Part 5 of 5: If you truly want to improve your business, get more customers and make more sales, then you need to pay close attention to your numbers. As I have mentioned in previous lessons the metrics behind what’s working and what isn’t are very important.
In this final lesson, we are going to go over a few of the most common mistakes people make when tracking their business.
They say that only twenty percent of your actions make up eighty percent of the results. What if you’re working on the wrong twenty percent? If you study analytics, you’re going to be so much more likely to work on the projects that yield the best ROI and more likely to let go of the ones that aren’t working and losing you money.
Now let’s quickly go over some of the common mistakes people make when analyzing their business activities. Hopefully by reading them you’ll avoid making the same mistakes yourself.
– Not looking at the numbers at all
Many people run successful businesses without ever looking at a single number. That’s crazy, right? They may even think “what’s the point?” Especially if everything is going good and profits are rolling in. But, the fact is, how much more successful could they be if they knew what was working and what wasn’t? Who doesn’t want their business to be as successful and profitable as possible?
– Looking at the wrong information
Many people new to analytics often study information that really doesn’t matter. For example, total visitor represents the sum of individual people that visited your site regardless of the number of times they visited. So, if one person visits your site once and another person visits your site five times. To get an accurate count of how many people are actually visiting your site you should look at unique visitors instead.
– Not setting up the software correctly
If you’re new and you have no idea how to use the software you’re working in then you need to take some time to go through the help files and tutorials, because the software only works as well as the user. If this isn’t something that you’re willing to do, or have time to do you may want to consider hiring someone who is familiar with it set it up and send you the reports. Keep in mind that you’ll also have to take some time to learn how to decipher the information you collect.
– Not monitoring regularly
Often, people spend a lot of time and money to set up analytics but they don’t look at the reports. This is a terrible waste of resources. Once you’ve taken the time to set it up, make sure that you monitor everything on a set schedule so don’t miss any critical data that can hurt your business.
Not segmenting for retargeting (remarketing)
One of the most powerful forms of marketing today is retargeting or remarketing to people who have visited your websites or had some sort of interaction with your business before. It’s a proven fact that some people need to see your offers multiple times in order to finally trust you, take action and finally make a purchase. With proper tracking, you won’t miss out on this amazing opportunity to close more sales.
– Not setting conversion goals
A Conversion Goal is the measurement of the action an individual user has completed on your website. For example, submitting a form, clicking on a button or link, landing on a particular page or completing a purchase.
If you don’t set goals within your software, you won’t know if what you’re trying to achieve is happening or not. Remember, you can make assumptions based on income but you won’t really know what’s working or what isn’t unless you are tracking your goals.
– Not filtering out invalid traffic
Invalid traffic includes both clicks and impressions that might not be the result of genuine user interest. This covers intentionally fraudulent traffic as well as accidental clicks and other mechanically generated traffic
I know this sounds crazy but a lot of traffic can really mess up your numbers, so you need to know how to filter out particular traffic that comes from people like yourself, your virtual assistant or web designer who visit your website to work.
– Not differentiating the types of traffic
There are several other types of traffic such as referral, direct and so forth. You should differentiate each type of traffic so that you know exactly where it’s coming from and what is causing a spike in visitors, bounces or conversions.
– Not setting up multiple views
When you get reports, instead of trying to look at everything at once, set up multiple views so you can see what each parameter means to your business. Most software including Google Analytics will allow you to do this.
If you can avoid these common mistakes when you’re tracking your business you’ll get much better results. It will also save you a lot of time and headaches.
As we close this final lesson, I would like to thank you again for joining me for this short course. I sincerely hope that you’ve learned a lot about how to track your business for success and even though the lessons have come to an end I want you to know that you can still feel free to contact me if you have any questions. I’m more than happy to help.
Until then, David Belton