Forget tracking traditional metrics and focus on decision-quality data that helps front-line managers do their jobs.
It’s safe to say that the clients I engage with fall into two categories when it comes to business data: those that are drowning in it, and those that ignore it altogether.
The ones that are drowning in data know all the relevant facts that keep them out of trouble with their boards or their senior executives, but struggle to tell you what really drives their business costs or profits. The ones that ignore the data are the savvy veterans that rely on their historical win/loss records in their business, but ask them to change course or innovate, and they are like fish out of water.
Chances are you’ll fall somewhere close to those two camps, and for some time, I did as well. Then that I realized that tracking data for the sake of “tracking” was a waste of time for me and for my teams.
There is data, however, that should be tracked relentlessly and used in all of your decision processes. I call this “decision-quality” data. These are the numbers that drive your business strategy and execution.
What is decision-quality data?
Decision-quality data goes beyond the traditional profit/loss packages that are churned out every quarter and disseminated to your business chieftains. Decision-quality data sets are the building blocks and the levers of your business. Examples include areas of your business that can be affected by the execution of your employees.
Put simply, your sales employees may not be able to directly affect your finance treasury function, but working together with your finance team, they can affect cash flow by selling credit-worthy customers, cutting better financial deals, and, when necessary, helping in the collection process.
The same can be said of your purchasing professionals teaming with distribution leaders and finance team. This team can coordinate at the front line to cut costs and reduce inventory spend by developing inventory and financial metrics that matter to them and the company overall. By working in concert, they have the ability to solve the problems that arise and avoid pitfalls in real time instead of reacting when the quarterly metrics come out.
Quite frankly, if you are collecting and looking at data, but not taking action as the result of it, STOP. You won’t miss a thing, and your team will thank you for saving them time to spend on more productive activities.
Don’t fall into the data-cycle-trap dictated by data tracked on a calendar basis for the sake of tracking. Ask your teams what data they need to be effective, and simplify the way for them to get it in near real time.
Once this type of data is in the hands of a cross-functional team of front-line managers, task them with the needed improvement, and watch them make dramatic impacts in your overall business performance and customer experience and, in turn, your profits. The results will be better and more sustained than if you drove them with a mandate from the top because these managers live and breathe in the environment that created the data in the first place. Their cross-functional nature and familiarity with the issues are a winning combination.
Look at your financial metrics on a granular level, beyond the basic snapshot, to identify opportunities for growth.
Big data can show homogeneous revenue opportunities and cost inputs. But that overview is inadequate for determining how different aspects of your business are performing and where opportunity for growth may lie.
Essentially, you need to analyze your financial metrics at a granular level rather than in aggregate. For example, your business probably offers several products or services and feeds off of more than one revenue stream. Each must be evaluated separately in terms of value and profitability to determine how each is performing, rather than just examining your entire portfolio as a whole.
The key to increasing profits is not always blazingly obvious, but rather it is hidden in the minutia. There you will identify what is growing the business and what is not.
How to get down to the granular level of your financial metrics:
Consider your sales figures.
What is your profit — broken down by product, brand, region, etc.? Note any similarities and differences. Can you identify outliers? Can you identify what works and what your barriers are? If not, you must drill down further. For example, if a specific product is successful, why is this so? Is its success the result of a team or an individual? Can this knowledge or skill be applied to other products or services?
Identify products, brands, or services that don’t make financial sense.
You know they exist already. They are the ones that eat up your resources or simply no longer fit well with your brand. It may be time to eliminate ill-fitting clients, products, or services that don’t benefit the company. You then can pour the freed-up resources into higher-profit activities.
Know what the critical numbers are.
What is important to your business can be very specific to your industry. Inc. magazine’s guide to tracking critical numbers offers a great example: “A software consultant may focus on billable time, for instance, while a food retailer should be looking at sales per labor hour.”
Repeat this review process often.
