by | Oct 8, 2020

Local Market Monopoly Episode 23

How to Read A Marketing Report

Host

Clarence Fisher

Resources

Website: www.TulsaIM.com

LinkedIn: ClarenceFisher.com/LinkedIn

About This Episode

In this episode, we will help you learn how to read a marketing report and leverage the key metrics to grow your business. While most business owners know weekly and monthly reports are important, they aren’t sure what to do with the information. If this sounds familiar, this episode will provide much-needed clarity and ensure you make the most of your marketing reports. We’ll cover the key metrics in a report and discuss how you can use them to optimize your marketing efforts. 

Do your eyes glaze over when you look at your business marketing report? Listen to this episode to learn how to read it and use it to increase your sales conversions.

Clarence Fisher: Hey, it's Clarence. Welcome back to the Local Market Monopoly. I want to ask you a quick question and be honest with me. When you see a marketing report, do your eyes kind of just glaze over? Yeah. Well, in this episode, I'm going to show you how to read a marketing report so that you can leverage the metrics that are in there and grow your business. What I notice is while most business owners know that those weekly and monthly reports are important, I really don't know what to do with the information. So stay tuned. What we're going to do is show you how to read it and use it to increase your sales and conversions.

Intro: You're listening to Local Market Monopoly with Clarence Fisher, uncovering the tools tactics, and strategies. The most successful small businesses use to dominate their local market and own the block.

Clarence Fisher: Okay. Let's talk about your marketing report. And first things first, if you have a question that you want to be answered here on the show, just go to Clarencefisher.com/ask and ask me, and we will get it right here on the show. All right. So your marketing reports is, first of all, what is it? You get it every week. If you have someone that's doing your marketing for you, maybe it's someone that's inhouse or you've been in the outhouse. Ching. That was a horrible joke. But if you, whoever you have done your marketing, they are sending you a hopefully a marketing report. Sometimes you get a report weekly. We have clients that we're sending reports weekly and also monthly, but at the very least you're getting a report every month. And if you're like most business owners, you kind of glance at it.

Clarence Fisher: And you're like, okay, well, I'm kind of looking for green. And if I see green, I'm happy. If I see red, I'm not happy. And then I call them like, Hey, this is all red, but you don't really know what it means anyway. So what I want to do is kind of clear that up. You need to know what it means, not just looking at green and by the way, I want to tell you something. You have to look at things, especially if you're getting weekly reports. The numbers that come within a week is a very, very small window. You want to look at, you want to look at trends, okay? The weekly reports are typically used by your marketing company to make changes, right? And so, for instance, we're looking at reports, we're looking at things like every three, four days to make changes.

Clarence Fisher: So that, that monthly report, when it comes out, it is on point. But if you get a weekly report and you're seeing reds and you're like, Hmm, this isn't working. Remember it's only a week. Remember it's only a couple of weeks, but what you want to do is you want to look at whatever your KPIs are, your key performance indicators for your business. And every business is a little different. Number one, you want to decide what your North star metric is. And by that, I mean, what's the main thing for you. Is it sales? Everybody's like, yeah. Clarence of course it's sales. Well, okay. So what leads to that? Sales are a lagging indicator. Really? You know you hear about, what is it? Leading indicators, lagging indicators. Well, clicks, conversions, all. I'm going deep into it. Let me tell you, let me, let me just break it out.

Clarence Fisher: Okay. First, the things that you're looking at, you're gonna, uh, keep the North star metric there, because out of all, everything that I'm going to share with you, you're going to identify. What's the number one thing that you, that moves the needle for you. It may be people who subscribe. It may be phone calls. Your North star metric is how many phone calls you get, how many form fields you get. If that's your thing, then you want to make sure that you're paying attention to that. But number one is just about any report you get. You're going to have something that says reach or impressions. Okay? And on Facebook, those are kind of two different. Those are two different things. Impressions are, you know this, how many times your ad showed. So if it's on ad words, you're looking at the impressions, Hey, my ad shows this many times.

