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In business, you should track certain key metrics to help you measure if you are working efficiently. Understanding your business metrics can also help you understand if you are using your time and resources effectively. Below are a couple of areas you should be tracking when it comes to tracking your business metrics.

 

No Money, No Business

Let’s start with the money because if your financial figures don’t add up, your business will not succeed.

Revenue

You should know how much you are bringing into the business, where that money is coming from and when it will be coming in. This is especially important if you have multiple revenue streams. Understanding what products/services are generating money and which are not helps you focus your business activities that maximise your revenue.

Expenses

While it is essential to understand where the money is coming from, it is equally important to monitor where it is going. Understanding both gives you a better handle on your profit and cash flow.
However, as well as tracking the actual figures, you also need to understand what those expenses are in relation to your revenues, i.e. what is bringing you the best return on investment. For example, if you are doing Facebook ads, you need to know if those ads are getting you the right type of responses that you can convert into clients and revenue.

Is your website working for you?

Google Analytics

Google Analytics
Google Analytics can tell you a great deal about your marketing strategy, content strategy and target audience. Plus, not just who your target market is, but also their buying habits. Understanding their patterns should help drive and shape the content you are putting out on social media and marketing.
Top questions to be looking for in your Google Analytics: 
  • What social media networks or other conversion channels, e.g. email marketing, drive your website traffic?
  • Check out the ‘acquisition area’ to find out what pages are visited from which source. Then the ‘behaviour area’ to understand which blogs or resources they visit? These are your prime pages for putting offers on.
  • Again under the behaviour section, check what blogs are visited? Write more like these and less on the ones with no traction – it’s about using your time wisely.
  • If you have multiple products/services, are certain ones getting higher website traffic than others? Again these could be the ones you need to focus your efforts on with regards to marketing. But also ensuring you convert as much of this interest as possible into sales.
Google analytics can initially look overwhelming; it has many different reports and ways to slice and dice the information. But remember, you don’t have to figure it all out from day one. If you are starting to use Google Analytics, focus on these key questions and begin to monitor them consistently, you can build on your reporting as you get more confident with the system (or ask a Virtual Business Manager to support you, of course)

Key Metrics For Social Media

Posting consistently brings social media success

 

Tracking your social media statistics and growth can help you understand where to focus your efforts/time. Also, where your target audience is hanging out and the messages, they are responding to. The easiest metric to track is the monthly growth in followers, as all platforms provide this information on their built-in dashboards.
 
New followers show:-
  1. that people on that social network are interested in what you are sharing
  2. it gives you an idea of whether your efforts in that network are productive. As well as a reflection on whether your content strategy is working.
    However, while followers is an excellent statistic, it is not the whole picture. Engagement is very important to measure, plus any actions that bring your followers to your website and into your customer journey funnel. The measure of this engagement piece can be seen on your Google Analytics. It helps you get an indication of the social media channels that are bringing people to your website, plus the pages on your website generate the most interest.
     
    Not as trackable but relevant is how you regard the engagement on each social channel. Most of us have a channel we feel we get more comments from and feel more connected with. However, is the messaging working if that channel isn’t bringing you any new business? Is it a productive use of your time?
     
    Remember that most social media sites will give you insight into the number of comments or interactions on their in-app dashboard. So make sure to check this as well regularly. Additionally, many programs or apps are designed to give you insight. I use the in-built apps for Facebook and Linkedin. For Instagram I use the in-app dashboard, a phone app called ??? and the phone app ??? for Twitter.
    There are loads of tools and information on your social media activities. However, I have the same warning as for Google Analytics – it is easy to drive yourself crazy with numbers. When starting out, pick what you are measuring and do it consistently to understand trends. You can add to it later if needed.