Welcome back to 30 Days Of Medium
Today I am going to teach you how to measure success online.
You can catch up on the first 6 days of my Medium challenge below if you missed them:
How do we define success?
Specifically today I’m talking about online marketing success. By that I mean, growing your business online and acquiring new customers through online marketing.
What does online marketing success look like?
Online marketing success for a small business or freelancer is simple and looks like this:
- Increased number of unique visitors (targeted traffic) to your website
- More leads
- More sales
Each of these metrics feeds the other. You need traffic to generate leads, you need leads to generate proposals or sales.
The bottom line is easy to measure, where it gets tricky is figuring out why the bottom line is improving.
How do measure online marketing success?
It’s simple. You measure the above metrics.
As Einstein was famously known for saying:
“If you can’t explain it simply, you don’t understand it well enough”.
If you don’t understand what these metrics are or how to measure them, you can’t begin to improve your online marketing success.
Connecting online marketing metrics to bottom line growth
The key to achieving bottom line growth through any channel is to connect your channel metrics to your bottom line growth and know these metrics inside and out.
If you want to grow online, you need to rigidly measure your metrics.
If you want to grow through outbound sales, you need to know your metrics inside and out.
100 calls will allow us to generate 3–5 proposals which will allow us to close 1–2 sales.
The same is true with online marketing success.
100 unique visitors will result in 3–5 leads, which will us to generate 3–5 proposals and close 1–2 sales.
Once you understand your metrics, you can forecast. Once you can forecast, you can set targets. Once you can set targets, you can hit them, or then figure out why you didn’t. Which allows you to critique your process and figure out where things are going wrong.
If your target is 2 new customers per month, reverse engineer it.
Did you get your necessary 100 unique visitors? If yes:
Did you get your necessary 3–5 leads? If yes:
Did you put out your necessary 3–5 proposals? If yes:
Did you get your 2 new customers? If no:
We can logically assume something went wrong at the proposal stage.
Ask the customer why. Was the price too high? Did we not factor in some requirement that another vendor did?
Figure out where you went wrong, then next month, don’t make the same mistake. If you keep the rest of your metrics steady, you should then logically close these customers and grow your business.
Hopefully you found this useful. Follow me for the next article in 30 Days of Medium where I will talk about the Online Sales Funnel and expand upon this topic.