Every aspect of manufacturing is a hands-on experience; from petroleum storage tank controls, handling a packaging line system, and all sorts of industrial process controls. Not surprisingly the same can even be said for tracking industrial marketing metrics. Like the complex products sold and produced by manufacturing companies, the particular metrics that track their marketing success requires focus and scrutiny to capitalize on the application of marketing metrics properly. Essentially, manufacturing marketing metrics have a resounding value that can give manufacturing companies insight into their clients, into the minds of floor managers, engineers, and operation directors, to help determine what they need for their business' future success. The following are four of the most noteworthy metrics that manufacturers can use to determine how to appeal to demanding and detail oriented clients.
Website Traffic Rates and Sources
The most obvious metric that should be fully exploited is website traffic. By evaluating and measuring the traffic to your site's content for weeks or months, you can determine the benefits of consistent advertising, blogging, and your content promotion methods. This is invaluable in setting your sales and marketing strategy. You can determine what subject matter grabs potential customers and clients while also determining the difference between seasonal traffic and "normal" site traffic.
Just as importantly you must determine the origins of your traffic such as:
- Organic search (SEO)
- Social media
- Email marketing
- Referral marketing
These metrics can be monitored and reviewed using Google Analytics. If you don't already have an Analytics account, you'll want to get that setup and integrated into your Company's website right now. As you'll quickly learn, most of the vital metrics you'll want to manage are just a few clicks away with a Google Analytics account.
Visitor Bounce Rate and Average Time on Page
Knowing the average time visitors spend on your key site pages will determine whether the visitor is consuming the content on that page correctly. If you post a case study, visitors should be spending more time with that content than they would with a list of bullet points, if not then the content might not be compelling enough to sell your brand or business. Your sales people can gain valuable insight from this information by seeing what stories and information are leading to more in-depth engagement on your website.
At the same time consider your bounce rate. Your bounce rate shows which pages people visit on your site and if they then leave without making a purchase our visiting other pages. The higher the bounce rate, the less effective the page is from a marketing perspective.
You've heard me talk about Google Analytics before. Visitor bounce rate and average time on page are also standard data points available in your analytics account.
If you have a page with decent levels of traffic but high bounce rates, and low time page metrics you may be able to fix it. Bouncing traffic may indicate that there is a disconnect between what visitors may thinkg your page offers and what they actually get from the content. Make sure your page title and meta description are solid. Also consider checking that you've got your basic on page SEO right.
Industrial Marketing Conversion Rate and Source
The nature of the manufacturing sales process is a long and frequently complex one, and people who have visited your site probably won't become a customer right away. As a result, it's essential for you to think about the main process as if it were a series of small conversions.
Also, you need to measure and track each conversion to understand your prospects and adjust your content to insure that you are meeting their needs. Simultaneously, you must understand the source of visitors that are converting in order to apply new methods or adjust your content to gain sales. In the most practical terms the higher your conversion rate, the more likely it is that you are getting the right traffic to your site. What is a higher rate exactly? Lots of places will tell you that a conversion rate of 1% to 5% is the standard, but it depends on the company as well as your specific industry. This makes tracking your data essential.
While traffic source is another easy to find
As your marketing efforts and experience expands, you'll likely at some point get into Google AdWords. You'll also want to ensure that conversion tracking is enabled within the AdWords environment. Having conversion tracking enabled for AdWords is even more important since the data gathered in AdWords will help to improve your ROI on your AdWords spend.
The Number of Your Qualified Leads
With every bit of content, sale offers, sign up forms that you placed on your website you should be collecting important data that will help to determine if new leads for your specific business (industry, job title, sales volume, etc.) is truly the right fit for your business regarding your products or services. Sorting visitors in this manner will let you divide leads up by a specific criterion, a qualification so that you can determine which leads are just consummate browsers and which will lead to sales.
By continuously checking the number of qualified leads in comparison with the total number of leads you will be able to get a better idea of how effectively your site is attracting and converting the right sort of contacts. You'll want to be looking for the decision markers. In business to business sales, your first contact is often not responsible for the final decision. Consider your first contact as a springboard that may lead you to the final buyer in the your own selling process.
To track and monitor qualified leads you'll need to turn to another software package or tool. Popular tools include Salesforce or Pipe Drive. These CRM solutions often time provide out-of-the-box processes to manage your sales funnel and track lead qualification. If these are too complex, or out of your price range I've had clients that will track their lead qualification in Excel. Either way, the more data you have the better decisions you'll make in the future.
To find out more about what metrics matter to manufacturing companies contact the experts today.