Are You Measuring Marketing Success Based on these Core Metrics?

thinkstockphotos-178866323The ultimate success of your marketing campaigns comes down to a whole lot more than just how many total sales you’ve made, or how much revenue you’re bringing in each year. Remember, that one small move in one part of your campaign will have a ripple effect that adjusts everything around it. If you want to see how your campaigns are doing, there are a few core metrics you can employ that will tell you exactly that.

Qualified Leads

If you’re only measuring the success of your campaign based on the number of leads you’re bringing in, you’re missing the target but hitting the tree, so to speak. Leads are one thing – qualified leads are something else entirely. Anyone can bring in a lead, but that doesn’t mean the lead will ever make a sale. Generally speaking, the most successful campaigns may not bring in a massive number of leads, but they’ll have a higher percentage of qualified leads than you’ll get from the old “throw everything at the wall and see what sticks” method.

Customer Acquisition Cost

Also commonly referred to as CAC, customer acquisition cost is one of those core metrics that will never go out of style. In essence, it tells you how much money you’re spending to bring in one new customer. This metric takes into account not only the cost of your campaign materials and distribution, but also things like salaries, overhead, and more. Let’s say it costs you $1000 to bring in one new customer. That may not be a lot, but if the average value of each customer is only $800, you have a problem. For the best results, your CAC should always be lower than another important metric, your CLV or “customer lifetime value.”

Website Metrics

In 2017, and in the future, the chances are high that regardless of how you’re executing your marketing campaign, your website will play a big role in it. As a digital calling card for your business, it will be many people’s first point of contact – even if they eventually carry out the rest of their relationship over the phone or in person. Because of this, the two core metrics you’ll want to look at to determine how your campaign is doing are “time spent on site” and “bounce rate.”

“Time spent on site” will show you how valuable people think your website is. Essentially, it will clue you in on whether people feel that your website has something of value to offer based on the promise they received from your marketing collateral. If “time spent on site” is low, chances are there’s a discrepancy between what you say you offer and what you actually do.

Bounce rate is similar – if someone gets to your homepage and leaves a few seconds later, there is a problem somewhere that needs to be corrected as soon as possible.

These are just a few of the core metrics that you can use to judge the overall success of your marketing campaign. Also remember that if you make a change to your marketing efforts, regardless of how big or how small, these numbers should react accordingly. As a result, they can be a great way to track in real-time how well that great new idea you had worked – or how much work is still left to be done, depending on the situation. These are all numbers you need to keep an active eye on moving forward, both in short and long-term intervals.

What Mountain Biking Can Teach You About Business Strategy

thinkstockphotos-506550504If you’ve ever been on a mountain bike and felt the exhilaration of barreling down some well-worn single-track, you’ve likely also felt the pain of crashing headfirst into a tree. You might’ve sat there dazed, thinking, “what went wrong?” while you picked the leaves out of your helmet. You were trying so hard to avoid hitting that tree. How could you have hit it? The answer is really kind of crazy.

The most successful mountain bikers stick to these simple words of wisdom – “look where you want to go.” For some strange reason, your brain sees you looking at something and interprets that as, ” I want.” So, your brain does its’ best to give you what you’re paying all that attention to. If you’re cruising down the road staring at a tree chanting, “please don’t hit that” under your breath, chances are, you’re going to look yourself straight into that tree. To avoid the tree, you simply have to look at the road you want to travel.

These same words of wisdom can have many applications in life, especially when it comes to your business strategy. How many times have you heard of businesses failing for one reason or another? Is it possible that the owners’ focus was not on the success of the business, but rather on the fear of failure? Did those owners “look” their businesses off of a cliff because they were so afraid of failing? Probably.

Like those successful mountain bikers, the most successful business owners focus on success and not on failure. They have a clear view of the path they want their business to take. They have a clear view of the customers they want to serve. They have a clear view of what their business is about. How do they get that focus? It’s really a three-step process.

Re-train Your Mind

As human beings, we have a natural fear of the unknown. If you’ve never done this particular business, you have very little idea of the exact plan that will make your business profitable. This is scary, no doubt. But, if you can train your mind to be ok with that unknown, you can focus your energies on the success of your business, rather than sitting in the fear of the unknown. How do you do that? Well, a good way to start is to understand when that fear starts talking to you; when the only thing going on in your head is worry. Understanding that that is fear and saying to yourself, “I don’t know what’s going to happen and I’m ok with that,” can turn off the worry and allow you to focus on success.

Create Your Path

Before you start your business, and periodically after that (think one-year plans), sit down for a few hours and write about your business. What is your product or service about? Who does your product or service appeal to? Where do these people hang out? How can you reach them? Having a clear understanding of these things will help you focus your marketing energies moving forward.

Travel Your Path

Now that you’re looking towards the path of success, you can move forward. You have the time and energy to focus on the discrete marketing strategies that will make your business a success. Whether it’s shooting YouTube videos about what you do, or traveling to meet with the people that you want to serve, you have the right mindset to go about making your business a success.