Melanie
The Monday Morning Marketing Podcast is brought to you by Esther of IPA Group, bringing premier online promotion to your business.
Esther
And Melanie of STOMP Social Media Training, who empowers business owners to manage social media and marketing for themselves.
Melanie
And we're back. Happy Monday. It's Melanie again. This is really starting to become a bit of a trend now. Today we're going to be talking about key metrics to track in your marketing campaigns. So Esther, can you tell us, how many do you think we could possibly include in the next 10 to 15 minutes?
Esther
Well, if we're going to talk really quickly, maybe 35. But if we want to give quality over quantity, then I'm going to say six or seven, and then they can come back for the other 30. But first, here's a quick message from our sponsor. Get ready to be a social media superstar with Feedalpha. Their friendly AI and super simple tools make it a breeze to see what your followers are into. That means you can post the cool stuff they love right when they're most likely to see it. Check out feedalpha.com to find out more and take your social media to the next level.
Melanie
So we could do part two, part three. No, that would be a bit dull, in fairness.
Esther
No, yeah. Let's not bore people to death. But it is an important thing that we're talking about because your key metrics or your KPIs, as people call them, your key performance indicators. If you don't track what's working, you're not going to know what's working. So if you're just looking at the nice little fluffy numbers of I got so many likes, that's really good. But how many of those converted into sales? How many of those converted into hot leads or are they still cold leads? How much did it cost you to get those leads? So some of these are dependent on where you're advertising, but we're going to specify social media campaigns for the sake of this episode. What do you reckon?
Melanie
Yeah, I think that's fair enough. And remember, all the ideas she was just given there was the beginning of the KPIs. That can all go down to conversion as well. Converting from a sales lead, a sales inquiry, down to actually somebody you've purchased or even after sales.
Esther
Yeah, but if you're not tracking where they come in, then you can't see the flow of where they're going to. So it's important to have these things in place even before you start a campaign.
Melanie
And one of my favourite tools I've been using for a little while now has been HubSpot, because that tells you where they've come across you, whether it was through maybe an email, or maybe it came through social media or directly from your website. It is a paid-for platform, or certainly the one I'm using is, because there is an element of freeness to HubSpot as well. So just be mindful that some of these suggestions And the questions here may not be available to you unless you pay to play to a certain extent. It's just down to your budget and what key performance indicators or KPIs suits you and your business.
Esther
Yeah, exactly. But some of them are universal. So you're going to want to measure the progress of your campaign. Like I said, see if it's working, not working, meeting your expectations, maybe even exceeding your expectations. You want to think about your budget and how to optimise it so that you get the maximum return on investment or ROI, as you might see or hear it mentioned. You want to identify any weaknesses that you find in your campaign. If they're underperforming, If there's only one image and people are getting image blindness or creative blindness, they call it, what assets can be changed, improved, tweaked, modified? I wouldn't recommend changing lots of things at the one time because then you're not going to really know what's working and what's not.
Melanie
Did you just try and squeeze all 35 in a sentence?
Esther
No.
Melanie
Okay. While I was going to go with customer leads. So this could be, and this is one thing I started doing on my CRM a couple of years ago. It could be somebody hands their business card whilst you're at a stand. If they've given you their business card I'm sorry, I see that as an invite to contact them.
Esther
Yes, it is not an invite to add them to your mailing list.
Melanie
No, no, no.
Esther
Definitely not.
Melanie
But to contact them.
Esther
Exactly. Either phone call-.
Melanie
I sent one email. One. Then I follow up with a phone call. So just to get in a customer lead, it could be you've gone to a networking event, it could be you've got a stand, it could be you're standing at the school gates, it could be somebody's referred you. So that's another KPI. These are all the things you need to track to see which one is working. Did they come across your website? Did you show up in a Google search? What were they looking for when you showed up in the Google search?
Esther
Did they download your freebie? Did they ask to join your mailing list? Those are all qualified KPIs.
Melanie
Yeah.
Esther
Yeah, and in with that, then You have to monitor where each lead comes from. Like Melanie said, is it from an event? Is it in person? Is it what I like to do with networking events? If they give me their physical business card, I write on it. I write where I met them.
Melanie
That's what I did.
Esther
Where I met them, what we talked about, just one or two words, if they were looking for website help or social media help, or were they interested in the podcast, different things, or could they be a guest on the podcast? So I'm not just I'm emailing them three days later going, what did we talk about? Because let's face it, the brain is not the same as it was before. But if you have a general idea and you can start your conversion through email with that in mind of going, it was great to talk to you. And remember, we talked about X, Y, Z and you remind them as well. Then you can really get through a lot of the, hang on, Where do I know them from or why are this person emailing me? Because we get lots and lots of emails every day. So you want to be as specific as possible. But when we're thinking of social media and the campaigns that we run there, then those leads can come in in a different way. They can come in through a messaging app. They could come in through Instagram, direct messages. They could come in through WhatsApp because that's all connected connected in the meta platform. If you're doing your campaign on X, then it'll come in a different way. If you have it on LinkedIn, it'll be different again. So you just have to figure out where you want to advertise to. First of all, where your audience is. There's no point in advertising on LinkedIn if your audience is more meta-based.
