It’s time we talk about one of the least sexy parts of business…
Everyone online always talks about sales, revenue, and cash in the bank.
But what about the numbers that drive those figures?
I’m talking about marketing metrics.
As you may know, marketing online can get confusing.
You’ve got email marketing, social media marketing, paid advertising, Search Engine Optimisation, sales page conversions, and the list goes on.
So, today you’ll discover some of the most important metrics to pay attention to regarding the marketing channels above…
In the hope that you can improve your marketing so you can see even better results in your business.
Let’s get started
How to Tell If Your Email Marketing Is Hitting Or Falling Flat
Since you’re reading an email newsletter let’s start with email metrics.
Your ‘Open rate’ will give you a clear indication of how your subject lines are performing.
According to mailchimp.com, the industry average for all industries is 21.33%.
You should always aim to improve your open rates, and you can do this by split testing two subject lines at once.
There are a few ways to split test, and your email software should do this automatically for you.
Essentially, you’re testing two subject lines to see which has better open rates, by sending to only half the list, then the software sends the remainder of the emails to your subscribers with the better-performing subject line.
Over time, you should have a good idea about what your audience responds to, so you can maintain high open rates.
You should also keep an eye on how many people unsubscribe, so you know how your content resonates with your audience.
The second metric to monitor is the Click Through Rate (CTR).
This will be the percentage of people who click on the links in your emails.
Mailchimp.com states the average CTR across all industries for emails is 2.91%.
This metric achieves two things…
Firstly, it helps you to know whether your Calls To Action are good enough for your audience to take action on.
Secondly, it lets you know how compelling the body of your email is, so they actually read far enough to read the CTA.
Now, you may not know which needs improving straight away, but at least you’ll know something needs improving and you can slowly optimize your emails to increase your CTR.
How To Track Paid Marketing Metrics
Paid ads can be a great tool in an entrepreneur’s toolbelt for growing their business.
As far as Facebook is concerned, there are multiple objectives you can choose to achieve with your paid ads.
These include getting more traffic to your offers, increased engagement on your boosted posts or ads, increased video views, and lead generation amongst others.
Your metrics here will really depend on the objective you’ve set out for your ads.
For instance, a conversion could mean you make a sale, but it could also mean you acquire a new lead.
For paid ads, common metrics to monitor are Click Through Rate (CTR) and conversions.
As with email marketing, the CTR is the percentage of people who click the link on the ad, out of everyone who views it.
According to growthmarketingengine.com, the average CTR for Facebook ads is 0.9% across 18 industries.
How To Make Your Ads Pay
To ensure your paid ads are profitable, you must know your ROAS (Return On Ad Spend).
This is how much revenue your business makes for each dollar it invests in ads.
This metric is even more important than your conversion rate because you could have high conversions, but if your margins aren’t high, then your ROAS will be low.
Done incorrectly, paid ads are a good way to burn cash and FAST!
Done correctly, paid ads will become your license to print money!
While we’re talking about ROAS, there are three more very important numbers you MUST know if you want to scale.
These numbers are your Cost of Acquisition (CAC) per customer, your Customer Lifetime Value (LTV), and your cost per lead (CPL).
How To Get The Best Bang For Your Buck With Social Media Marketing
Even though social media marketing is free, you shouldn’t underestimate its power.
I know organic reach may not be as wide as it used to be, but there are still benefits of social media marketing, especially if you use TikTok which still has phenomenal organic reach.
Social media metrics give you a good understanding of your brand awareness and referral traffic to your website.
Engagement is key on social media, so even though it’s free, it pays to put a good amount of time and effort into your content.
Key metrics are likes, comments, and shares.
These are commonly known as vanity metrics, but they’re important if you want to know how engaged your audience is.
Many believe free marketing like Facebook and Instagram is dead, but there are still ways you can increase your engagement on those platforms.
In the interest of time, I don’t want to make this newsletter too long.
There are other marketing metrics you could consider concerning your Search Engine Optimisation, your sales pages, and your website.
Perhaps, I’ll save those for another newsletter, but I believe you have enough here to help you optimize key areas of your business to see HUGE results.
And of course, you’re welcome to do your own research for ways to improve a specific area of your marketing.
Until next time, go high ticket,
Inside you’ll get the exact strategies my clients and I used to hit consistent $100K months.