Four Simple Ways to Measure Your Online Success

Measuring your online success lets you know what you’re doing right, where you need to adjust, and how to maximize the efficiency of every dollar and every hour you spend reaching out to current and potential clients.

Whether you’re just venturing into the online space for the first time or are a decades-old veteran of selling your coaching, training, and educational products and services online, you probably have metrics on your minds 24/7. After all, anything worth accomplishing is worth measuring—you don’t know if you’re getting closer to your goals or heading in the direction you want to head if you don’t take stock every once in awhile.

Measuring your online success lets you know what you’re doing right, where you need to adjust, and how to maximize the efficiency of every dollar and every hour you spend reaching out to current and potential clients.

The more detailed and specific your measurements are, the more you’ll be able to fine-tune your approach, but too many metrics can be overwhelming and confusing, too. Luckily, you can get a good idea of your online efforts’ success with just a few basic metrics. Here are four simple things to track to help you determine what channels, media, and messages, are working best for your business and giving you the biggest reach possible online.

Engagement

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Measuring marketing success can seem obscure. Someone who become engaged with your brand, message, or ideas today might not become a paying customer for months or even years, but without the initial engagement it would never happen. Measuring initial engagement helps you see the complete picture of your online marketing efforts from beginning to end, and clues you into the places and pieces of marketing content that are driving initial interest in what you have to offer.

Email open rates, time-on-page measurements, click-throughs, social media shares—all of these are measures of engagement, and will help you understand how word about your brand is spreading and sinking in. Once you see where you engagement is the highest and what messages/media is creating the most engagement, you’ll be able to better focus your online marketing and reach more people with your educational products and services.

Lead Generation

Engagement is always good, but some of it doesn’t end up telling you too much about your potential customers themselves, nor does it necessarily give you closer access to your audience members. When engagement gets  a little more personal, with audience members opting in to more frequent and targeted messaging, and/or when they share personal details with you in their quest for more information, they’ve gone from being simply engaged to being a lead—a whole lot closer to purchasing, in other words. Turing engagements to leads is often a question of how many messages the lead has seen, which messages they’ve seen, and how they became engaged/were introduced to you and your brand; measuring your leads mean knowing where they’re coming from and at what rate.

Opt ins to your email list(s), free eBook downloads in exchange for basic contact info, sign ups for a free trial version of your product or service, or any simple “I want to know more” form filled out is a lead. Because your audience members have to take specific online actions for all of these things, it is very easy to track when, where, and to some degree why the move from engagement to lead happens.

Conversions

Many coaches, trainers, and others who are new to online marketing look at the number of sales they’re generating as the only metric that matters when it comes to their outreach efforts. While it’s true that sales are the goal of any business—and the ultimate goal of all marketing efforts—the importance of leads and engagements can’t be overstated, and you shouldn’t fall into the conversion-only trap. That being said, conversions (i.e. sales) are of course an important measurement to take in your business, and let you know how well you’re nurturing your leads once you have them captured.

Specifically, conversion refers to the first purchase an audience member makes, signaling their transition from a simple audience member to a paying customer. Whether it’s a relatively low-priced report, a recurring charge for your monthly insider’s newsletter, or a major purchase to attend your week-long live event, crossing the line once makes it far more likely that they will continue as paying customers if you continue to nurture the relationship.

ROI

Finally, you should be tracking the overall return-on-investment (ROI) for all of your business activities, including your online marketing. Again, be careful not to fall into the trap of only looking at today’s bottom line: not all of your marketing efforts will lead to instant return in the form of sales. When you have enough data collected over time, you’ll actually be able to assign a dollar value to each engagement and lead based on the sales you can expect them to generate down the line, but for now think of ROI on somewhat looser terms. Are you seeing plenty of engagements with your paid advertising? Are your landing pages generating plenty of leads? How many emails, on average, does it take to go from lead to conversion, and what’s the conversion rate?

These questions and more can help you determine your ROI in a general sense, allowing you to tweak your efforts to see if you can improve your return in any or all areas. It might be that certain channels or media types aren’t working with your audience; acknowledge that, and put your resources where they’re most effective.

EDLOUD.com Makes Marketing Measurement Easy

We make it simple for you to track the metrics that are important to you and your business with a platform built from the ground up with coaches, trainers, and other educational entrepreneurs in mind. Come see how easy the internet can be, and how we can help you take your offline training to immense online success.

Business Development Manager @EDLOUD

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