Owning a small business is something millions of people dream of. Most new business owners are surprised about how hard it can be to land new customers. The modern business market is filled with competition, which is why entrepreneurs will need to focus on creating an edge with the help of online marketing.
The biggest mistake a business owner can make is pumping money into online marketing campaigns without monitoring how well they are doing. In the article titled, “Why Business Brands Should Take a Data-First Approach to Audience Integrity,” the author details why monitoring certain marketing metrics and analytics is so important. Read below to find out more about the marketing analytics and metrics a business owner needs to be concerned with.
The Sales Revenue a Marketing Campaign is Generating
On average, a small business owner will spend up to 10 percent of its annual gross revenue on marketing. Making sure the various campaigns a company is engaged in are paying off is crucial. Therefore, a business owner will need to figure out how many sales and sales leads a marketing campaign is producing when trying to figure out whether it is worth the investment.
According to RealTimeCampaign.com, it is the lack of monitoring that usually leads to a business owner wasting money on marketing methods that don’t work. Rather than spending more than needed on lead acquisition, a business owner needs to keep a close eye on where most of their traffic is coming from. If a business owner realizes a marketing campaign isn’t paying off, they don’t need to hesitate when it comes to scrapping it.
The Traffic to Lead Ratio
Investing in an informative and engaging website is crucial for modern business owners. Driving traffic to this website is only possible if a business owner takes marketing investments and metrics seriously. Closely monitoring where website traffic is coming from is only the tip of the iceberg when it comes to optimizing a marketing campaign. Working with professionals, like the ones at Singular is crucial when trying to get important marketing metrics and analytics.
A business owner needs to find out how often the people visiting their website are turning into actual customers. If a business owner sees their website traffic is high, but their conversion rate is low there is a definite problem. If a business owner is looking for an explanation about why marketing metrics and analytics need to be used, they can find these answers online.
Social Media Traffic
Most companies invest a lot of money in social media marketing. The hope is that people who follow a business on social media websites like Twitter or Facebook will visit their website and make purchases. If a business owner is not seeing results from their social media marketing investment, they need to make some changes. With the right analytics and metrics, figuring out which social media platforms are not producing leads will be easy.
Reaching Out to Professionals is a Good Idea
Some business owners think they can save money by creating, implementing and tracking their own marketing campaigns. Usually, this type of DIY marketing will be ineffective. Therefore, hiring professionals to lend a hand is so important.