Everyone says you need to be tracking your numbers…But what the heck should you actually track anyways?
I highly recommend you set up tracking for all areas of your business.
You need tracking to find out if your SEO works if email marketing is effective, and if your social media marketing campaigns are performing.
If you want to know if that free checklist is generating real paying customers, by looking at your numbers, you will know if you should spend $ on marketing it on Facebook, or anywhere else for that matter 🙂
Let’s look at different types of data that you need to track and examples of each.
1. Traffic Generation
I almost think this is the most important thing to track. Because without eyes on your business, your website /sales pages and landing pages are no better than a business card.
Where are the visitors on your website/sales page coming from?
- organic traffic,
- paid traffic,
- a specific traffic generating campaign
This will tell you where you spend more of your time and resources.
- Does this webinar generate traffic to your site?
- Is traffic converting?
Understanding not only how you got the traffic, but whether it was productive traffic or not will inform your marketing in many ways.
2. Cost Per Lead
Do you know how much it cost to get someone on your email list?
Tracking this metric is important because then you know how much you need to earn from your customers to cover the costs. This will help you with the price.
3. Subscribes and Unsubscribes
- How many people subscribed today, and where did they find your opt-ins?
- How many of those people made further purchases?
- How many of the opt-ins got tagged in other categories (maybe they opted in for all your freebies)
Knowing that information as well as when someone unsubscribes and what triggered it is essential to ensuring you improve your subscription rate as well as reduce your unsubs by developing more targeted information to attract your audience.
4. Email Open Rates
You can test and track a lot about open rates for email messages.
- Does this subject line get the right people to open the email?
- When they do open it, are they answering your calls to action?
- How did the person get on your email list that makes them either easily converting or hard to convert?
It is easy to measure likes. But honestly, engagement on your post and videos is so much more important to track.
Technology is improving to enable you to tag your audience based on behavior, which can help you determine engagement.
A simple way to track engagement is how many shares and comments you get on each post.
6. Click-Through Rates
When you post anything on social media, or you have clickable links in a blog post, you want to track click-through rates to find out if you’re doing a good enough job getting people to click through. You can also track your click-through rates on your emails themselves; they opened the emails but are they taking action?
- What happens once they click?
- Do they convert?
7. Conversion Rates
Anytime you want to sell something, or you want your audience to take advantage of your call to action, this is a conversion. It doesn’t matter if it’s free or paid; the action you asked for is the conversion. You are tracking whether your CTAs are working or not is essential to your entire business.
8. Revenue Generation
Tracking your revenues is the only way to understand your return on investment, cost per lead, and other aspects that you also need to track. This data will enable you to eventually more accurately estimate your earnings for each launch so that you can control your expenses better.
9.Return on Investment (ROI)
How much you make after your total investment is the return on investment.
The formula for return on investment is :
ROI = Net Income / Cost of Investment or
ROI= Investment Gain/Investment Base.
Knowing this number helps you avoid wasting money and you can compare your ROI to industry standards to see how your business measures up.
10. Lifetime Customer Value
If your ideal customer purchased every single product you sell, what would they pay over their lifetime, and how long would it take?
Knowing this is a great way to be able to have other people promote your products and services (affiliates/referral partners) since they know exactly how much money they will be able to make from referring one person to you.
I know this seems like a lot of things to track 🙂 But I recommend you start by taking a look at your current goals and make a list to track starting right now.
A goal must be measurable, and when something is measurable, it’s trackable using the software and resources that you use to put that metric in play.
Tracking these metrics will help you improve your business with every data point you collect.
What goals do you have for your business?
What do you currently track in your business?