Do you feel like your marketing program is spinning its wheels with no ROI? Phillip Scroggin focuses on data-driven business growth at his company Sol Insights and works to help clients identify the right metrics to track when it comes to their marketing programs. In this Lunchtime Topic, he’ll share common errors made when tracking KPIs, how to identify the right KPIs for your marketing program, what platforms he recommends for tracking analytics and more!
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1. Understanding Your Ideal Customer: The foundation of any successful marketing strategy is a deep understanding of your ideal customer. This involves creating a buyer persona and an ideal client profile. By examining your top customers and gathering pertinent information about them, you can develop a model that allows you to replicate and attract similar customers. For businesses with an established customer base, this approach is tried and true.
2. The Customer Roadmap: The customer roadmap is a crucial tool for small businesses. It involves mapping out the journey your customers take, from initial awareness to becoming loyal patrons. Understanding this process and the channels customers use along the way is vital for optimizing your marketing efforts. It’s not just about attracting customers but also retaining and delighting them.
3. Selecting the Right KPIs: When it comes to KPIs, there’s a wealth of data you could track, but you must be selective. Phillip advises starting with a business plan and a strategic marketing plan. These plans will include specific initiatives and activities that align with your business objectives. By prioritizing these initiatives and focusing on the most critical KPIs, you can effectively measure your progress.
4. Key KPIs for Small Businesses: The specific KPIs you should track can vary depending on your industry and business model. However, there are some key KPIs that most small businesses should consider, including:
- Revenue and Profit: The bottom line of your business.
- Customer Lifetime Value: How much value you receive from an average customer over their relationship with your business.
- Customer Satisfaction Scores: Objective measurements of customer happiness.
5. Utilizing Analytics Tools: To track and analyze your chosen KPIs, you’ll need analytics tools. Phillip suggests starting with tools like Google Analytics, which are designed to be user-friendly for those not deeply versed in technical analytics. For more advanced insights, you may want to explore dedicated business intelligence software systems.
6. Consider Professional Assistance: If you find yourself overwhelmed or unable to dive deep into data analysis, hiring a professional or a marketing agency might be the right solution. They can help you navigate the world of KPIs and provide guidance tailored to your business.
In conclusion, tracking the right KPIs is essential for the success of your marketing program. It’s not about drowning in data but rather choosing the most relevant and actionable KPIs that align with your business objectives. By understanding your customers, mapping their journey, and using the right tools, you can make informed decisions and drive your business toward success.
Learn more about Phillip and Sol Insights at https://www.solinsights.com/.
Connect with Phillip on LinkedIn at https://www.linkedin.com/in/phillip-scroggin/