Identify the Most Important Drivers of Business Growth
There are so many factors that influence the growth of a business. Many small businesses (not yours of course!) usually lack awareness within their own industry. They don’t know who their competitors are and what strategies they need to implement in order to outrank these competitors in the online world. Many businesses lack an in-depth and data-driven understanding of their customers and this ends up adversely affect their online marketing. In order to gain this understanding, you need to look at the most important drivers of growth within your business. From what we know, the following are the most important drivers of growth within most businesses.
Website and Traffic:
Your Website is by far your most important driver for growth within your business. A good marketing strategy leads to a high traffic website tequipped with SEO, social media marketing, PPC ads, blogs and more.
A responsive website that is flexible across devices is highly recommended for better traffic. But keep in mind that traffic is not everything. There are many other things you need to care about such as product, price, customer service, user experience, traffic source, etc. if you’re looking to supercharge your business growth. These are called optimizations. Optimizing a website is the systematic process of improving the results you are getting from the given website. Improving the results on your most important driver of growth should be a major priority within your business.
Data from Analytics:
Having the data of your web traffic and conversion along with the knowledge about the behavior of your customers will be crucial to growing your business towards the right direction.
This scalability will help you measure the performance of your business and formulate new and better strategies for its further growth.
The drivers of business growth vary immensely by business size, niche, and the stage of business development. Growth usually depends on a sound strategy, strong brand image and outstanding customer relations. Company resources also matter speed and scope of the growth.
Throwing cash on something unwanted in a disorganized way will eventually create problems. So, effective management of budget is instrumental while going ahead with plans for a focused business growth.
You also need a refined process that works effectively and connects every segment of your business. Outstanding leadership structure and team cohesion is also vital for the proper functioning of the system and to reduce the friction within it.
Convert Your Marketing Analytics into Effective Marketing Strategies
Marketing Analytics helps you understand the behavior and intent of your customers. Analytics will tell you exactly which marketing activity has to be given focus at a particular moment. This way, you can help potential customers during every stage of their journey towards buying the product.
Your Analytics account will help you where you are getting the conversion and where your marketing efforts are failing to achieve results. It will make you better informed to decide on how to go about your marketing strategies and what improvements or updates you need to make to achieve your goals.
If you are informed the drivers of growth, you can easily identify the gaps and fill them with what could bring in the most productivity. Analyze marketing data thoroughly and find out where you’re losing most of the customers in the sales funnel.
Use marketing analytics to identify where you’re doing great and where you need improvement. You can capitalize where you’re great and improve on what you’re lacking. Analytics can also help you identify sub-markets and boost them for better conversion.
The data from Analytics can help you empower your strategies. A good strategy will provide you a better insight on your audience’s behavior. It can also tell where exactly you need to invest your capital and which channel you should choose for your business’ promotion.
The Most Decisive Metrics in the Marketing Analytics
Metrics can vary according to the type of product/service. For some, it can be conversions. For others, it can be time spent on the site or the content consumed. The Key performance indicators for each business will be different. So, those cannot be considered generic. But still, there are some common indicators that can show you how well a business is performing and how to improve it.
The Metrics Listed Below Are Most Important:
- Traffic sources
- Backlink profile
- Social media mentions
- On-page duration(it depends on the type of site)
- Email open rates
- Click through rates
- Calculate revenue per visit
- Bounce rates
Although there are too many indicators, and more when considering differences of business and industry, the most important factor to evaluate is sales, i.e. to convert a customer who visits your website into a paying customer.
Don’t Fall for Digital Channels That Cannot Measure Success
Measuring business profiles on Instagram is not that rewarding. When you have a business you’re likely to attract less engagement as users usually are not interested in what a business has to tell on this particular platform.
It is also well-known that Instagram does not offer too many advanced analytics. The metrics available on Instagram are too simplistic and basic that they are not much use for detailing and strategizing your ad campaigns.
Marketers often find difficulty with expanding the keyword sphere on Youtube. It is difficult to know the traffic source and also how to increase the views on Youtube.
The numerical data offered by Google My Business as Insight Data also cannot be considered completely reliable. Research suggests that they can be helpful in tracking website visits and also getting insight into directional changes relating to local visibility and customer engagement.
The main metrics you can find on Google My Business are the following:
- Visit your website: A customer views your website. Displays as “Website actions” on bulk reports.
- Request directions: A customer requests directions to your business. Displays as “Directions actions” on bulk reports.
- Call you: A customer calls your business. Displays as “Phone call actions” on bulk reports.
- Total actions: The total customer actions for website, directions, and phone.
But they are not totally reliable when it comes to measuring success. For Search Console and Google Analytics, we’re only looking at data for the URL that appears in our Google My Business listing.
The Importance of Assigning Dollar Amounts to Your Activities, Campaigns, and Results
Assigning dollar amounts to every node of activity, campaign, and results will make the whole process much easier because it helps you to quantify every aspect of your business. This will also improve the management of capital and help calculate estimates.
This will eventually result in the overall improvement of the system and is also required for the purpose of estimating quality.
Assigning dollar amount can help you have a better idea of what is working and what isn’t. This will be a huge visual benefit for your clients, team, and yourself with a better picture of the processes and each of their monitory value readily available.
Since every business’ priority is to make a profit, assigning dollars will help you check your progress and make changes to the strategies if need be.
It is not possible to measure the success of your campaign unless you are assigning dollar amount and keeping a stern eye on the ROI. If you lose track of this, then there won’t be anything fruitful you could expect out of your campaign.
Diagnose what is wrong in your marketing strategies without repeating the same mistakes again and again. Looking at what you’ve already done is sometimes more valuable than staring at the problem without the slightest hope.