Clarence Fisher: If some Facebook you're looking at impressions, my ad showed this many times if you buy a TV or anything else, right? So reach on Facebook is a little bit different reaches. Like how many people did it actually reach? And it's crazy. Facebook is actually able to, they measure how long you even look at something. Even if you don't engage with it, how long you even look at something and Hey, that's a, that's a reach. But this shows how many people your content has reached, including the social media reach, the impressions, followers, subscribers, video, views, search engine impressions, and then the next type of metric you have as number one, okay, you're going to look at reach, and you're going to look at impressions. How many times did my ad show and people that are reach, then look at if you're doing SEO and those traffic type metrics, these are kind of the same things, but these metrics include new and returning visitors on your when you're looking at SEO.

Clarence Fisher: So how many people are new and how many people are returning kind of self-explanatory on that. But also you've got page views. You've got clicks. And if you're looking at SEO, you're looking at backlinks, but if you're on Facebook, you're looking at page views. How many people actually saw the page actually saw your, your sales page or your order page, how many clicks? And we're looking at a lot of times, we're looking at unique clicks. I really want to know the unique clicks. I don't want to see, you'll see these reports that have clicks all like, but that could be somebody clicking on an image or somebody just clicking on whatever they did not click the link to go to your website. So I'm looking at that. And I'm looking at the unique. I don't care that someone clicked five times. I want to know that one click, and you should want to know that too.

Clarence Fisher: How many unique people clicked and went to see your sales message, then you have engagement metrics. And when you look at these, you want to know how well your content is engaging with your audience or how, how well your audience is engaging with your content. This is just like, this is like likes, like likes, likes, and shares. The time that visitors spend on your page, you'll see an SEO, you'll see bounce rate. How many people are going there? And then going back to Google because they didn't find what they were looking for. You're looking at the bounce rate. You're looking at click-through rates, CTR. So this is out of all the times that your ad showed how many people, what percentage of people who clicked it, right? You want that to be high? Okay. So those are your engagement metrics.

Clarence Fisher: All of these metrics. This is what I want you to. This is what I want you to get because you can have a, you can have a report and I'm sure one more set of metrics with you. Well, I'm just, I'm a hold what I'm about to say until I shared this last group of metrics with you, and these are conversion in an ad metric. These metrics show you the leads, the form submissions. As I said, the ad spends, how much are you spending? What's the conversion rate to a lead or conversion rate to a sale, kind of, we'll break those up into conversion rate, to lead conversion rate, and then also cost per acquisition. How much, what is it costing you to get that phone call? How much is it costing you to get that lead? That's one of the big things. If not the biggest thing, a lot of you that's your North star is how much does it cost me to get up phone call?

Clarence Fisher: That's really all we really want to know all this other stuff that I'm sharing with you is on the marketing report is we want to back, back it up, back it up, Terry. If you want to back it up to the kind of see digging a little deeper, you can, but really it kind of all comes down to how much does it cost me to get a phone? You're like, yeah, Clarence. Because then you say, Hey, how many phone calls does it take in order for us to get an appointment? Or how many phone calls does it take for us to get a sale? You can back all that up. So if it takes 10 phone calls to get a sale, and it costs you $2 to get a phone call, then you got a $20. You got a sale for $20.

Clarence Fisher: So that's what you're going to look at. But the main thing, like I was saying is out of all of that, when you get your marketing report and talk this over with your marketing person, figure out what your KPIs are out of all these numbers, which ones are the important ones for you. And let them know that these are the important numbers that I am looking at. So that you're on the same page. Right? But that's the main thing, but don't ignore your marketing report. Don't just glance at it. And look for reds and look for greens. Look at the KPIs. What is it costing you? Okay? Okay. What is it costing you and talk that over with your marketing person, mainly just pay attention to it. So that's what I wanted to get across to you today. And hopefully, that helped.

Clarence Fisher: I know there's a lot of numbers there and it can be really easy to just kind of glaze over them or only pay attention to them when you think something's wrong. Believe me, by the time you think something's wrong, everybody on the marketing team is freaking out trying to figure out how to pull this thing out, right? So that's it. Your next marketing report. Look at it. Now, if you like the episode, this is a new thing that we've been doing. If you like, if you like this episode or any episode, share it, share it on social media, and then you can tag me, but use the #localmarketmonopoly #owntheblock you can use either of those are hashtags and be sure to rate review kind of like us on Apple podcast or Stitcher or wherever else you may listen. But whatever you do, take what you learn here and go own the block.

: We appreciate you listening to Local Market Monopoly. Be sure to rate, review, and subscribe to the show and visit ClarenceFisher.com for more resources that will help you dominate your local market and own the block.

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