The truest statement I've ever heard about digital marketing is not to get swept up in the "Likes". You'd be surprised how many businesses, and believe it or not consultants, fail to do the work of analyzing their digital data.
While income is an obvious sign of product/service being moved or rendered it can't be the only way of measuring your marketing effectiveness. It's great to see the money roll in but you should want to know exactly where it's rolling from. What's the source of that income and why? Not tracking Key Performance Metrics is like walking outside and having money rain out of the sky onto your doorstep every morning for a year and then one day you walk outside expecting that money storm and it's gone. By then it's too late to wonder "where'd it come from" and "why'd it ever happen in the first place. " It's the same thing with people.
You should want as much information about your customers/prospects as possible, that's why Big Data is such a big hit! Businesses are getting to know their customers on a level like never before. It's a "must-do" if you want to keep and acquire new customers.
Marketers are crunching the numbers everyday to ensure that they attract the right people, at the right time, in the right place. Not every business can afford to have a miracle marketing team but here are some basic metrics that you should be tracking regardless of your company's size:
1. Open rate - How many of your recipients actually open the emails you send?
2. Click rate - How many people are clicking through from that email to your website?
3. Bounce rate - How many of the prospects actually receive the email?
4. Conversions - How many of those email prospects have converted to consumers?
1. Likes - How many people like your page not just your posts ?
2. Comments - Are followers engaging with your brand, do they comment or ask questions?
3. Shares - Do they find your content valuable enough to share with their followers?
4. Reach - How many people do your posts actually touch?
These items are key metrics that give a pretty good picture of your engagement with your target audience and adjustments you should make to your marketing approach. A lot of folks love the creative (art) of Marketing but forget or fear, the science (or what I like to call the homework). You have to analyze and gather the results of your campaigns. If all you're doing is creating and posting, your cheating yourself out a great opportunity, an opportunity to really know your audience and to really appreciate the results of all your hard work!
So do the work, all of it and keep your brand Bubblin'!
I am the founder of Bubblin' Banter Direct, a blog about Direct Marketing. I have been in the Direct Marketing field almost 10 years. I love everything about it and love sharing advice with others on how to keep their brands Bubblin'!