What Your Analytics Are Telling You

3 Tips to Better Leveraging Your Marketing Data

Analytics are key to success in digital marketing, no matter what industry you’re in or what size your business is. Digital platforms provide so much data, and in many ways, it’s absolutely revolutionary for small businesses to have access to all this information and relatively cheap market research. This is something our team at Humble & Hustle Studios is passionate about: helping entrepreneurs and growing businesses access and leverage this data.

But data is only as good as what you do with it, and if you don’t understand what your data is telling you, you’re missing out on key business insights that can help you grow.

When you’re starting to look at your analytics, there are three basic steps you can take:

  1. Define your goals. If you start with your goal in mind, the data will tell you much more clearly how your business is doing in reaching those goals. Do you want to increase your followers, or increase sales? Do you want people to download your lead magnet, or sign up for your free consultation? These different goals will require you to collect and track different data points.
  2. Understand which statistics match your goal. If your goal from an ad campaign is to increase your sales, then running an ad and tracking data that increases your follower count isn’t the most effective way of reaching that goal. Here are a few basic terms you’ll need to know and understand when you’re starting a new campaign:
    • Clicks vs. Landing Page Views: Have you ever accidentally clicked an ad, then hit the back button before the page loaded? You aren’t alone! Digital platforms measure clicks and landing page views differently. A “Click” is every time someone clicks your post or ad; a “Landing Page View” is when they click and allow your site to load before navigating away.
    • People Viewed vs. Impressions: These two data points are related, but not quite the same. “People Viewed” is the number of people who have seen your post or ad. “Impressions” can be much higher, but that can be because the same person could have seen the post multiple times.
    • Lead and Cost Per Lead: A “Lead” is measured by your analytics as someone who clicked on a button that entered them into your sales cycle. That could mean they downloaded a lead magnet or they scheduled a call with you. The “Cost Per Lead” metric in your ad campaigns measures the average of how much money you spent per person that became a lead.
    • Conversion/Purchase and Cost Per Conversion: A “Conversion” is measured as someone who came to your website and made a purchase or signed up for a service. Depending on your sales funnel, this could also be someone who requested an estimate. The “Cost Per Conversion” metric in your ad campaigns measures the average of how much money you spent per person that made a purchase.
  3. Track your data. This is so important to know how your marketing campaigns are performing. Are you increasing the number of people coming to your website? Are your ads working, but getting more expensive? Create a simple spreadsheet where you can bring all this information together to look at over a period of time.
    Tracking your data in a spreadsheet is important for another reason as well: Marketing campaigns on one platform rarely work in a vacuum. You may be catching the attention of potential customers on one platform, then converting them into paying customers through other platforms. Customers like to research who they are doing business with, and they don’t limit their product research to any single platform. You shouldn’t limit your marketing efforts, not to mention your data collection, to just one either!

All of this information can be confusing and overwhelming — not to mention time-consuming! — for an entrepreneur or small business owner trying to serve their customers well. This is where a marketing expert can step in to guide you to the most important data points. If you’re ready for some assistance in this area, schedule a call with the Humble & Hustle Studios team!

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