As a business owner, it is important that you can analyze the effectiveness of your marketing. There are a number of tools and software that will assist with data analysis and help you assess and adjust your marketing techniques. You should know who is visiting your site, what successful inbound marketing entails, how you can provide consistent content, and how you can calculate your lead and sales conversion rate. Here are tips for you to run a more efficient and profitable business through marketing tactical analysis:
Who Is Visiting Your Site?
Monitor your site’s visitors through Google Analytics, which will help you make informed decisions based on customer insights. National Geographic endorses Google Analytics and states that it helped them improve engagement by 33 percent and click-throughs by 21 percent for content promotions on the company’s homepage. Eric Jillard, the general manager of marketing services of Mercedes-Benz, states that Google Analytics helped the car company identify that more than 75 percent of CLA250 customers are new to Mercedes-Benz. The data they acquired from the analytics program helped them understand who their buyer is and the buyer’s behavioral tendencies. Google Analytics Premium will provide you with more than data—it also gives you actionable insight that will guide your marketing initiatives. It has a Data-Driven Attribution tool that will rank the value and effectiveness of your campaigns and digital channels, so you can adequately adjust your marketing methods.
Inbound vs Outbound Marketing
Outbound marketing is an older method of marketing that includes commercial ads and mail advertisement. The aim of outbound marketing is the promotion of a product and the casting of a large net that may catch potential customers. Inbound marketing is a new method that will link a company’s product or service to the general information or another product. Inbound marketing is not only concerned about the turn of profit, but the engagement of customers and interaction with a larger community. Facebook has become one of the No. 1 reference sites used by companies. For example, Bonobos, a men’s fashion line, will post article links that give advice on men’s fashion. These posts capture the attention of potential customers and generate a large amount of feedback and user comments. LifeLock is another company that excels in the realm of customer engagement on their Facebook page. They frequently post links that relate to identity theft and the various methods that help with privacy protection.
The consistency of content is key for the accrual of new customers. Utilize social media posting programs like Hootsuite and Buffer, which will create a post calendar for your business. Within these programs, you can create and store content for your social media sites, which will automatically post at the scheduled time. Burt’s Bees is a company that excels in their frequency of Facebook posts—the company provides consistent, valuable and interactive content that captures the customer’s attention. Their posts often include new products and website promotions, which funnel their fans from their Facebook page to their e-commerce site. Virgin America’s Twitter account posts daily about their company’s promotions and announcements. They have also employed a customer care representative who will interact with all responses and mentions of their company, which bolsters their customer connection.
Content marketing helps convert site visitors who are interested in your business into long-term customers. Once you’ve implemented website data tracking, you can gather the data and run it through a conversion analytic calculator. You can then determine the conversion rate for your leads—those who visit your website and show interest in your company through e-newsletter sign-ups or other customer information capture. The lead generation and conversion formula is: Number of leads collected/total traffic to site x 100 = conversion rate percentage. You can apply the same formula for the conversion rate of customers who purchase something and create revenue.