How does Digital Marketing relate to Real Life Business and what are your best metrics to indicate your business success in the digital world?
Business owners are flooded with information about their online business. The Internet nerds will talk about Rankings, Impressions, Clicks, Visits, Bounces, Hits, GEO’s, Likes, Connections, and the list is endless and confusing for people who live in the real world.
How can you deciphers this and really understand how your online presence is affecting your Real Life business? Is your business in the digital world bringing you Real Life results?
Rankings are comparable to your real life location. Location can be very important, but you have to consider the cost and the benefits of the location. Can you find a less expensive location that can bring you the amount of business you want? What is your ROI for the location? What is the competition level at the location?
Impressions are comparable to traffic in real life. How many prospects will have the chance of seeing your business? How many will go by your location in a day? What is the number of eyeballs? How many viewers will see your search results or online ad?
Your website visits are comparable to how often passersby will notice your business and show interest in what you have to offer. You have gained their attention and piqued their interest. Now we are finally getting somewhere.
Leads, Calls, Emails=Store Visit
This is the clients or prospects attempt to engage with your business. They are interested, want more information, and even want to make a purchase. We are getting warmer.
Appointment=Engagement with you or your staff
Requesting appointment or engaging your sales staff in your store, shows real interest in what you have to offer, need for additional information, or help with purchase. We are almost there!
Sale is the final result you are looking for in Real Life and the Digital World.
What is the best performance measurement of your online business?
If you are not selling products or services online but rather driving business to your physical location or generating leads for your services, how can you best measure your success?
Ranking is not a good measurement for several reasons:
- the keyword you are ranking for may not convert to many sales
- no one maybe looking for the keyword you rank for
- you may not rank for this keyword in your service area or where you do business
- other keywords may be more productive
- other keywords may be less competitive
- other keywords may generate more traffic
- other keywords may produce higher rate of conversion
- the keyword you are trying to rank for, may have very high competition and require large amount of resources, time or money to bring results
- search engine ranking is not the only thing that can bring you impressions or traffic, directory presence, map presence, local search pack, mobile searches and other channels are all important as well
- you can have good ranking and no or few impressions, and no business
Impressions are not a good measurement:
- someone seeing your ad, or search result doesn’t mean they are interested in your offer
- someone seeing your ad, or search result doesn’t they will visit your site or business
- impressions don’t measure level of interest for your service
- impressions give you limited information how you stack up to your competition
- you can have a lot of eyeballs or passersby and no one pays you any attention, or shows any interest
- you can have lot of impressions but no business
Clicks/Visits have limited use:
- clicks or visits are the first indication of interest in your offer or presentation, but are only the first or lowest level of engagement
- visits to your site indicate you got noticed, but may not result in further engagement, contact, call or lead
- visit can have a low level of conversion, and if no conversion or contact has very limited value
- optimized conversion rate is extremely important, visit needs to lead to a connection, call or lead to have real value
- you can have lot of visits but no business
Leads, Calls, Emails are valuable:
- leads, call, emails or other forms of interaction are your opportunity to engage and interact with your prospect
- how well you handle the engagement or the connection, determines the outcome, you have your first chance (maybe the only chance) to convert a prospect to a satisfied client
- for many businesses improving number of leads is critical to their business success
- no measurement listed above should be satisfactory or acceptable to you
- leads are your first indication you may have a business opportunity here
Appointments are extremely valuable:
- many businesses need appointments or face to face interaction to close a sale of service or a product
- appointment gives you the opportunity to access the prospects need and objectives
- you can raise the prospects comfort level in doing business with you
- this may be your first and only opportunity to make the sale
- if your service provider is not setting your appointments or doesn’t have access to your appointments derived from the leads your best available measurement may be how many leads were created
Sale is your objective:
- most of the time your internet service provider doesn’t have access to your sales records and can’t connect your sales results to the previous metrics
- sales may not be easily connected to your online activities
What is the best measurement of your online success?
- Use Sales as your measurement if you can connect your sales to your digital activities.
- If you can’t connect sales to your internet activities, use number of appointments as they are the number of opportunities you have to make a sale.
- If you can’t connect your appointments to your digital or internet activities use leads as your measurement for online success. No lesser metric is a reliable indication of the success of your online business activities!