This is not a one-time exercise. Typically, financials should be reviewed monthly, but each business will vary. Things that ebb and flow, like inventory or manufacturing output, should be reviewed each day, and the sales pipeline should be examined once per week.
Examine these stats when you analyze your content to improve your content strategy and the effectiveness of future content.
A critical (but often overlooked) element of an effective inbound marketing strategy follows the actual production and distribution of content: analyzing your content. It sounds obvious, but many businesses who are producing content do not take the time — or are unsure how — to evaluate how it has performed over time.
Regularly studying how your blog posts, videos, high-value resources (e.g., case studies), and other content resonates with your audience helps inform your strategy. It tells you what kinds of content succeeds in driving traffic and converting leads, as well as which distribution platforms and patterns are optimal.
Also, keep in mind that digital and social media is constantly evolving. Regular content analysis will dictate where and how you need to accommodate changing user patterns, interests, behaviors, and technologies.
Here are four things that are important to evaluate when you analyze your content.
1) Views
How many times your content has been read, watched, or downloaded is a good indicator of how well it resonates with your audience. It’s important to evaluate individual pieces of content (rather than total website views) so you’ll know exactly what is driving web traffic.
Run such reports on a regular basis, examining how your content has performed over that short interval of time. You’ll want to consider how certain subjects play during the time of publication. You should also keep an eye out for how things have changed over time — for example, a topic that normally drives a lot of traffic that is no longer getting the same attention. Has audience interest changed or been satiated? Is the distribution platform no longer appropriate for that topic?
For blog posts or web pages, make sure to check both pageviews and unique pageviews, as well as bounce rate and time on page. That way, you can rule out any spam traffic or pages that draw a large audience but do not end up keeping them once they start reading. An eye-catching title or well-optimized post can bring the horse to water, but if it’s not drinking, your content isn’t doing its job.
2) Performance over time
It’s equally important to check how individual content has performed over its lifetime.
You may have a blog post that gets an extraordinary number of views the week it is posted but then fails to draw traffic thereafter. If that’s the case, examine what circumstances were in place at the time of the post and how the post fit in that context, then try to replicate that pattern in the future.
On the other hand, if you have a post that continues to draw traffic long after it has been posted, take note. Is content involving similar topics popular as well? Your audience is hungry for information about that subject. Consider other factors: Was it authored by a particular company leader? Is it formatted in a certain way, or did you use certain keywords?
3) Social impact
What kind of content gets the most engagement on social media? Examining the number of likes, shares, comments, and click-throughs on individual posts offers insight into what your followers are interested in. It can also help you evaluate your distribution strategy. Do certain subjects perform better at different times of the day? Get more engagement on one platform? Use individual channel’s analytics features as well as tools like Google Analytics to evaluate the impact of your content on social media.
4) Lead conversion
The reason we create and publish content is to attract new business, so knowing what drives lead generation and conversion is incredibly valuable. If you use marketing software, like HubSpot, this is easier to do. If not, it can be difficult, though not impossible, to understand what content was critical in winning over your customers.
Leverage insights from Twitter’s analytics dashboard to improve audience engagement, reach, and content development.
Twitter is among the most popular social media platforms for companies in the logistics and supply chain industries. In fact, 95% report that Twitter is somewhat or very impactful on business. Yet 81% say that information on tracking and measuring ROI would be helpful to their business’ use of social media.
Fortunately, Twitter offers users a free tool that details how your tweets are performing and what your audience is interested in. In fact, Twitter Analytics can help you better understand your followers and refine your Twitter strategy to increase your engagement.
Here are the basic features of Twitter Analytics that you need to know.
Account home
Your account homepage offers a high-level overview of your Twitter activity in the last 28 days as compared to the previous period. This dashboard also provides information about your activity in the current month, including:
Total tweets, impressions, profile visits, new followers, and mentions
Your top follower, who has the most reach in your network each month
Which tweet mentioning your name (“mention”) had the most engagement
Scroll down to see the same details for previous months.
