Sadly, it is true that no matter how hard you strive, put in extra hours, and seem to meet the expected criteria, you may not get the advancement you desire. What’s missing? How can you demonstrate to your boss that you deserve it?
Evidence of worth is necessary to help demonstrate why promotion should be granted, this is best shown through metrics. If you can demonstrate to your boss the influence you have had on leads or revenue that the business has gained, revealing this information through data, then your argument for why you deserve a promotion will be much better received.
Let’s examine which measures can help demonstrate your accomplishments in certain areas.
1) Track Lead Sources
Once a marketer has developed a piece of content, they still have tasks to accomplish. The following action is to advertise the material on different platforms to generate potential customers for their sales personnel. What are the top locations to advertise the content?
It is essential to determine where your leads originate from so you can discover which promotional strategy is most successful, may it be on social media, through electronic messages, natural search, or any other form.
To be eligible for a promotion as a marketer, you must demonstrate to your employer that you are achieving the objectives your lead generation set. These goals are what drive your business. Once potential customers have been identified, they are sent to the sales team, which has the ultimate goal of creating revenue. It is essential to demonstrate that you have been continually achieving your lead objectives when you are making your argument.
2) Use Tracking URLs
Depending on the program you utilize, it may not always be equipped with in-program monitoring for the material you created. Even if you decide to work on an offline campaign, such as attending a tradeshow, tracking contacts that eventually visit your website can be difficult.
This is where tracking URLs come in. Utilizing tracking URLs enables you to discern what methods of referral people used to reach your website based on the UTM parameters in the link. The data from these parameters can be used to determine what channel the contact originated from and which campaign they were connected to. (Learn more about them in this blog post.)
A marketer who has plenty of experience is aware of the effect offline and online initiatives may have on their objectives. It can be difficult to monitor activities that take place outside the digital realm, but it can be done. Illustrating the effects of your online and offline initiatives and clarifying why you are devoting energy and funds to each activity will display your aptitude for judiciously allocating time and resources.
3) Score Your Leads
Not all leads are treated equally. Some are much more likely to close than others. You can assess your leads according to whether or not they are comparable to any other leads that have successfully converted into customers — a method generally referred to as lead scoring. Using specific characteristics, lead scoring grants each individual in your database a rating. You can award your leads five points if you are aware that a title or industry is more likely to be finished. It is possible to decrease the score of your leads for those contacts with a .edu email address as those contacts are less likely to be finalized.
The best thing about lead scoring? You can share this data with your sales personnel so that they can organize their time and make contact with the leads that are more probable to be profitable. This not only increases profits for your company but also encourages closer collaboration between sales and marketing. Increasing income and fostering cooperation between teams is a justification for advancing someone in their career.
4) Report on Your Revenue
Marketers are obligated to produce leads for the sales personnel. To assess if the leads are beneficial to the business, a marketer must determine how the leads are influencing their earnings. Ultimately, you may be able to create a vast amount of leads, but if most of them don’t result in a sale, you should rethink your marketing strategy.
That’s where revenue reporting comes in. Tracking income allows you to connect income totals to the promotional channels or advertising efforts you are involved in. You can link sales to a certain piece of content or form of promotion.
Marketers are often measured based on lead generation. Ultimately, those prospective customers will become paying customers for the company. Go the extra mile by demonstrating to your supervisor how your efforts increase the company’s profits.
5) Identify the Content that Drives Conversions
When determining what material to give the most emphasis to, it’s important to consider more than simply the views of the content. To determine what content leads to conversions, examine your attribution reports.
Analytics reports demonstrate which content or promotional channels lead to conversions all the way through your funnel. If you are looking to view the material that increases lead conversion, you can certainly do so. If you wish to check out the material that induces MQL transformations, you can do that as well.
Present your boss with attribution reports to demonstrate that you have the capability to decide where your team should direct its energy.
6) Don’t Treat All Leads Equally
Lead Scoring will aid you in determining which leads are the most promising. Once you have identified leads, marketing-qualified leads, and leads that are not qualified, you need to consider how best to cultivate each one. The majority of the leads you possess will require further nurturing to progress to a more developed level, whereas leads that have already been identified by marketing will necessitate additional nurturing with product-related information.
Finding an efficient method for growing the number of leads and marketing qualified leads is an ideal way to demonstrate that you are deserving of a promotion. In order to advance in your professional life, it is essential to learn how to increase the size/amount of your task/duty. This could involve constructing a system or automated sequence to cultivate your potential customers or leads who are deemed suitable for promotional activities. It might also indicate that you are accomplishing the same goals, or even better, with less effort and energy exerted. Consider different strategies for how you could expand your tasks to gain a higher position.
7) Page load time
The speed at which pages are loaded can influence a business’s overall income by up to 16%. Rising velocity has become an essential part of what users need, with customers expecting websites to load quickly and data to be showcased rapidly. Time is of the essence when it comes to measuring the amount of time for a page to be displayed. If your visitors cannot discover what they need, it will have a direct, unfavorable influence on commercially-related outcomes.
