, and customers. And the one with the most accurate and real-time data and analytics is the one that has the upper advantage over their competition.

With the rise of social media and online consumption, digital marketers are loving the abundance of data. The data marketers can harvest from social media and other digital marketing tools is key to understanding your consumers, predicting their actions, and knowing how they feel about certain products.

Once the data is gathered from various social media platforms and digital marketing tools and campaigns and analyzed, it can give a business an overview and real leverage to target their audience and a few steps ahead of their competition.

The more consumers go online, the more data there is for marketers and data analysts to see how far and wide their campaigns have spread. This social media and digital marketing analytics boom are essential because it’s helpful when you’re trying to gauge future campaigns and marketing strategies.

Finding Data that Matters

Data collection is easy. There are hundreds of apps and tools for that, but interpreting the data? Not so much. It needs knowledge, patience, circumstantial understanding, and attention to detail.

Pro tip: Remember, it’s not possible to get a full understanding of your marketing campaigns just by looking at 2-3 data points. To put it into perspective, your data will only make sense if there is an in-depth conversation with someone who knows how to read data. There’s no short cut to this, and it needs a lot of brainpower. 

For starters here are important marketing metrics to looks at:

  • Conversion metrics.These convey how effectively you’re able to convert “visitors” into “buyers.” Data collected – conversion rate, cost per conversion – from this will tell if you’re able to make visitors buy your products.
  • Business metrics.These show the big picture – the bottom line, your overhead costs, and what your ROI is. These metrics show if you’re making money or breaking even.
  • Marketing metrics.Almost everything that comes before a conversion is a marketing metric – impressions, click-through rates, visits, and bounces. All these will explain your consumer engagement and lead them toward a conversion.

Here are some of the most important metrics that will help you and your brand. 

BOUNCE RATE

This is an essential metric to look at. What are your visitors doing when they’re on your website and what they do after? Did they visit another page? Do they click on the links that you provided?

You need to know consumer behavior patterns, specifically your target audience, to guarantee a sound sales funnel. Bounce rates are very important when you own a sales page or eCommerce page or paid ads because if a sizeable percentage of your visitors are landing on your site and then bouncing right away, it simply means that what you’re doing isn’t appealing to them, which translates to get back on the drawing table because there’s more work to do.

The average bounce rate for B2B websites is 61.9%, while the average bounce rate for email campaigns is 61.5%, according to an Orbit Media Studios article.

SOURCE

It’s also crucial to know where your target demographic is engaging with your brand. You don’t want to spend thousands of dollars on a social media campaign only to find out that they engaged with your campaign from a completely different source. Data will tell you how your consumers are coming to your site.

If they didn’t find your campaign on social media, it doesn’t mean you should abandon social media altogether. It just simply means you need to restructure and reprioritize your needs.

CONVERSIONS

Congratulations! Your fun socks are finally selling. That’s delightful! But how do you sell more? Look at your data. Remember, it’s all about the numbers. Find where your best shoppers are coming from. You’ll see that you have amassed tons of data to help you identify and hone-in on your target audience. Once you know your audience, use our buyer persona guide to help create effective marketing strategies.

RETURN VISITS

Most consumers will visit your website several times before not purchasing a product. Some consumers compare products with other competitors, read product reviews, or visit other pages of your site before deciding to click that buy button. Track the pages they look at when they return. Find out what information they’re looking for.

Knowing this information is key to driving a well-defined sales funnel. With this, you can be sure that your site’s content is created to lead potential customers to all the information they need.

Ready to level up your digital marketing? One of the major pluses of digital marketing is the abundance of analytics. If you’re not monitoring your analytics, you’re not getting ahead of your competitors. Don’t miss out on amazing opportunities to improve your strategies and your online presence.

We can help your increase your digital marketing success by monitoring essential metrics and implementing strategic changes to boost your business. We’ve helped fitness coaches, beauty influencers, and health and beauty apps identify their key metrics, build their social media campaigns, and develop their buyer personas.Drop us a message today!

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