Today, there are are more ways than ever to reach your customers. With so many ways to collect data, interpreting it in a meaningful way is the challenge for many marketers.
The Content Marketing Institute’s 2015 Benchmarks, Budgets, and Trends Report shows that only 21% of marketers feel successful in measuring the ROI of their efforts. Nearly half say measuring the effectiveness of their content marketing is a challenge.
When launching a new app or project you need to take a pragmatic approach to collecting customer data.
It’s too easy to fall into the trap of just looking at vanity metrics. It’s also easy to continually collect and analyze data, but fail to act on it. Without action, no amount of data will help you reach your goals.
You need to set metrics before you launch. You’re trying to achieve a defined, measurable objective. When you start with the marketing metrics that actually matter you force yourself to focus on your goals, not just tactics.
Going forward without understanding statistics can be do more harm than good. If the volume of data you’ve collected is too small you might reach conclusions that take you down the wrong path.
While it’s important to start collecting data as soon as possible, it may take longer to reach the scale of data you need, but you’ll benefit in the long run from accurate data.
Metrics will show past performance and project the results of future marketing experiments, but they won’t give you insights for ideas you haven’t thought of yet. It’s important to create many small experiments to build on.
For each idea, define an action that will affect a metric, also called a Key Performance Indicator (KPI), by a measurable amount within a given timeframe.
Example: If we [ACTION] our [KPI] will [GOAL] by [TIMEFRAME]
If we create a dedicated landing page for our new product our newsletter subscriptions will grow by 200 subscribers by the end of the quarter.
Creating well-defined metrics help bring clarity to your campaign, establish a baseline and encourage honesty in the results.
It’s hard admitting an idea didn’t work. Sometimes we want to cherry-pick the metrics that make the outcome appear better than it actually was. Comparing data with a baseline and a specific goal keeps us honest in our analysis.
Defining metrics as part of your launch sets you up for success!
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For your website, app or content to be considered truly effective, your customer data must back up your claims. Every design element can be tested, optimized and measured.
Knowing how to interpret data to improve your website design and performance is vital to reaching those metrics and goals you worked so hard to define.
As important as they are, metrics can’t tell you everything. KPIs like exit pages, bounce rates, and cart abandonment can reflect the level of user frustration at your product or content.
Empathy and product development go hand in hand. Two ways to accomplish empathy for your users is to observe them directly and using the product yourself.
Mining metrics for customer insights to keep personas relevant is another good way to have empathy for your audience. Use ongoing customer research and leverage trend data to guide your decisions.
As an added benefit, you can turn your ideas and research into amazing articles to drive more traffic back to your website!
Social media creates an opportunity to grow your audience by creating a conversation and engagement on an ongoing basis. It’s important to measure which types of content and posts drive the most traffic and gather the most shares.
If you find yourself struggling to engage with your customers, analyze your customer data to find new ways to connect with your audience.
Much fuss has been made about the decline in organic facebook reach. Depending on who you ask, as little as 2% of your page’s fans will see what you post. Yes, organic reach has declined dramatically, but many small businesses have found ways to improve engagement and drive sales with Facebook posts.
Still looking for more ways to generate growth?
Check out these 8 growth hacking books every entrepreneur should read.