The 4 Biggest Benefits of Keeping Your Marketing Metrics Under the Microscope
Modern marketers are encouraged to track metrics at every turn and have no shortage of tools to make it happen.
However, a key question remains: why are we so focused on metrics, anyhow? At what point are we just wasting time sifting through numbers?
Fair question. After all, businesses can in fact find themselves drowning in numbers without taking action if they aren’t careful.
But there’s also no denying the importance of taking a data-driven approach to running your business. Metrics not only clue us on in how we’re performing when it comes to marketing, profits and productivity, but informs us of the bigger picture of our business.
The takeaway? Putting your business under the proverbial microscope is a must-do. In fact, we’ve broken down four reasons why metric-tracking matters so much for modern companies.
You Protect Your Business for the Long-Term
Just as companies must rely on audit and project management software to inform their decisions, businesses online rely on metric-tracking to make decisions that project them both legally and financially.
Whether we’re talking about traffic sources, products sold or potential complaints against your company, there’s a data point for every single nuance of your online presence. Failure to pay attention to these points could not only result in missed opportunities, but bigger picture problems that could sink your company.
You Make Every Interaction Count
According to data, it takes seven “touches” from a marketing perspective to transform someone into a warm lead from a prospect. Data tracking through the likes of social media or your CRM can quantify those data points to turn cold traffic or prospects into dollars and cents.
Whereas such touchpoints were impossible to track decades ago, companies today who pay attention to their data have an obvious competitive advantage.
You Instantly Improve Your Credibility
Simply put, so many marketers lack credibility in the eyes of visitors and potential customers. By being able to prove your traffic, growth or results via quantifiable data, you can quite literally prove what you’re worth to potential customers.
If you want to claim that you have produce results, you need numbers to back it up.
Sales figures. SEO data. The list goes on and on.
In a day and age where everyone is marketing to skeptics, having such proof on hand is invaluable.
You Find Places to Trim the Fat
Some marketing channels work better than others, plain and simple. Some companies almost exclusively thrive through email marketers while others rely on organic traffic to stay afloat.
Either way, metric-tracking is essential to discovering which channels are producing a significant ROI. As such, marketers have an easier time cutting bait with bad marketing and refocusing their efforts where they actually count. Rather than sink time and energy into channels that are under-performing, marketers should stick to what’s proven first and foremost.
Tracking metrics and trends are absolutely essential for not only producing a positive ROI for your marketing campaigns, but also identifying potential pitfalls and opportunities.
While it may seem like a lot of legwork now, getting in the habit of monitoring metrics ultimately protects your campaigns and encourages growth rather than treating your marketing performance as a giant question mark.