Melanie
Talking of paid stuff, there's also return on advertising spend, also known as ROAS. So we've got the general ROI, return on investment. There's also ROMI, return on marketing. Yeah, yeah. Investment. But now there's ROAS, so that's return on Advertising Spend. And that refers to the revenue earned from money spent on your advertising. So you may have spent a thousand and earned 5,000.
Esther
Which is a good-.
Melanie
This is another KPI.
Esther
Yeah, and that's a good return. You wouldn't want to be spending a thousand and earn a hundred.
Melanie
No.
Esther
Which is why you need to be monitoring your ads and your campaigns during and not just at the end when they've run their course. So you want to be thinking, how much do I want to spend? Based on how much you think you can get at the end. And obviously, all these platforms can give you a general idea of this ad like this can generate up to 20 leads per day. Now, when they talk about leads and when you talk about leads might be completely different. And they might not all be qualified leads, as in they might not specifically be looking for your product or service or not be able to afford it, even though you put in to your ad campaign exactly the type of person that you wanted to get. It's not always correct, it's not always getting to the correct people. So you have to think about the cost per lead as well. How much would one lead cost you and could that lead become a paying customer? And how much would that paying customer then earn you. So there's a lot of things that you have to bear in mind and keep in consideration because it's not just about throwing out an ad and, oh, let's see what happens. You need to have all these things thought about before you even go down the route of paying for a campaign.
Melanie
Isn't it interesting? Already in nine minutes, we've probably given so many different ways to get KPIs. Most people think followers, subscribers-.
Esther
Impressions.
Melanie
Impressions, YouTube channel, people in my email list. There's so much more that we're actually... A lot of us already have the the details, the data for, but we're not using the data properly. We're not measuring it accurately or responsibly enough.
Esther
Yeah, exactly.
Melanie
A lot of this data is already available to you. You just need to look at it.
Esther
Yeah. And other stuff you have to think back on. Say you're providing a service. So say you've got classes, that you're selling classes. I'm not talking glasses on your face. Classes. So you're training people or teaching people in a thing. Will that one customer coming in just be a one course customer or will they go on for several courses? And in this, then you might think, okay, if I can It sounds cold and hard when you're talking about customers in terms of numbers and figures. But if I can get 10,000 over the lifespan of this customer, we're not talking about them dying. But if you can have a customer come in and be with you for five years and over that five years, and over that five years you get X, Y, Z amount of money, then is it worth maybe investing a little more in the initial ad? Because you know you'll have that person for a longer time and not have to run another ad for more people. So there's so much that you have to think about if it's just a one course, one and done or a product that somebody will only buy the once, then you might consider spending less and trying to reach a wider audience to get more customers for less ad spend.
Melanie
So just in that last discourse, you heard Esther talking about merging together what we're talking about today with the digital marketing funnel.
Esther
Yeah.
Melanie
Because that builds awareness, consideration, conversion, and you're taking into account all the analytics involved, including an episode about analytics as well. So there's just so much that we need to cover. I know typically we normally just talk about the beginner the media stuff. But today we wanted to speak to the more intermediate, advanced type people who listen to our podcast. And there's so many areas that you need to responsibly write down. You can document them, wipe on Excel spreadsheets, whatever fills your cup, basically.
Esther
Yeah. Well, I recommend having them somewhere that it's not going to be wiped off like a whiteboard or not going to be lost like a post-it note. So I would suggest using Google Drive or something similar, using Excel spreadsheets, using Notion. It's another platform that people use to put all their ideas and all their information into. But if you have a team, get together with the team and figure out what they have seen working as well, because if it's just you trying to figure this all out and not including your team, you may be missing key elements. When people say, oh, well, when I talk about XYZ part of how our product solves an issue, then people respond in this way. And somebody else says, well, when I talk about ABC problem that it solves, they respond in another way. So you need to figure out what is working with what audience. And like Melanie says, this is going back to you could go back to our previous episodes and listen to when we talked about figuring out who your customer is, your customer avatar, figuring out where they hang out online. All of these things need to be done before a single penny or cent is spent on your advertising. Because if that's not in place and let's not even go near the SEO part and having your website sorted before advertising on Google Ads, we'll do that a different day.
Melanie
There's a couple of things we want to cover in that respect, so we'll probably do that soon, I'd say.
Esther
Yeah, but we'll leave it there for today because we don't want heads to explode. But do reach out to us. We can help you figure out what ROMI, ROAS, KPIs, CVL, CAC, all of the key metrics stand for, and how you can figure out what has worked in the past and what may or may not work in the future. So that's it.
Melanie
Well, that's all from us, seeing as you've given up that job, you great wuss. That was your one job. Anyway, so I will say goodbye, seeing as you flummox that, and we will be back very soon with another podcast. Bye for now.
Esther
Bye-bye.
I forgot.
Melanie
Well, I know. It was a big deal going from one end to the other, wasn't it?
Esther
I'll try to remember for the next one.
