8 Things Email Analytics Can Tell You About Your Business

email analyticsUsing email analytics to learn about your own business is a great way to not only learn a lot, but also to put into action strategies to make your business even better. When you can determine why things are happening, you can stop it, repeat it, or improve upon it. Here are eight things that email analytics can tell you.

 

Email Analytics Can Tell You:

1. Who Reads the Emails – If you check to see who opens your emails and even move the people who most open them to their own segment, you can improve conversions exponentially. Conversely, you can move those who don’t open as much to another list where you can test different methods.

2. What Information Your Subscribers Like – By noticing what they read and engage with, you’ll know what they like more. That way you can do more of what they like, which will improve conversions.

3. What Technology Your Audience Uses – You can find out what technology they use to read your website and interact with you. If a lot of your audience is using mobile, you can then know that marketing on mobile is an imperative for you.

4. What You Can Improve – If you have a sales funnel (and you should), you can use Google Analytics along with your email analytics to learn how to improve your funnels. By improving your sales funnel, you can improve your business.

5. What Channels Are Working – Using analytics, you can figure out which social media channels are working best to send traffic to your website that you can convert to leads. If, for example, you’re not getting any traffic from a particular channel, you can either work harder on that or drop it to save yourself the work.

6. What Type of Content Is Working – Analytics can tell you whether or not the content you’re publishing is working. If you have content that gets a lot of clicks and comments, plus action such as buying or signing up for newsletters, then you should make more of that type of content.

7. How Well Your Branding Is Working – If you’re running branding-focused advertising, messages, or information, you can use analytics to find out if it’s working. If you’re getting more sign-ups and conversions, it is a sign it’s working.

8. How Good You Are at Converting Leads – This is an obvious one because you can not only see how many subscribers you get but using analytics right, but you can also tell exactly what sent them to you, what they did before they subscribed, and more.

You may think that you know everything about your own business, but you really don’t if you don’t set up your analytics correctly, then actually dig deep into them. You can boost your business more than you  ever thought possible if you use analytics to learn more about it.

8 Common Marketing Metrics Mistakes

marketing metricsWhen you first start out building a business, everything is so overwhelming that the last thing you want to think about is data, marketing metrics, or numbers. In fact that is the last thing many want to even consider when they think about what it takes to have a successful business. But it’s really not that complicated if you know what to do. Here are eight common mistakes to avoid so that you don’t waste any of your already limited time as a business owner.

8 Marketing Metrics Mistakes

  1. Not Knowing What Data to Track – Before you even get started looking at the data, you need to know what you want to track. Remember that just because data exists doesn’t mean you need to track it. Some of the marketing metrics that Google Analytics collects just isn’t going to help you. You have to figure out what will help you and what won’t. Focus only on the data that will actually help you to accomplish your goals.
  2. Not Knowing When to Track DataWhen you look at the data is a very important aspect, because you have to look at it at the right time in order to know what the data affects. For example, if you have a launch on the 1st of July, you probably want to look at the pertinent data you’ve identified both before and after the launch.
  3. Not Understanding Your Objectives and Goals – It’s very important to know how to turn all your business objectives into workable goals. Remember a goal needs to be SMART. That means: specific, measurable, attainable, relevant and timely.
  4. Not Realizing What Problems You Want to Solve – Tracking data should be for a reason, such as fixing a problem. For example, let’s say you have a sales page that is getting a lot of traffic but there are little or no conversions. Do you know what specific data to look at so that you can fix the problem? Spend some time thinking about what you want to accomplish as well as some problem areas you have in your business.
  5. Not Fully Understanding the Business You’re Analyzing – If you are looking at data for a business you’re unfamiliar with, you can run into problems. You will need to do some research to understand industry averages what the marketing metrics should be for that particular industry.
  6. Not Testing Different Methods – Whenever you are checking data up against the industry standards, it’s important that you test different methods to find out what works best. For example, you might test two or three different sales pages for one product or service at the same time and track which option gets you the best numbers. You might be surprised at the results!
  7. Not Setting Up Analytics Correctly – If you’ve never set up Google Analytics, it would be a good idea to get some help with that from an expert. Once it’s set up correctly, it’s going to be a lot easier to track your work. If you set it up incorrectly from the start, it ends up being a waste of time instead of an advantage.
  8. Not Choosing the Right Software and Tools – There is a lot of software out there that isn’t worth anything, but that doesn’t stop people from trying to use it or sell it to you. Even if it’s a free tool, just remember that sometimes free is good, and sometimes you get what you pay for. If you hire an expert, they’ll help you ensure that not only are you setting it up correctly, but also with the right tools.

Don’t let analytics scare you away from doing business. It isn’t as complicated as it seems. You need these numbers to make good, informed choices about what to do next in your business. Knowing the numbers and investing the time to do it right up front will help you avoid mistakes that can be very costly to your business, both in terms of time and money.

Finding Your Perfect Price Point

price pointOne of the first things you’ll need to do when you create a product or service is determine the appropriate price point for it. There are a lot of thoughts about pricing and none of them are right or wrong. How you price is up to you, but think about using a method that considers value and not just how much it will cost you. This is one of the best ways to come up with the perfect price point.

Tips for Selecting the Perfect Price Point

Know Your Audience – You have to know everything you can about your audience, including how much money they have to spend on extra items in their budget each month. When you understand your audience, you’ll not only know what type of products they need, but also how much they’re going to be willing to pay for them.

Identify Your Direct Costs – You must always cover your costs in any pricing method, because if you don’t you’ll lose money. So a great place to start is figuring out the direct cost of your product. But, if your product is digital, it’s going to be somewhat relative. For example, it might cost you 500 dollars to have the product created but you’ll not have individual per item costs to consider in your pricing.

Identify Your Indirect Costs – Sometimes there are costs such as marketing, advertising and other indirect costs that you should consider adding. For example, if you’re teaching a course that you had to get a Master’s Degree to understand, then you can add in something for your education.

Identify Your Competitors’ Prices – Take a look at your best competition’s prices. It’s more than likely that this price is something you should consider being around, because if your competitor is successful, it’s a price point that’s working. However, you never want to get into a situation where you’re competing on price. Instead, you want to compete on value.

Consider the Market – The market plays a huge role in pricing for pretty much every product. If you have a digital product, this is especially great for you because you don’t have incremental costs like you do with a physical product.

Understand the Value of Your Offering – Outside of direct and indirect costs there is also value. The value of your item is something that is perceived by your audience. For example, if you have an offering that will help anyone who follows it boost their income to six figures from zero, what is the value of that?

Ensure It’s Worth Your While – If the price you come up with feels too low, then raise it. You want the work that you do to be pleasurable for you, too. If you under-price your offerings, you’re going to end up resentful instead of happy.

Test Different Prices – When you come up with a price point, try testing different prices. You can do this by having different sales pages, or you can do it by offering different levels of service on one page with the various pricing levels.

When you come up with your perfect price point, you’ll be able to work less and make more money. The reason is that your buyers will be focused on the value of your offering, and you don’t have to concern yourself with selling high volumes…if the price is right.