In this episode of Marketing Minutes, we join Ben to learn why you don’t necessarily need to sweat the numbers. He uncovers 4 reasons why not all metrics are created equal when it comes to optimizing your marketing strategy to scale your contracting business.
In this lesson, you’ll learn 4 reasons why some of the most common marketing metrics (spoiler alert!) don’t really matter if you’re not thinking big picture.
1. Local Target Marketing
As a contractor, you’re going after a very specific location and specific homeowner. As a result, some metrics are going to cost higher than you may expect. This is completely normal when marketing to a local audience in comparison to a global advertiser. So while there’s no need to panic, metrics like CPM’s (cost per thousand impressions) are naturally going to be higher. However, in the full scope of your marketing strategy, it is totally normal when marketing to a smaller audience. What’s important is that you don’t look at them individually, but holistically so that they don’t become misleading.
If you truly want to keep a pulse on the industry, you need to look beyond metrics. There are so many things that can influence the platforms where you’re active and consequently, metrics – from politics and holidays to competitors. For example, holidays like Black Friday or new competition in your area can cause a drastic fluctuation in these metrics because everybody is vying for clicks. As the digital landscape fluctuates, so will your metrics such as CPC (cost-per-click) or CTR (click-through rate). If you check out these metrics individually, it won’t give you a good idea as to what is happening on the daily with your ads.
3. Traffic Quality
While numbers may reflect the amount of traffic, it doesn’t always tell you about the quality. At the end of the day, it’s lead quality that will have the biggest impact on your bottom line. Even if you’re paying more per click, if that lead converts and ultimately puts more revenue in your pocket, there’s no need to sweat the numbers. Here, the goal is not the lowest click costs or lowest CPM’s, the goal is to generate the highest quality traffic.
4. Conversion Rates
When it comes to landing more clients and jobs, it’s okay to splurge! Don’t worry if one of your keywords are costing a little more if it’s performing well and driving leads. Higher conversion rates and higher revenue means lower customer acquisition costs in the long run – something you may forget to consider looking at metrics alone!
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