When it comes to marketing, regularly analysing the numbers (and using what you’ve learnt) is an extremely effective way of measuring success and maximising growth. Every business wants to succeed and many also have the desire to increase their customer base. But first, you need to know where you’ve been to know where you’re going… and the numbers don’t lie. Do you actually know…
…How many people opened one of your recent emails?
…How many signed up to your webinar?
These insights enable you to track your KPIs (Key Performance Indicators) and stay on track of your achievements in a quantifiable way.
So, where do you start? This blog post explores the truth behind the numbers and what it all means for you and your business.
Numbers in Marketing Funnels
A great place to start is your marketing funnel – a way of visualising the customer journey and the methods you use at each stage to convert strangers to customers. Although you start off with X prospects at the top who show interest, the result at the end of the funnel is inevitably a smaller number – Y (those who actually buy from you).
Marketing funnels can be quantifiable. For example, social media impressions lead to a certain number of likes, which then lead to a certain number of actions.
40% of Twitter users in 2019 reported purchasing something after seeing it on Twitter. Impressions can lead to sales, which is why it’s crucial to use analytics to discover what’s working well and what isn’t. The resulting goals could be a wider funnel (greater numbers at stage one) or a higher conversion rate. A great way to help track the success of marketing funnels is to set KPIs.
What are KPIs?
KPIs, also known as Key Performance Indicators, are tangible, measurable goals that demonstrate whether a particular strategy has been effective. For example, you may set a KPI to add a certain number of followers on Facebook each month, or number of visitors to your website.
Using your numbers effectively
Tracking and acting on your KPIs will help your business to succeed, but now you need to put these figures and statistics into practice. For example, let’s say your email campaigns are suffering from low open rates. You could use this insight to re-think your subject lines to increase the appeal when they land in the inbox.
It’s all about interpreting the analytics to inform practical strategies that will enhance the effectiveness of your marketing activity.
However, it is also important not to get hung up on the numbers…
Numbers Aren’t Everything
Despite their usefulness, numbers really aren’t everything. So many people simply lurk on social media and don’t interact, yet still purchase your products or services. These people don’t factor in your statistics.
Therefore, it is important not to depend on the figures too much, and instead focus on creating consistent, valuable content for your audience. Consistency is key and if you stick with it you can make an impact, whether this shows up in the analytics or not.
As well as consistency, you should also ensure you are creating the right content for the right platforms as their users is very different. For example, on Twitter you need to pack a punch as you are limited on word count. Whereas on Instagram, you need content that is dynamic and visually appealing as it is all about the photos, graphics and of course, video. Stories and reels are also an increasingly valuable way of connecting with your audience. Learn to cater for each platform, and post consistent tailored content for your audience.
A post that performed poorly on Instagram may have performed much better on LinkedIn and so on. Focus on continuing to provide your audience with real value. If you’re not sure – test, test, test. Over time you will learn which posts perform best on which platforms, so content can be tailored accordingly. This will help to bring value to your audience and keep you visible as a brand.
Should You Re-think Your Marketing Budget?
Once you have reviewed your analytics, the next thing to ask yourself is “do the numbers justify changing your marketing strategy? Should you increase and invest more into a marketing budget?”
If you know your customer base just aren’t opening emails, then maybe it is worth changing the content you’re delivering, or even gaining input from a marketing specialist that can help you adapt your strategy.
Know where to place your investment. You know your business best and so use the numbers and your own insights to improve on areas you can see have the most potential. Consider the value of your average customer and how much your leads are worth. You can then adapt your marketing budget from there.
How We Can Help You
You know why the numbers are important and how they can show you what is and isn’t working – but where do you go from there? That’s where we come in!
Here at Octima, we are passionate about marketing. With our approach we will make use of the best tools to grow your brand alongside a strategy tailored to your business.