Tweet activity
This dashboard provides metrics for each tweet in the last 28 days. You can see impressions, engagement, and engagement rate by tweet. Click on an individual tweet to get the details on engagement broken down by likes, link clicks, retweets, or replies. You can also see the day-by-day breakdown of total lkes, link clicks, retweets, and replies.
Audience insights
This is one of the most useful dashboards for insight on your followers, their behaviors, and interests. Smart marketers can use this information to better understand the kinds of content that resonates best with their audience.
The dashboard is broken down into 5 tabs:
1) Overview
See how your audience has grown over time, as well as gender breakdown, household income and net worth. Other features include:
Aftermarket auto buyer type (including the last time they purchased a vehicle)
Consumer buying style
Consumer goods purchases
5) Mobile footprint
Discover information about your followers’ mobile behaviors:
Wireless carrier
Device categories (device type) and mobile/desktop breakdown
In addition to seeing this information for your followers, you can also filter by organic audience and the entire Twitter community to compare.
Events
Events gives you insights into how the Twitter community is discussing certain events or trends, like the Republican National Convention, Tour de France, Independence Day: Resurgence, or Throwback Thursday. Click on an event to learn about the audience that’s engaging in conversation about that topic.
Videos
The videos dashboard collects metrics on your video content. In addition to views, learn how long users are watching your videos and where users stop watching.
Twitter cards
Twitter cards allow you to include rich media in your tweets, and this dashboard helps you track how that content is being shared. You can view the following features:
Snapshot: An overview of how your content is performing on Twitter
Change over time
Sources: The most popular platforms from which users send tweets linking to your content (e.g., TweetDeck, Twitter for iPhone)
Best practices: Personalized tips for improving your content’s performance
Campaign dashboard
If you are using Twitter Ads, the campaign dashboard allows you to track the results of your ad campaigns. Check how your ads are performing in terms of:
Impressions: This is how many times your ads have been seen by Twitter users.
Results: These are the actions that are tied to your objectives. For example, if your goal is website visits, the results tracked will be link clicks.
Engagement rate: This is the number of impressions for your ads, divided by the number of results.
Cost per result: This is how much you’re paying, on average, for each relevant action people are taking from your ads.
You can see these results across all campaigns, or segmented by:
Your different objectives: See the average results for your website clicks campaigns, or the average results for your followers’ campaigns.
Individual campaigns: See how specific campaigns are performing against your goals.
Individual tweets: See which combinations of copy and creative are contributing the most to your campaigns.
Targeting criteria: See which of your targeted audiences are responding the most to your ads.
Other features
Conversion tracking
Set up conversion tracking to follow what happens after users view your ads. This way, when users click on one of your links, retweet, like, or simply see your tweet and then go to your site, you’ll know where they came from.
Get high-performing tweets in front of a larger audience with Quick promote. Choose your tweet; click “Promote;” target a location (worldwide, country, state/province/region or metro area); and select your budget.
Gauge the effectiveness of your social media strategy using these four data points in Google Analytics.
Measuring the impact social media has on business is important to those in the logistics and supply chain industries. In fact, a recent Fronetics survey found that 81% of respondents reported that information on proving social media ROI would be helpful to their companies.
You can waste a lot of time trying to track down information on your various social accounts, or you can find all the most pertinent information with one tool. The best part is that your company is probably already using it. (And it’s free!)
Google Analytics is an incredible tool for businesses large and small looking to gain insight into the who, when, and where of their web traffic. And while it may seem intimidating to the novice, it’s very easy to use once you know where to find what you’re looking for.
Step 1: Look at where your traffic is coming from.
Is it social media? Google Analytics will provide an overview of the overall traffic sources that deliver visitors to your website. Included in this report will be traffic from social media. This high-level view of your traffic that includes:
Search (people clicking through from Google or Bing)
Social (Twitter, Facebook, etc.)
