Marketing Metrics that Matter
In the world of digital marketing, everything we do is planned and executed with a specific, measurable goal in mind. If you’ve been doing this for a while, you know there are two types of metrics in this world – vanity, and the ones that actually matter. We’re here to discuss the difference between the two and highlight how to find the metrics that matter.
Vanity Metrics Vs. Metrics that Matter
First things first, what are vanity metrics? Vanity metrics are the metrics that, when measured, might look good in theory, but aren’t doing much at all to affect your bottom line. For example, when talking about social metrics, the more re-tweets and shares your posts get might look great, but when it comes down to it, it’s the number of leads that you get from those re-tweets and shares that really counts. If you’re ever wondering whether a metric is vain or not, ask yourself if it really effects the bottom line and brings your business viable leads, acquisitions, or conversions.
When it comes to bringing in business, conversions are the holy grail. Conversions can be classified as anything from newsletter sign-ups to product purchases, depending on your business. They all have one thing in common though – they convert customers! By measuring conversions instead of simple page visits or link clicks, you see how many people actually took action and didn’t just visit your page and leave.
Tied closely to conversions, the conversion rate informs you how many people out of all visitors are converting for certain calls to action. For example, the number of conversions will tell you how many people completed an action, but the conversion rate will tell you the percentage of people who did vs those who didn’t. A low conversions rate tells you that people were drawn into your site but left before converting for some reason. Now it’s up to you to find that “some reason” and fix it.
More leads mean more business – so it’s a no-brainer that this is an important metric to measure. It’s easy to get distracted from this bottom line with flashy vanity metrics like reach and impressions, though. All those metrics are really telling us are how many people saw our ads/emails/posts and didn’t convert to leads. Which, yes, is helpful its own way, but it’s important to focus on the real goal at hand and generate as many strong leads as possible.
It’s easy to get caught up in all the data we have access to as marketers, but focusing on the numbers that really matter is going to set you apart from the competition. All metrics can give us unique insight into the thoughts and actions of our customers, but the ones that tell us who converted and why are the most valuable by far.
As always, feel free to leave comments and let us know what metrics you think matter!