As a business owner, navigating the world of online metrics can be overwhelming. With an abundance of data available, it can be challenging to make sense of what truly matters and how it aligns with your business goals. In this podcast episode, Mari-Liis and Laura from Powerful Marketers explore the complexities of social media metrics, the importance of focusing on the right ones, and how to measure success in a meaningful way.
Deciphering Different Channels
When it comes to online metrics, different channels may show varying results. For instance, Facebook might report thousands of clicks on an ad, while your website analytics only register a fraction of that traffic. This discrepancy can make it difficult to determine the accuracy of the metrics presented. It's important to take into account the limitations and nuances of each platform when interpreting the data.
Focusing on Metrics That Matter
Instead of fixating on vanity metrics like likes, comments, and shares, it's crucial to concentrate on the metrics that truly contribute to your business goals. While these engagement metrics may provide a sense of validation, they may not directly impact your bottom line. To establish a more meaningful approach, align your metrics with key performance indicators (KPIs) that reflect measurable actions, such as newsletter sign-ups or webinar registrations.
Tracking the Right Metrics
To effectively measure the success of your marketing efforts, it's essential to consider the customer journey and the channels where your target audience is most likely to discover your brand. By focusing on specific actions that can be tracked and measured, such as lead magnets, quizzes, or webinar sign-ups, you'll gain a clearer understanding of how your marketing efforts are driving results.
Streamlining Your Metrics
As a business owner, it's essential not to get overwhelmed by the multitude of metrics available. Instead, streamline your focus on a few key performance indicators (KPIs) that directly impact your business objectives. By honing in on these vital metrics, you can avoid unnecessary analysis paralysis and concentrate on the value and consistency of your marketing efforts.
Quotes:
- “Well first of all, all of those social media likes and comments and shares. They are very nice of course, and they show that you are doing something right. People are noticing what you're doing, but they don't mean business closed, so it may not contribute to your bottom line.” (00:01:47)
- "There is no way to know for sure which metrics are correct and which are credible because different channels tend to show you different numbers because they want to show you great numbers so that you would keep coming back to their channel." (00:02:10)
- “My advice would be to just focus on the value and the consistency and the results will eventually come if you do the right thing.” (00:03:54)
- “So as a business owner I would say make sure to follow just a few main important KPIs for your business and see where the trend is actually going because yes, those vanity metrics are nice to have. It gives you a great feeling if you have many clicks and impressions. But if nothing really happens in the bottom line then you shouldn't maybe put your resources into this channel.” (00:08:19)
- "So remember, different channels may provide varying numbers. So it's important to establish those reliable sources of data that you can track repeatedly and consistently and understand what really impacts your business and its success." (00:08:58)
Timestamps:
(00:00:59) Marketing Metrics for Business Owners: What to Measure and Why
(00:05:55) Most Common Social Media Metrics To Track
PS! If you're looking for a framework to build your marketing strategy and a comprehensive template for your marketing plan and budget with metrics, then check out our Strategy Building Tool & 12 Month Marketing Plan.
