The data you should track depends completely on your goals for your business. For example, if you’re trying to make sales, you’re going to want to track hits to the landing page, and conversions once they get to the landing page. There are a variety of methods to do this – from using heat maps to testing out different elements on a sales page to different forms of advertising. Each step of the way, it’s imperative that you keep track of each aspect so that when you experience the success, you know exactly why.
For the most part, most businesses should track the following 3 types of data:
1. Marketing Stats
These stats are important for you to know. Marketing has everything to do with your email autoresponder, social media, web pages, landing pages, blogs, and so forth. You need to know open rates, traffic stats, conversion rates, traffic sources, and more so that you can make good choices about where to spend your time to get more bang for your buck.
2. Customer Stats
Understanding everything about your customer is imperative for your business’s success. You need to know who they are, what they want, what their problems are, and how much money they must spend on their problems. Knowing what makes them tick and how they respond within their buying cycle will help you understand their intent, which will help you understand how to reach them. Plus, you need to know how much it costs to acquire a customer and how much a customer can spend over their lifetime as your customer (which is dependent on how many products you offer).
3. Financial Stats
When it comes to finances, there are a lot of things that you need to track to ensure that you have a healthy business and to catch issues before they become problems. In short, you need to track and monitor cash flow, net income, profit and loss, sales, ideal price point, and gross profit. Each of these numbers needs to be known to make good choices about how to move forward on any type of decision that has to do with money – spending it or making it.
When you track the numbers in these three areas of your business, you’ll be able to combine the numbers in different ways to discover aspects of your business you may not have considered before.
For example, by collecting marketing stats, you can determine whether you need to do something to improve open rates or if you need to focus on improving your landing page. When you collect customer stats, you can look at the data and learn ways that you’re deficient in providing for your customers which will help you increase the customer’s lifetime value. When you collect financial stats, you gain insights into what makes your income flow and what is just costing you money.
All this information, when combined, will give you a competitive advantage. The reason is that most businesses, especially small businesses, rarely use the information that’s available to them to make improvements in their business. When you do this, you’re going to explode your income because you’ll be making decisions based on facts, not assumptions.
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