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 that content costs, whether those visitors become customers -- collecting the right marketing 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.
- Speaking of Lifetime Value...
Inbound marketing is key to getting your current customers to come back, increasing their lifetime value for you. Creative, interesting, and engaging marketing on your site can cement an ongoing relationship with your customer. Finding this lifetime value means knowing the average number of times a customer buys per year, how much they spend each time, and how many years they'll stick around.
- Evaluate Your Inbound Marketing
First, make sure you know what you mean by 'inbound marketing' -- It's usually content you create like blogs, graphics, videos, or social media posts. It's different from a mailing or advertisement because the customer comes to you for content instead of seeing it on TV or in their mailbox.
It still costs money to create inbound marketing, especially in staff time. Capturing sales information from these efforts can tell you what content works. Try creating several pages with different content types and tracking whether readers take some action after visiting the page (like making a purchase).
- Determine Conversion Rates
How often does a visitor actually make a purchase? 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.
- Fine Tune Organic Searches
This category of metrics is all about tracking what happens during and after a user searches and enters your site. Track keywords, which include both searches for your business' brand name and searches for words related to what your business does. You can also measure whether these organic searches translate into customers, which indicates a good SEO strategy
Yes, you can gather all sorts of data from your site -- but having a good idea of what kind of metrics to focus on will go a long way in streamlining your marketing efforts.