REPORTING
" IF YOU DON ’ T KNOW WHAT PERCENTAGE OF LEADS YOUR BUSINESS IS CONVERTING , THEN HOW CAN YOU KNOW IF YOUR DIGITAL MARKETING STRATEGY IS WORKING ?"
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Too often businesses focus on the wrong numbers when it comes to analyzing their digital marketing strategy . Unless you are a company that directly monetizes online engagement , the numbers of likes and impressions your posts receive are nothing more than leading indicators about what is capturing your potential customers ’ attention .
Time and time again at Tulip Media , we see new Client-Partners fixating on the number of likes and comments their Facebook posts receive as a direct measure of success . This can severely distort their perception of overall performance . Of course , engagement with your social media pages is important , but at the end of the day , these likes and comments don ’ t translate into any real revenue . You ’ re not making money off the number of Facebook likes you have or the number of comments you got on your latest post . When companies focus on leading indicators instead of real conversions , they lose sight of the bigger picture : sales .
What you should be looking at as a measure of success is the number of people who contact your business to inquire about or to buy the product or service you are selling . That ’ s where you are driving real sales and making real revenue , so that should define your true measure of marketing success . Those are the metrics that matter .
You also need to be mindful of the relationships between important metrics like leads and conversions . A few weeks ago , I was in a strategy meeting with one of our Client- Partners and I asked them how many leads they were getting each month . I was impressed when they told me they were getting around 40 leads each month . However , when I next asked them how many of those leads were converting into paying customers each month , they didn ’ t know . I was a bit taken aback by this because without knowing the number of conversions , tracking the number of leads is far less useful . If you don ’ t know what percentage of leads your business is converting , then how can you know if your digital marketing strategy is working ?
By the end of the meeting , we had developed a new strategy that included tracking both leads and conversions so we could assess their marketing initiatives and make changes as needed .
Perhaps you are reading this and realizing that you ’ ve been spending too much time analyzing leading indicators in your digital marketing strategy instead of tracking real conversions and relationships between the metrics that matter . Today , I challenge you to turn your attention away from the impressions , engagements , and likes your digital ads are generating and focus instead on the number of conversions such as phone calls and contact forms your business is receiving . How many of these are turning into paying customers ? How could you modify your marketing strategy to improve those figures ?
If you need help turning your approach around , our team of experts here at Tulip Media would love to help you shift your focus . Visit us at TulipMediaGroup . com to learn more about the marketing programs we offer . We ’ ve turned hundreds of businesses just like yours around with a targeted marketing strategy , and we ’ d love to see what we can do for you .
Jessica Embree is the Creative Director and a StoryBrand Certified Guide at Tulip Media Group . Jessica grew up with an entrepreneurial spirit and started her first business at the age of 10 . She has a passion for helping businesses grow and succeed using creative marketing campaigns and strategies that produce measurable results . Jessica ' s first book , Double Sales / Zero Salespeople , co-authored with Andy Buyting , is now available and an international best seller ! TM . Media / DoubleSalesUS .
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