Numbers are numbers, information is actionable
As marketing campaigns cost you time and money, they should be viewed as investments.
Your digital marketing team is keen on putting your firm on the map. A new blog post goes up twice a week like clockwork. PPC ads are in place. You’re tweeting regularly and maybe, even personally updating your LinkedIn with comments and insights, and even appearing on Facebook Live with behind the scene video at networking events and employee interviews about how much they love their jobs.
While all of this is good for exposure and building brand awareness, is it contributing to your bottom line? Is it generating leads? Are you confusing popularity with profitability?
Do you know which numbers indicate success and which numbers are just numbers? Are you paying close attention to the numbers that matter? What are you doing with the heaps of data you’ve acquired, and do you know how to analyse them?
You could have thousands of leads, but without a single one converting into a paying customer, those numbers are insignificant. You don’t earn a cent for every lead you gain. In fact, it may be costing you if you are using PPC ads to obtain them.
You could be publishing a blog once a day; that’s 30 or so blogs a month or 365 blogs a year. The numbers are only impressive if they’re driving the engagement and enquiries to meet your KPIs. We’re not saying that your efforts are worthless. We’re saying that without focusing on the right numbers, all your hard work will have been in vain.
So what numbers do matter? Are you measuring the right stuff? It really depends on what your marketing goals are.
Are you building your social media presence by gaining more followers? Are you trying to attract new clients to boost your revenues? Without first defining your goals, you can’t identify which metrics matter and won’t know how to define your KPIs.
Numbers that matter for brand awareness
Are you spending the first few months in business only trying to build buzz around your firm and not focusing on gaining any real clients? If so, then your number of followers actually do matter. The question is, how are you gaining followers? If you’re doing so organically, you’re not spending on ads. However, if you’ve invested in sponsored ads, how has it improved your following? Are they the right target market?
When it comes to marketing goals associated with exposure, reach, and brand awareness, here are the metrics that matter:
- Website traffic growth
- Unique page views
- Engagement metrics such as share count, likes, and comments
Numbers that matter for increasing revenue
Ask any Managing Partner and they will tell you that the only numbers that matter are the ones that ultimately mean fees. For most firms, these are the numbers to be obsessing over. Because while exposure is good, it doesn’t mean a thing if it’s not bringing in paying customers. Here are the metrics you should be observing closely:
- Conversion rates
- Cost per lead per channel
- Return on ad spend
And the most important metric of all? Return-on-investment (ROI). Whether your firm’s goal is to attract more social media fans or generate more revenue, your ROI is the biggest indicator that your efforts are paying off. However, while ROI is the ultimate goal, it shouldn’t mean slowing down your marketing momentum. After all, why put a stop to something you know is working?