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Let’s be real for a minute here. What is actually more addicting than checking your new blog or business’s growing stats eighty times a day?

Absolutely nothing.

When I first started my own blog, the Google Analytics app was one of my most clicked apps on my smartphone. But checking stats like that can start to drive you absolutely insane. Eventually, we all have to come to a happy medium, right?

Plus, some of those stats are nothing more than vanity metrics (metrics that make you feel good), and don’t necessarily mean profitable growth.

A blue graphic with overlay text saying how to grow your business by tracking the right analytics

So it’s important to understand which business metrics and statistics you should be looking at to know that you are growing your blog and business in a way that will generate more leads and customers plus increase revenue.

Check out the episode below:

What are business metrics?

Business metrics are quantifiable measurements that businesses look at to calculate overall growth or loss. Taking a look at stats and analytics from your website, social media, and sales CRM will help you determine if your current business processes are succeeding or failing, and if there are any changes you need to make.

Why do I need to know my business metrics?

Like I mentioned above, you don’t want to obsess over your stats. But keeping an eye on them and quantifiably knowing that your business is growing is essential. You don’t want to be in the dark on one of the most important methods to actually see growth.

I’m going to do a deep dive into the five main types of metrics your business should be regularly tracking in order to visually see growth and success.

And because tracking metrics can be really freakin’ hard if you’re not a numbers person (more than 50% of the population, I guarantee it), I’m providing you with five already put together spreadsheets for you to input your data into and watch your growth.

White, blue, and yellow graphic for a free guide to business metrics

Download them by clicking the image above, add them to your Google Drive, and follow the instructions under each category for how often you need to go through and check your analytics.

1. Overall Growth Month-Over-Month (MoM)

Month-over-month growth is one of the most important (albeit most general) business metrics to track. Sure, you can create a spreadsheet, go in every month to input your numbers, and kinda look at whether they’re going up or down, but if you’re not actually calculating your MoM growth, you’re doing it wrong.

Calculating your MoM growth allows you to see trends and when you’re receiving higher than normal jumps in traffic, followers, or revenue.

To calculate your MoM growth, you need at least two months of data to input into the formula.

(This Month – Last Month) / This Month = Month-Over-Month Growth

So if you go into the first spreadsheet in your freebie, you’ll see a year’s spread ready for data to be input. Here is what it will look like with generic data input under each statistic type:

Visual example of the types of business metrics entrepreneurs need to track

For MoM growth, you’ll want to track these four areas:

  • Website Traffic: Go into your website’s Google Analytics to pull your monthly page views to track them.
  • Social Media: Add up all of your social media followers together to get this number.
  • Email List: Check your email marketing platform to see what your total list size is.
  • Revenue: Grab this information from your ecommerce platform, your CRM, or your bank account or PayPal.              

2. Engagement

Of course you want to know how many people are engaging with your business, right?! This way you know if you’re sending out the right messaging or not. Are people resonating with your social media and blog content enough to interact or comment on it?

Plus, it’s very different to see engagements coming through at various times and think your post is or isn’t getting a lot of engagement, and then to see it compared to the reach or pageviews as an engagement rate.

What you may think was a good bit of engagement was actually very little when compared to your post reach. That’s why you want to calculate your actual engagement rate:

Total Engagement / Reach = Engagement Rate

Why else do you want to track engagement?

Well, if you see that one of your blog posts received a lot more comments and shares than others, it’s safe to assume that the first blog post is something your audience is more interested in. And you may not have otherwise noticed this if you hadn’t been tracking your overall engagement.

In the spreadsheet I’ve created for you, there are two categories of engagement to track:

  • Social Media: Go through your social analytics on Facebook, Twitter, and Instagram and add your reach/impressions and engagements for each post you create. This can get tedious if you post a lot of social media content, so consider outsourcing this task to a virtual assistant.
  • Blog: Check your pageviews through Google Analytics, your comments through WordPress or Disqus, and your shares through your social sharing plugin to gather all the information you need for this one.

These are two of your main ways of communicating with your audience. Of course there’s email as well, but any good email marketing platform already has these statistics ready for you in your campaign reports, so there’s no need to waste time on those.

White, blue, and yellow graphic for a free guide to business metrics

3. Customer Acquisition Cost (CAC)

Do you know exactly what you’re spending to acquire a new customer? If you don’t, that’s a pretty big problem. When it comes to your social media ads, your sales team, your time invested in your marketing efforts, and any other overhead, you want to make sure you’re not spending more to generate new paying customers than what they’re paying you.

Because that’s how you get a business to fail.

In this spreadsheet, you’ll want to input all of your monthly sales and marketing expenses under the Expenses section alongside how many new customers your business acquired this month to find your CAC.

Total Sales & Marketing Expenses / # of New Customers = Customer Acquisition Cost

To determine what this means, compare it to what a customer typically spends when they buy from you.