Direct (people typing your site in their browser or bookmarks)
Referral (people clicking links from other sites to get to you)
Email
Paid search
Other
To access this report in Google Analytics, go to Acquisition > All Traffic > Channels.
Go a step further and review the volume of traffic that comes from specific social media networks, by clicking on Acquisition > Social > Network Referrals.
It’s important to have a diverse mix of traffic sources, which should be reflected in the traffic sources report. If you find that a large portion of your traffic comes exclusively from one source, especially if that source is not social media, it is time to reconsider your social media strategy. Similarly, if you are finding that one network is driving most of your traffic, you should look into when and what you are posting in the non-performing channels.
Step 2: Determine revenue derived from posts.
Make sure to include links back to your site when you post on social media so that Google Analytics can track and analyze them. You’ll want to add a UTM code (aka UTM parameter), which is text added to the end of a URL (after the ?) to identify the success of a campaign. As an example, the UTM code is boldface below:
You can set unique UTMs for all of your social media, per channel, or even per update. By analyzing your different UTM parameters, you can determine which URLs are most effective in driving users to your content.
Set UTM parameters through Google’s URL Builder. once your parameters are set, you can go to Acquisition > Campaigns > All Campaigns to see the revenue from any individual UTM tag, like a post or tweet.
Step 3: Look at how your content is being digested.
Analytics allows you to see how long a visitor stayed on your site, (use the Duration goal to find out). Examine how content resonates with the social media audience by using Set up the Pages/Screens per Session goal, or learn how many times visitors from social media play website video with Create an Event goal for specific tracking.
Step 4: What is social media bringing you in conversions?
Google Analytics has conversion funnel reports that show how much social media is contributing to conversions. To set up conversion funnels in Google Analytics:
Use the Goals section and connect any type of conversion event.
Access your funnel report through Conversions > Multi-Channel Funnels > Top Conversion Paths.
These four insights from Google Analytics can help you determine how effective your social media strategy is in terms of traffic, direct revenue, visitor behavior, and conversions. Use this information to continually refine your strategy and get the most out of your social media presence/
But you’re not done there. Unless you are capturing those quality leads effectively, you could be dropping the ball and missing out on potential customers.
Here are some tips for successfully capturing leads.
You absolutely need to have a landing page for your offer. Your CTA should not take the potential customer to your website’s homepage or anywhere else, but rather to a landing page, which provides your offer and captures the lead information.
Does not include links to other things on your website that will distract the lead and perhaps send them elsewhere before you can obtain their information
Is simple and not cluttered with information but emphasizes the benefits of your offer
Has ways to share the offer on social media
Has a form to capture the lead information
Capturing leads: It’s all in your form
The last point suggests the next step in your strategy: A good form is how you will successfully capture those leads. It is where your potential customers will provide their contact information in exchange for the special offer you have enticed them with.
So, what makes for a good form?
Keep it short. The fewer fields you have in a form, the more likely you will receive conversions.
Avoid using the word “submit” on your form. Nobody wants to submit their information, so use a phrase that demonstrates that they are getting something they want by supplying their information — something simple like “Get it free,” or “Download now.”
Add a privacy message (or link to your privacy policy) that indicates their email or contact information will not be shared or sold.
Want more leads? Use multiple channels
To generate and capture the most leads possible, completing these steps in just one of your marketing platforms is not enough. Marketers should utilize multiple channels in order to maximize their lead-generation efforts.
The objective is to make it easy for buyers to research, evaluate, and purchase products in any way that is most appropriate for them. Some leads may find you through your blog, some through social media, and some through organic search (which is why all of your content should be SEO-friendly). Thus, you should make sure you are promoting your special offers, effectively placing CTAs, and properly using landing pages and forms in every facet of your digital presence.
Such an efficient, multi-layer lead-generation strategy can reduce your cost per lead while delivering higher quality prospects to your sales team.
Want to learn more? Download for a complete list of innovative tips and proven strategies to improve your lead-generation and -nurturing strategy.
