We live in a world awash with numbers and metrics, but what information should you use to make choices about your business?
What website content attracts visitors? How much does that content costs? Are those visitors become customers? -- Collecting the right data will make your inbound marketing decisions easier and more efficient.
Keep Track of your Return on Investment
What works in your inbound marketing portfolio and what doesn't work? Without this information, it would be hard to plan future campaigns and strategies. Keeping track of your return on investment can help you determine where to put your marketing dollars.
Calculate the Cost of Customer Acquisition
OK, so now you’ve gathered some data on how much money you spent versus how much you made, but what about the amount you are spending to get that one customer? Figuring out this cost-per-customer number involves many factors: your marketing efforts for both inbound and outbound campaigns, staff time (including creative and sales teams), and anything else that went into getting that customer (like answering emails). These factors together should be lower than a customer’s lifetime value.
Determine Conversion Rates
How often does a visitor actually become a customer? This is an important piece of information that can steer your future efforts. Some metrics to consider:
- Visit-to-lead Conversion rate - The percentage of visitors who complete an action (like making a purchase or clicking a button).
- Landing-Page Conversion Rate - Your front page is probably the most important feature of your website. Determine whether it needs changing by examining what customers do after seeing it.
Yes, you can gather all sorts of data -- but having a good idea of what kind of metrics to focus on will go a long way in streamlining your marketing efforts.