How to Know if Your Marketing is Working
Marketing is an incredible tool that, if harnessed correctly, can grow your business to new heights and expand your profitability. But what good is implementing all the marketing strategies and tactics in the world if you have no concept of how much they are contributing to your growth, or whether they are actually working at all?
This is where analytics become so important to marketing. It is essential that everything you do in business is measurable, and this includes your social media, website, emails and ads. Often there are inbuilt analytics in the apps we use to perform marketing, but there are also outside tools that we can use to get a deeper understanding. The only issue with these tools is that it can become overwhelming and hard to know which figures are best to use if you don’t know what you’re looking for.
One of the most important steps to take before pouring over your analytics and deciphering what is working or not, is to do some industry research. Understand what the standard rates are for engagement, growth and reach in your industry. Equipped with this knowledge you can make a better assessment as to what works for your business.
The three most used channels in business marketing and in my opinion ,the most important, are; email, website and social media. I am going to take a brief look into each of these channels and the analytics you should be tracking in correspondence to each one.
- Email Marketing Analytics
Open rate
The is the percentage of subscribers who opened your email out of the total number it was sent out to. If this is looking low, consider your subject line, subscriber list and time sent. You want to grab peoples attention with a catchy subject line and ensure you are sending it at a time of day when people are active. Also consider that you may have built up an email list that doesn’t necessarily contain people who are your ideal customer. If this is the case send out a break up email seeing if people still want to be subscribed and remove those who don’t reply.
Click through rate (CTR)
Percentage of people who clicked at least one link in your email, out of all people who the email was successfully delivered to. To boost this rate make sure your email is easy to digest and follow. Are your link buttons visible and demanding attention? You want something that begs people to “CLICK ME”.
Conversion rate
Percentage of people who followed through on your emails call to action, whether that be purchasing a product or completing a booking. Ensure you hyperlink text, create clickable buttons and essentially make whatever you want the customer to do as easy as possible.
Bounce Rate
The percentage of emails that were not successfully delivered to the recipient, you may have copied the email incorrectly, or the address is not active anymore. Consistently update your email list and ensure to remove any cold addresses as this will improve your open rates.
Number Unsubscribed
Simply the number of people who have unsubscribed from your email list after receiving your email. As much as this can be very discouraging, take it as a sign to review your email content and fine tune your list.
- Website Analytics
Number of visitors
Represents the number of people who have visited your website, often broken down into days/hours so you can see if your marketed content is driving people to the website. Ensure you are linking all content across your platforms back to your website; in blogs, instagram bio, email newsletters etc.
Session duration
This show how much time people are spending on your page, more clicks = a higher session average and higher interest in your products. This is an important metric that will show how user friendly your website is. Add current rich media and high quality imagery to keep people on your page.
Abandoned cart
This will show you website visitors who added something to cart but never followed through to complete the purchase. This is a great opportunity to create targeted emails to get these customers over the line by offering them an incentive (free shipping, percentage off etc).
- Social Media
Reach
The number of unique accounts your post was viewed by. Higher reach equals a greater number of eyes on your post. Ensure you post at your audiences most active times to increase reach.
Impressions
Total number of times your post appeared on users timelines. Evergreen content is the best kind for reaching high engagement as it remains relevant and useful and so the number will grow exponentially.
Engagement
Formulates how much users interact with your content. It considers likes, comments, replies, saves, shares, link clicks, poll votes… essentially any kind of interaction another users can have with your post, and differs depending on your posting format.
Your analytics are there to help you succeed, so ensure you pay close attention to them. Be agile and willing to change tactics when your data shows you that something isn't working.
Nikki X
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