Business and marketing metrics are incredibly important for any business owner to pay close attention to. Selecting the right metrics is just the beginning—you have to consistently track and monitor those metrics to see results.
As you work to grow your business, you need to make strategic decisions that foster growth and align with your goals. That’s where business and marketing metrics come into play!
What Are Business and Marketing Metrics (and KPIs)?
Before we explore why business and marketing metrics and KPIs matter so much, let’s focus on what these terms actually mean.
We use metrics to track and evaluate different aspects of our businesses. KPIs, on the other hand, are a specific type of metric—KPI stands for “key performance indicator.” Basically, KPIs are metrics that are matched up with your goals so you can track specific projects and progress.
When we select business and marketing metrics, it’s incredibly important to think about your goals. After all, the point of tracking something isn’t just to track it! Instead, we’re focusing on being able to make better decisions and take strategic actions based on data.
5 Reasons To Track Your Marketing Metrics
As you start to track and evaluate your business and marketing metrics, you’re going to be able to make changes that trigger huge results in your business! Everything you do should be aligned with your goals, and tracking your metrics helps you be more effective and efficient.
But there are even more benefits that happen in your business when you track your marketing metrics! Here are five reasons you should start tracking your metrics (if you haven’t already).
1. Marketing Metrics Help You Reach Your Business Goals
Every business owner has a number of goals in different areas. Whether your goal is to make more sales, get more customers on your email list, or grow your social media, metrics can help.
Selecting a key group of metrics to track that are fully aligned with your goals lets you drive progress on a regular basis! It’s easy to set goals, but following through on them in a strategic way? Not so much.
Marketing metrics not only make it clear how you’re currently doing but also show you areas to improve. For example, if your emails aren’t really driving conversions, you need to know that so you can add more (better!) CTAs throughout and clarify your messaging accordingly.
And as you grow (and hire a team or outsource), you’ll want to know where every project stands, even when you aren’t working on it each day.
2. You Can Objectively Evaluate Your Performance
When you own a business, it’s like your baby! We all want to believe that we’re doing amazing, and it’s hard to face realities where things aren’t going as well as we hoped.
But metrics help you be more objective when it comes to measuring your performance. Whether you’re a solopreneur or managing a team, knowing what’s going on is essential, like:
- How are you measuring progress on important projects?
- Where are things really moving forward?
- Are there spots where things tend to get stuck?
Marketing metrics give you an opportunity to fine-tune your processes to reflect what’s working the best. And if you do start working with a team, you can reward those who are truly knocking things out of the park each week!
3. If You’re Working With A Team, You Can Keep Everyone On Track
Speaking of working with a team, marketing metrics help you keep everyone on the same page—and on track.
Even if you’re still handling everything yourself right now, eventually, you’re going to need to outsource! And that’s a good thing. Bringing other people into your business is a huge step in achieving tremendous growth.
But managing projects (and working towards your biggest goals) means that you have to know how to manage other people on your team. Marketing metrics make that process so much easier!
With metrics, you’ll be able to clarify expectations for each member of your team right from the beginning. You’re not just asking for deliverables, but you’re focused on strategic outcomes. This can be super helpful in steering people in the right direction as they work!
Of course, metrics aren’t the only thing that matter when it comes to managing a team. But having marketing metrics at your fingertips gives you data-based insights into what’s working and where you can improve.
4. You Keep Your Finger On The Pulse Of What Matters In Your Business
There’s a classic quote in business that totally applies to metrics: what gets measured gets done!
It might sound cliche, but it’s true.
When we have so much vying for our attention (which is unavoidable as a business owner), we have to focus on tracking our success. When we track our numbers, we can take steps to grow those numbers. And that’s the key to reaching your business goals!
5. With Business and Marketing Metrics, You Can Make Strategic Decisions
Let’s face it: big decisions are tough! But we have to make them all the time as entrepreneurs. Luckily, your marketing metrics let you evaluate all of your marketing strategies comprehensively.
As you implement different strategies, from organic social media campaigns to paid ads, from video to blog posts, you need to know what’s really performing and driving conversions. Marketing metrics paint a clear picture of how your strategies and decisions are actually leading to results (or not).
Once you start tracking your business and marketing metrics, you’re going to be able to revolutionize the way you make decisions. You can adjust your strategies to reflect what’s actually happening in your business!
How To Really Dive In and Understand Your Business and Marketing Metrics
You probably understand why your marketing metrics matter so much…but what now?
Metrics are overwhelming for a LOT of people, so if that’s how you’re feeling, trust me—you’re not alone. But even more importantly, you don’t have to handle your metrics on your own.
In our signature program, Measure and Maximize, you’re going to learn exactly how to tackle any measurement project. In eight weeks, you’ll learn how to build dashboards that give you exactly the info you (and your clients) need in order to scale!
And guess what? Enrollment is open now, but only for a limited time. If you’re ready to grow your business by harnessing the power of your metrics, now is the time! We’re here to support you.
Your business and marketing metrics hold incredibly valuable information about your business and goals. When you track your metrics, you’re going to be able to make better decisions, implement strategic changes, and start moving the needle forward on your biggest goals!
Get started today by joining Measure & Maximize!
Learn how to be even more strategic with your marketing activities with these blog posts