Marketing Metrics that Matter

Marketing Metrics that Matter


Hi, I’m Liz Harr. Now, at Hinge you probably hear us talk a
lot about high growth. Usually, we talk in terms of what marketing
techniques might contribute to high growth. But today, I wanna focus on what happens after
you’ve decided on what set of marketing techniques you should use to contribute to high growth. And what I’m talking about is how do you measure
those? How do you know that you’ve chosen the right
ones? Well, it’s all about metrics. And speaking of high growth, we find that
firms that fit into that high growth category, on average, track 33% more metrics than their
average growth counterparts. It makes sense when you think about why. Metrics are all about holding your strategies
accountable, testing them and continually improving. Now, I think it’s fairly easy to figure out
the how around metrics. You know, there are a lot of marketing automation
tools and CRMs that help you with that. Some are free, some are not, but there’s a
lot out there that helps you figure out the how to track. Really, when we talk with firms, they seem
to be confounded with the why and the what, so that’s what I wanna focus on today. And when I talk with firms, I like to help
them think about metrics in three categories, and that is visibility metrics, expertise
metrics and what we call impact metrics. So, lets tackle the first one. Visibility metrics are metrics that really
give you an indication of how visible you are in the marketplace. So, it’s pretty intuitive. There are three types of visibility metrics
that are very impactful when accessing this. One is website traffic, but you wouldn’t wanna
stop at just website traffic in aggregate. You would want to look at the different types
of traffic. Direct traffic, organic traffic, referral
traffic, social media traffic are just a few. Another type of visibility metric are social
media followers by platform. Now, the reason this is an interesting metric
to track is because we know from our other research how much social media plays in terms
of driving visibility to you and your firm. So, tracking your followers by platform actually
becomes pretty important. The last thing you can think about tracking
when it comes to visibility metrics is your email list size. So, for those of you whose marketing plans
have an email component to it, continually measuring the size of that list gives you
a very good indication of how visible you are. Now, the other bucket of metrics to consider
tracking are what we call expertise metrics. So, different from visibility, these are metrics
that measure, how convincing are you, that you are the expert you say you are your colleagues
are. Now, there are four areas within expertise
metrics that you can consider tracking. One is around the content that you produce. If you are tracking metrics at all, you are
likely tracking around some sort of content marketing. So, tracking things like downloads of your
premium content, your white papers, your guides, tracking your blog traffic, those are very
important in terms of understanding how convincing you’ve been that you are the expert. Second is around PR, and I’m not talking about
press releases about a new office, or you hired a new partner. I’m talking about the type of PR that we call
guest blogging or earned media coverage. Third is online endorsements. How often does your thought leadership get
shared through different social media channels or inbound links that mention you and your
thought leadership? And finally, speaking engagements. How often are you invited to be the keynote
of particular conferences and trade shows that are important in your industry? So, each of those are important for understanding
expertise. The third and final bucket of metrics that
we like to have our clients focus on are what we call impact metrics. So, how impactful are the marketing strategies
you’ve put in place to the bottom line of your firm? Now, there are several of these types you
can track. One is simply inbound leads. How many leads are coming in from form fills? How many emails and phone calls are you getting
from the efforts? You can track them back to the specific efforts. Also, just opportunities. What does your CRM say about the number of
opportunities coming in to you weekly, monthly and from what source? You can also track proposals. How many? Cumulative value? Where are they coming from? What type? Same thing with wins. How many wins come from new clients, versus
existing clients? And there’s two more that are important in
terms of impact metrics, and that is simply tracking your firm growth and profitability. So, I just talked about three buckets of metrics
that you will want to target when you’re tracking. And truth be told, every professional services
firm out there has their own story, their own growth trajectory, their own sets of clients
and prospects. So, the specific metrics you track may differ
from firm to firm, but if you think in those three buckets you’ll be on a good way to measuring
successfully. The last thing I wanna leave you with is figuring
out, “Okay, I get the three buckets but what, specifically, do I need to track?” And there are four rules of thumb you can
use when you’re figuring out what specific metrics to track. First and foremost is, the metric you select
should be continuously available. This isn’t something that you want to start
and stop. Secondly, the metric should have a low component
of subjectivity. You want this to be as objective as possible,
so that when you and your team are reviewing these you don’t start second-guessing the
data. Third, you want the metric to be accepted
by your team as relevant. So, if email marketing isn’t a big piece of
your overall marketing strategy, you probably aren’t gonna spend a lot of time tracking
open rates and the like, whereas another firm may. And finally, the last rule of thumb is that
it should be easy to monitor. This is something that, if it requires a lot
of energy in seeking out, and measuring and interpreting it, it probably won’t be tracked
regularly. So, I hope that you will incorporate metrics
in your 2017 marketing strategy because it really is, far and above, the best way to
hold your strategy accountable. Thank you.

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