If you’re spending way more acquiring a customer than they spend, it’s time to have a come to Jesus and determine which costs you can cut out. Determine which marketing channels bring in the greatest ROI and which ones aren’t as effective. Cut the budgets for channels or platforms that aren’t bringing in as many customers.

If you’re spending about the same, you also want to reconfigure your sales and marketing budget so that you’ll be bringing in more revenue. You don’t want all of your money from your business to go right back into your business.

If you’re spending way less to acquire a customer, well good for you! That’s the sweet spot, and that’s how you have a successful business.

4. Conversion Rate

Ahh, conversion rate. Good ol’ conversion rate.

This pertains to so many different areas of your business. And the free spreadsheet covers all of them so you don’t have to worry about it.

Your conversion rate tells you how many sales you’ve generated versus how many people your promo has reached.

Here are the conversion rates you should be calculating in your own business:

  • Webinar Sales: # of Sales / # of Viewers
  • Sales Funnel: # of Sales / # of Signups in Top of Funnel
  • Social Media Ads: # of Sales / Reach
  • Content Upgrades: # of Signups / # of Pageviews
  • Landing Pages: # of Signups or Sales / # of Pageviews

Essentially, you want to divide the number of signups or sales you received by the number of people who saw your ad, landing page, signup form, etc.

Webinar Sales

If webinars are a part of your business strategy, you need to know how well they’re converting. It’s one thing to get a lot of registrants. It’s another for them to actually show up. And yet another for them to make a purchase.

Webinars are essentially three step processes, so your content has to be valuable as heck to actually get the view and make the sale.

You want to track this whole process as well.

Every time you host a webinar, open your spreadsheet to track the number of people who signed up, how many viewed live, how many viewed the replay, and last, but not least, how many people bought your product.

Sales Funnel

Your sales funnel consists of multiple parts as well. Typically it consists of your lead magnet at the top of the funnel, a low ticket sale in the middle of the funnel, and your big premium offer in the bottom of the funnel.

Pay attention to how many people enter your funnel versus how many people actually make it all the way to the bottom.

The more people who make it all the way through, the better. Track your conversion rate so you can test different things and get more people all the way to the bottom of your funnel.

Social Media Ads

When you run social ads, you’re able to see comprehensive stats and reporting about their performance. Be sure to grab the reach or impressions for your ad so you can calculate their conversion rates.

Depending on your objective in your social ad, the conversion rate may already be calculated for you in the ad reporting.

But in the event you decide to send traffic to your website and optimize for clicks rather than optimizing for conversions, you need to track this conversion rate separately.

Content Upgrades

Your content upgrades should be generating a good number of signups to your email list. If they’re not, you will want to revisit your content upgrade strategy and see if you need to create more content upgrade options, or if you simply need to rework a few of your old ones.

Check Google Analytics to see total pageviews for a particular blog post and use that data to calculate conversion rate. You should be able to see how many people converted via your content upgrades in your marketing automation platform.

In fact, some of these platforms will have this data and reporting for you.

Landing Pages

Your landing pages could be anything from a landing page for a lead magnet to a landing page for your online course. And of course you want to know how successful these are.

Many landing page hosts will have all of the information for your conversion rates readily available. And any landing page host worth a grain of salt will also calculate your conversion rate for you. But in the event that you need to calculate this yourself, you’ll simply divide the number of signups or sales by the number of pageviews.

If you’re consistently seeing a low conversion rate, perhaps your copy needs work, you need to tweak the design, or you need a new offer.

You’ll only calculate conversion rates for your webinars as they happen, but you’ll want to track conversion rates for everything else monthly.

5. Email List Value

Your email list is a big deal. It’s one of the highest converting tools a business can have. I mean, you’ve already got their email. Making a purchase is literally the very next step.

But do you know what your email list is worth? Or, rather, what each email subscriber is worth?

It’s likely that a good percentage of your email list has bought something from you at one point or another. So, on average, how much are you making from your email list?

Each month, go through this spreadsheet and put that month’s revenue and your total number of subscribers.

Monthly Revenue / # of Subscribers = Email List Value

This is a great metric to have because it helps you make realistic goals. Do you have an income goal in mind for the year? Knowing what each person on your email list is worth helps you to understand how much you need to grow your email list to meet your goal.

This also goes back to Customer Acquisition Cost. Knowing how much each subscriber is worth helps you to understand how much you can spend to grow your email list without going in the hole.

And there you have it. The essential metrics your biz needs to be tracking in order to see growth and success.

Are you ready to start tracking your business’s growth? Download our 5 essential spreadsheets today to get started.

White, blue, and yellow graphic for a free guide to business metrics

 

GET MY 5 PROVEN STEPS

These are the EXACT same steps I used to 10x businesses just like yours and generate new customers on autopilot!

it's free!
100% privacy guaranteed, no messin' around!