One of the biggest benefits of online marketing is that you can measure everything.
However, that’s also the problem.
Metrics on their own are useless… they just add to the noise.
And with free tools like Google Analytics, you’re given an abundance of data. Probably more than you’ll ever care about.
The problem is that people scrutinize and demand useless data because they don’t know or care for any better.
Without an understanding of what to look for and how to glean insight from the data, they’ll ask for every metric imaginable.
If your job function is business intelligence or web analytics for a large enterprise, then this might be a great way to spend your afternoon.
However if you’re a small business, consultant, entrepreneur, or just too busy, you need to focus on measuring what actually matters, and then address those issues.
Instead of measuring everything, focus on measuring the process.
Measure the Sales Funnel Process
A sales funnel is a process of assessing where people are at any given time during the buying cycle.
It begins with brand awareness, and progresses to a potential lead, converted customer, loyal customer, or past customer.
This means you’re looking for:
- Awareness: Do they know you exist?
- Interest: Are they interested in what you’re saying?
- Nurture: Are they building trust with you?
- Conversion: Did they make a purchase?
You should be focused on Key Performance Indicators’s (KPIs) by performance because they’re easy, relatable and actually mean something concrete. (Insight that lets you make some business decision!)
This immediately lets you know where you’re doing well or falling short, and gives you the ability to do something about it.
The goal of a sales funnel is that ultimately someone will take action.
That could mean signing up for your newsletter, downloading a trial, or requesting a quote.
You want to measure and improve your ability to acquire attention, stimulate interest, nurture trust and compel action.