As a floral retailer, we know you understand the importance of tracking your expenses, revenues, and profits. But are you also tracking your marketing metrics? These are essential to help you determine your business strengths and weaknesses so that you can make data-driven decisions.
While tracking these metrics can seem intimidating, it doesn’t have to be when you use Google Analytics. With this tool, you can track your marketing data and analyze your business’s performance all in one place. It’s like having a personal assistant who gives you all the critical information you need to make smarter decisions.
So, let’s dive into the five vital metrics you should track to ensure your marketing efforts are successful.
Have you ever felt like you’re attracting the wrong kind of attention? Do your ideal customers regularly visit your site? With Google Analytics, you can quickly check who’s clicking on your pages and whether they align with your dream customers. You can dig into details like age, gender identity, relationship status, household income, education level, and more.
If you’re not attracting the right people, start by creating a custom segment for your ideal demographic. For instance, if you’re into wedding flowers, you might set it to engaged women aged 25-40. Then, curate a referral report to see how these people find your site, and this will show you where to invest your resources to maximize your reach.
Whether you operate a brick-and-mortar shop or conduct business solely online, you must ensure your website traffic comes from suitable locations. Head over to Google Analytics and run your Location report, setting it to your preferred market level (e.g., country, state, city). Then, review where your traffic is coming from and determine whether it aligns with your target audience.
If not, revisit your website content and update it with location-specific keywords. Use the name of your city or top feeder cities, like “San Francisco floral designer” or “Dallas wedding florist.”
3. Bounce Rate
Nobody likes to feel like their website is a ghost town, and a high bounce rate can make it seem like that. However, a high bounce rate doesn’t necessarily mean people aren’t interested in your business; it simply means they’re leaving your site without spending much time. Keep tabs on your bounce rate in Google Analytics. If it remains consistently high, evaluate your customer’s viewing journey to see why they’re falling off.
Take each stage of your marketing funnel—awareness, interest, desire, action—and walk through the steps from a potential client’s perspective to figure out what’s missing. It could be as simple as updating your website CTAs (calls to action) or revamping your homepage to pack more punch.
4. Close Rate
It’s great to get inquiries and consultations, but you still need to close the sale to make revenue. While Google Analytics can help you track your close rate, you’ll need to do some math to land on an accurate figure. Take the number of inquiries you received last year and divide it by the number of customers who purchased flowers.
If your close rate falls below the 30-50 percent range, consider how you can improve your sales approach and highlight the benefits of your products and services. Regardless, your close rate will give you a pretty good idea of how well you’re selling to prospective customers.
5. Return on Marketing Dollars Spent
We understand that you’re investing hard-earned dollars and time into marketing, so you need to guarantee a return on the money you’re spending. Here’s a formula to do that:
• First, add up what you’re spending on marketing, including your ads, memberships, service providers (graphic designers, copywriters, etc.), consultants, and any other marketing. Include the cost of how much time you’re spending using an hourly rate. For this example, let’s say it’s $10,000 total.
• Second, subtract that number from your customer revenue from those marketing efforts. For example, if your income is $40,000 and your marketing expenses are $10,000, your total would be $30,000.
• Third, take that number and divide it by the total marketing expenses. That will give you a good idea of how much you’re getting back for every dollar spent on marketing. So, in this example, you’d divide $30,000 by $10,000, equaling $3.00 of revenue for every dollar spent on marketing.
Regarding your online campaigns, Google Analytics (Return on Ad Spend) can help you track your ROAS and determine their success. This is a crucial metric to ensure you’re getting the most out of your marketing budget.
There you have it: 5 metrics to track to ensure your marketing is successful! If you need more information on how to use Google Analytics to track these metrics, please reach out. We’d be happy to help!