There are few things in marketing as important as analytics. Marketing analytics are extremely useful and informative to help you determine how well your marketing strategy is working. Thanks to these analytics, we can look deeper than simple leads and sales – we can look at our marketing efforts and achieve a better understanding of our marketing ROI (Return on Investment).
And that’s important to figure out, because marketing is not a zero-sum game. It can be hard to figure out how much money you’ve poured into this thing, and what you’re really getting for your investment. For instance, how much of a completed sale can you credit to marketing? How do you put a dollar value on that? It’d be pretty difficult, which is why we use analytics can help.
If you’re using marketing automation software like HubSpot (our preferred marketing partner), then you already have access to a whole world full of analytics. But which numbers should you be looking at? What will give you the best indication of success or failure?
Here are five website analytics you should be tracking monthly:
Let me preface this by saying the number itself doesn’t matter that much, as long as it continues to rise at a steady rate over time. If you’re embracing inbound strategies, then your site is adding more pages every week. That will increase the size of your online footprint and keep your site relevant, which should only cause traffic to go up. If your traffic is stagnant or even declining, you’re doing something wrong.
Traffic doesn’t matter if the same people keep visiting your site. We need new unique visitors, because those are prospects that probably aren’t customers yet – but we’d love to change that. The more unique visitors you have, the more opportunities for leads you’ll get.
This is traffic that came to you from somewhere other than a search engine. So perhaps an email, or a social media post. Why does this stat matter? Because it shows the level of exposure you have out in the world. If your referral rate is climbing, that means people are sharing your content, your social media posts are gaining traction or your email outreach methods are working – or possibly all of the above! But if the referral rate is low and remains that way, you need to work on your self-promotion.
This isn’t the same as an email bounce, which means the message was undeliverable or the email address was wrong. No, this refers to your website bounce rate, which tracks when a visitor lands on one of your site pages and then leaves without visiting any other pages. So either this person reached your site by mistake, or they decided they really weren’t interested in what you have to offer. You want this number to be as low as possible, and to stay low.
Lead conversion rate
Arguably the most important analytic (because it’s the one that leads to real money), lead conversion rate describes how many leads actually become completed sales. What do you think a good rate would be? 20 percent? 10 percent?
Believe it or not, anywhere from 2-5 percent is a perfectly normal lead conversion rate. In fact, if you’re at 5 percent, you’re actually doing better than the majority of businesses. And if you’re up to double digits? According to one writer, that makes you a unicorn – a mythical, majestic beast.