Why Understanding your Business’ Marketing Numbers is Critical to Success
Oftentimes marketing specialists will send you a big spreadsheet of data showing numbers and percentages. What is click-through rate (CTR)? What is bounce rate? What areas should I pay attention to every month and what places are okay to skim past? Understanding your business’ marketing numbers is important to defining marketing success.
Depending on your marketing goals, different statistics can demonstrate whether your campaign is working or if your money is better spent elsewhere. For example, if your goal is to raise awareness, then impressions across social media platforms and the percentage of organic growth is profoundly significant. However, if your focus is to sell products online, then you need to focus on areas that indicate sales conversions from your marketing.
CTR refers to the number of people who follow a link or button to your website. If you have a high CTR, then people find your messaging compelling and are following a link to your landing page.
Bounce rate refers to how many website visitors leave after only viewing a single page. If your marketing goal is to have viewers browse multiple pages and with service or product options, a high bounce rate will be an indication of poor performance. However, when selling tickets online or having a registration page, having a one-click purchase option is important for creating a seamless, quick purchase process. A high bounce rate is not the key indicator in this instance, closed sales or registrations would be the key indicator. For instance, studies have shown that millennials can be prone to short attention spans, therefore capitalizing on their visit to your website quickly is critically important.
Marketing success is different for each business. Taking a well thought out approach when executing your plan can make a huge difference to your long term potential for growth. Understanding your marketing numbers is just one piece of creating efficient campaigns that forward your business while simultaneously saving you money.