4 Key Metrics To Track Success
Because vanity metrics aren't making you any money...
Having a million followers on social media is great, but if you’re not making any sales from those million people, then who the hell cares?
Sorry for being so blunt, but someone has to say it.
At the end of the day, vanity metrics aren’t making you money.
But you know what is making you money? Things like a high conversion rate, growth in your sales, and a large reach.
When it comes to tracking success, you need to focus on the data that’s going to help inform your marketing strategy and not get caught up in the shiny numbers.
Here are four metrics you should be tracking:
Reach
How many people are you reaching with each post? Are you staying within your network, or are you reaching non-followers too? Your goal should always be a large reach. The more content you can get in front of new eyes, the better. Make sure to note which content has the largest reach so you can recycle it!
Growth Rate
Are your accounts growing in followers? Growth is always the goal. Instead of looking at total followers, track the percentage of growth from month to month or year to year.
Conversion Rate
This is the magic number!! How many sales are you converting? Not only should you be tracking your conversion rate, but you should also be tracking how your conversion rate changes over time.
PRO TIP: Always direct EVERY click to a “Thank You” page, then put your tracking code on that page. Your accuracy of clicks will be much higher than if you try to track form submissions.
P.S. Make sure the thank you page is not indexed by Google.
Cost Per Click
If you run paid ads, tracking cost per click is essential. If you’re paying a ton of money, but no one is clicking, you need to do something about that. Most paid ads managers (Google Ads, Meta Business, etc) track cost per click for you. You just need to make sure to check it.
Then, once you have your data, DO SOMETHING WITH IT!
Use it to create your content strategy and decide where to spend money on paid ads. Use it to track your business growth over time and celebrate wins. Use it to see where things aren’t going so well and do something about it. Data is your best friend!
I’ll be going live in my Facebook group at Noon CT today to talk about all things KPIs and metrics. Join me to learn, and bring your questions, too!