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The marketing metric breakdown: What’s important to track (& why)
I’ll be honest — I am a total data nerd, and I absolutely love tracking my business’ performance and evaluating the metrics with my team.
Not only is it great to have a pulse on what’s working and what’s not, but the insights I’ve gleaned from knowing my marketing metrics have helped me make some big decisions in my business.
The thing is, whether you’re just starting out or you’re an established entrepreneur, you should pay attention to your numbers — and the sooner you get started, the more insights you’ll be able to glean over time.
Now, I get it. Looking at data isn’t everyone’s thing, and it’s hard to figure out what metrics you should really be looking at because there are so many!
That’s why I recorded this episode for you. In it, I share the specific marketing metrics I track, why I track them, and how I’m using them to inform my marketing strategy.
And here’s the really great news. Because there’s so much information packed into this episode, I’m sharing a really great marketing metric cheat sheet with you that you can keep as a reference, so tune in to the very end of the episode to hear how you can snag it.
Happy listening!
Here’s a glance at this episode…
- [02:13] We're going to deep dive into the marketing metrics that I track in my business. Along with how to track them and why. Understanding the metrics has helped me inform my bigger decisions.
- [06:49] Tracking your metrics provides a way to measure performance and success or lack thereof. Team members take ownership when everyone knows how different aspects are performing.
- [07:59] Tracking metrics over time gives you a high level overview of where you need to improve from a strategic standpoint.
- [09:59] No matter what state you're in, set aside some time to schedule the act of actually figuring out your metrics, how you will pull them, and how often you will analyze them.
- [10:26] We use Ninety for streamlined cloud-based tracking. You could also just use a spreadsheet. The whole point is to get into the habit of tracking and analyzing the numbers.
- [11:57] Our team departments get together once a week to review metrics. The teams have different metrics that they track. The marketing team begins their weekly meeting reviewing and comparing the metrics.
- [13:22] We track and compare data weekly, monthly, quarterly, and at the end of year. We make decisions based upon what we care about the most. Book time to gather and review your data.
- [14:42] The specific metrics that we track. We look at evergreen data weekly. We look at sales and leads. Evergreen consistently brings in revenue that we rely on.
- [16:38] We look at affiliate commissions every week. I'm an affiliate for a number of different brands.
- [18:37] List building metrics. The three things I pay attention to are the size of my email list, net subscriber growth, and how many people have unsubscribed.
- [20:46] We also check the email open rate and click rate. Knowing how people interact with your emails lets you know what is and isn't working.
- [21:19] The Online Marketing Made Easy podcast metrics. The podcast is a big driver for our top of funnel leads. We track the month to date downloads, total downloads for the week's episodes, and our Apple podcast ranking for the business category.
- [22:47] Monthly metrics include total podcast downloads. Once a month our social media manager reports on all the platforms. We want to create content that resonates as we expand our reach.
- [25:31] Evergreen products and email lists. We track these weekly, and see where we land each month.
- [26:07] Quarterly tracking which is our tools and resources affiliate revenue. We're also paying particular attention to the website. You can track basic metrics like web page views, bounce rate, session time, and new subscribers.
- [27:32] Annually we look at total revenue and our profit margin. We look at affiliate marketing, evergreen, total email growth, and podcast growth.
- [28:51] Your marketing metric goals should always be aligned with your business objectives. Define what you want to achieve as a business and drill down from there.
- [30:31] You've got to set yourself up for success. You want to set goals challenging enough to motivate you but not so aggressive that you'll never meet them.
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