If the pages on your site take too long to open, it can negatively influence your customer acquisition performance due to decreased conversion rates. As the market has become increasingly competitive and people’s attention spans have become shorter, web users can get irritated if they have to wait for even 0.4 of a second for web pages to load. Keep track of the usually measured duration for your webpage to open in the Google Analytics control panel to guarantee that your pages are loading swiftly.
A frequent trigger of slow loading speeds is when images are too big. Pictures, trademarks, and other visuals assist purchasers in picturing items, but they should be optimized in the correct manner. You can employ either Photoshop or Pixlr (a free web-based application) to decrease the dimension of your images, but make certain not to diminish the image quality while doing so, as that would make the photo appear pixelated.
Check your Google Analytics Behavior > Site Speed report to determine if your web pages are loading too slowly.
8) Customer acquisition cost (CAC)
If you are disbursing more than what you are taking in, your business won’t be able to make a profit. The thing that you should focus on most is the comparison between the customer lifetime value and customer acquisition cost. Customer Acquisition Cost is used to determine how much money is being spent to gain each individual customer. If the cost of acquiring new customers is more than the total amount you get from them in their lifetime, then you won’t be making a profit in ecommerce.
The value of CAC is determined by dividing the sum of money allocated for advertising by the number of sales resulting from such investments. In other words, if you’re forking out $10,000 on Facebook advertisements every month and these ads lead to 1,000 purchases, then your monthly Customer Acquisition Cost from your Facebook promotions would equate to $10.
Afterward, you need to discover the largest cost that it seems sensical to pay for each client obtainment, predicated on your CAC/LTV proportion. If you make an average of $10 when customers buy from you, and each customer typically orders from you 10 times, then your lifetime value of the customer is $100. You have to invest less than $100 for every customer you acquire if you want to make money.
It is of great importance to begin working towards increasing conversion rates, customer acquisition costs, and page load time as soon as possible if you have an online business. This is a continual process that necessitates continual vigilance. Keep tracking and fine-tuning these figures, as it is to be expected to see changes over a period of time.
Once you make strides in your customer acquisition performance metrics, you can then start expanding your growth. This topic will be explored further in the following part of this tutorial.
9) Conversion rate
The rate at which people who visited your website enrolled or bought something is referred to as the conversion rate. This figure is of great significance, as the lower it is, the costlier and more painstaking it will be to close a sale.
Set up ecommerce tracking in Google Analytics to check for sales and revenue data from your Google Analytics panels. To put it in place, click on the Admin option on the menu bar situated at the top of any Google Analytics page. Choose Ecommerce Settings and then Enable Ecommerce. If given the choice, be sure to pick Enhanced Ecommerce Tracking as well. This gives you additional information regarding your products and how people are engaging with them.
The ecommerce report in Google Analytics displays the total conversions you have achieved.
Figuring out whether or not your current conversion rate is acceptable can be difficult to determine, as it is based on the sector in which you operate, the size of your company, and the products you produce. For example, webpages that offer pricy integral visit bundles to Italy will have a low conversion rate (usually under 1%) as the acquisition is intricate and necessitates users to do a large amount of investigation prior to purchasing.
A different business that specializes in easy-to-access and inexpensive menstrual items had a conversion rate of 4.36%, an impressive statistic. Our data reveals that, on average, conversions for these items are in the range of 2-3 percent.
Other types of ecommerce analytics for beginners
Ecommerce newcomers should prioritize attaining a reliable product-market match, meaning the provision of an efficacious solution to an issue or unmet necessity that customers will pay them for. At this stage, nothing else matters.
Only after a business has achieved product-market fit, which means they have invested the required time and money into marketing with the goal of increasing sales and turning a profit, can it begin to scale. Engaging in overambitious growth too quickly can be risky and potentially disastrous, potentially resulting in financial catastrophe and even collapse.
There are five metrics you can objectively follow to make sure your store avoids the problems faced in the example above and scales at the right time:
- Customer lifetime value (LTV). How you will profit from your average customer during the time they remain a customer. For example, if your typical client comes back to your store three times to buy something, spends, on average, $100 per purchase, and your profit margin is 10% ($10), that customer’s LTV is $30. This is important to know because LTV is directly linked to profitability. A company with a high overall LTV will be able to spend more to attract customers and will have a higher margin.
- Returning visitors. The percentage of users who return to your site after their first visit. This number is a clear indication that people liked what they saw. According to our research, a good ratio of returning visitors to new visitors is anything higher than 20%.
- Time on site. The average amount of time users spends on your site per visit. As we saw above, how much time is a good amount of time depends on what you’re selling. But in general, if people are spending time on your site, it shows they’re having a good experience. According to our analysis, a good average time on a site is more than 120 seconds.
- Pages per visit. The average number of pages users navigate on your site in a single visit. A high number of pages per visit (around four) indicates people are interested in what you’re selling.
Apart from LTV, all the other metrics can be found using Google Analytics with no difficulty. When you log in, they are the first thing you see on the page.
Bottom Line
The majority of businesses do not collapse due to insufficient effort or commitment – they cease to exist because they are carrying out the wrong activities. It is essential to figure out which pieces of information are crucial for each development phase and use that information to produce alterations that will make a substantive alteration in profits.
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