The great Peter Drucker once said, If you can’t measure it, you can’t improve it. While this statement can apply to many facets of life, it's never truer than when it comes to business. From Key Performance Indicators (KPIs) to website traffic, to marketing campaigns and sales quotas, everything is balanced against some form of measurement. When a deficiency is found in the data, improvements must be made or failure is imminent.
Having the ability to measure your current business practices, and pivot when needed to improve those practices, is a key game changer for any business. One example of the measure-pivot model is conducting a sales pitch smoke test on the street and tweaking that pitch accordingly. But what about when you don’t have the time or ability to field test? Believe it or not, real-time analytics can help leadership make the same informed decisions without hitting the streets.
There are many different types of analytics that can be used to measure and improve business practices. Website analytics provide a clear real-time picture of how the company’s digital footprint is performing and where there may be areas for improvement. Lead analytics offer a clear picture of the current sales cycle and customer journey to purchase. Sales analytics provide the data necessary to forecast and benchmark future plans and quotas. Social media analytics tell how well a campaign is performing with the target market. The key here is knowing what the data-point measurements mean and how to apply them to improve your business.
If you are new to the different forms of digital analytics, or unsure how to utilize the information to grow and improve your business, the following real-world examples will help you better understand how to apply analytics to improve your business.
Using Analytics to Optimize Your website
In today’s digital age, a company’s website is often the first point of contact with a potential customer. Ensuring your digital footprint is optimized to provide a great experience to visitors is critical. The fastest and easiest way to optimize your customer's digital journey is by using automatically generated website analytics. The provided data points give a clear picture of a customer’s experience on your website and offer real-time indicators of what is working, and what is not.
Start by analyzing the average amount of time a visitor spends interacting with your website, the number of pages navigated to, and the percentage of visitors who request more information or use the find a local dealer tool. These data points tell how well your digital footprint is performing and where there may be areas for improvement.
For example, bounce rate analytics measure if customers are engaging with the information provided on the website or immediately navigating away. A high bounce rate indicates that the website is either not user-friendly, not providing the information the visitor is looking for, or worse, the current marketing and messaging efforts are targeting the wrong audience. On the other hand, if visitors stick around for an extended period of time, there will be a low bounce rate. The lower the bounce rate, the better the website experience.
PRO TIP: Analyze pages with a high bounce rate to see where you can improve the information offered.
Using Analytics to Measure and Improve Marketing
The ultimate goal of any marketing campaign is to reach potential customers and encourage them to take action to further engage with the company’s products or services. A great way to track campaign success and whether customers are seeking more information as a direct result of marketing efforts is by using website analytics to measure visitor traffic from the date of the campaign’s launch. If there is an increase in website traffic, the campaign can be considered a success; if not, improvements are needed before the next campaign is launched.
Another form of measurement is if the current campaign is focused on a specific product, analytics show if website visitors are immediately navigating to that particular product’s landing page. Again, if the traffic is optimal, great! If not, improvements will need to be made. Analytics drill all the way down to measuring regionally focused marketing campaigns for seasonal product sales by recording each visitors’ geographic location.
Using Analytics to Measure and Improve Social Media Messaging
Social media platforms are taking a much larger piece of the marketing budget than ever before. But how do you know if the channels are working? In a word, Analytics.
Analytics can also show which social channel drove visitors to the website. Using real-time analytics to track social media campaigns is an excellent tool for determining what time the majority of your target market is engaging with your social media. These metrics help the marketing team decide the exact time to publish a post on a particular social channel to gain a better chance of getting in front of the customer instead of being lost in the rolling feed.
Using Analytics to Measure Sales Efforts
Having a robust lead management platform like PowerChord is invaluable to understanding every facet related to a company’s sales cycle, including where the best leads are being generated, how long the cycle is, which salesperson is closing the most deals, and through which channels. In addition, these data points give a clear, real-time picture of the current sales funnel, including which leads are moving, which leads need a nudge or follow-up call, and the leads that did or didn’t convert, and why.
A great example is using the analytics related to a particular sale person. With PowerChord's reports, it's easy to measure how many leads a sales person receives, how many are regularly followed-up, lost in the shuffle, closed and even how long it typically takes a salesperson to close a deal. The more you can measure a salesperson's performance and your customer's typical journey to purchase, the easier it will be to make impactful improvements that will set you well ahead of your competition.
PowerChord’s recent enhancements to the Command Center’s analytics dashboard gives clients the analytic data-points necessary to measure and improve many areas of their business, including marketing, messaging, customer relationships and retention, and even ensure the brand’s vision and best interest are being carried out all the way down to the local reseller level. To learn more about how PowerChord can help your business, book a demo today.