Success must be measurable. As entrepreneurs, we are all seeking some feeling of success. Your definition may be different from that of someone else. Nevertheless, you’re chasing this undefined feeling of gratification. Success in business is meant to be measurable. When you take on a new project, release a product, or launch a website you should have goals and milestones to measure your success.
Analytics is a number-based measurement tool used to determine success or failure. Most website platforms have analytics built into their offered with services. You could also install a third-party analytics tool, such as Google Analytics. One of the great things about analytics is that they are available as apps as well. This makes keeping track of numbers and what exactly is going on with your website, sales, social media and blog around the clock easily manageable. There are four general analytic features over a range of platforms that are a great way to measure your success, growth and set goals for your business.
1. Bounce rate (Google Analytics)
Bounce rate is available on Google Analytics and a built into a few other platforms as well. Of course, you could always install Google analytics in the background of any website invisibly. Google Analytics is free and has a compatible app available for download on iPhone and Android. Bounce rate is the percentage of single-page visits your website receives. For example, if someone visits only your homepage or only your product page and then leaves. Bounce rate happens when your website is unable to catch the attention of the visitor. When you have, a high bounce rate this is an indicator that you may need to adjust the content or images on your homepage to better initiate engagement with your visitors. A “good” bounce rate is considered anything below 35%.
2. Open rate for email subscriptions (MailChimp or Convertkit)
Email management services make life easier, but you aren’t maximizing what you’re paying for if you don’t look at your analytics. Both MailChimp and Convertkit offer valuable analytics to help improve your email campaigns and sales funnels. Emails should always be a big concern in your business. The conversion rate for email is higher than most social media and with the ability to automate most of the email subscription and sales funnel process, you could be saving yourself a lot of time by utilizing your analytics to measure your success and improve on your weaknesses. The open rate for email subscriptions is the percentage of email subscribers opened the email you sent. A low percentage indicates that your title or previous email content may not have much value for your reader. Try switching things up.
3. Average session duration (Google Analytics)
Average session duration is self-explanatory. One of the most frequently asked questions for new entrepreneurs is how much content should their website have when they launch. Is there a need for a blog? How many web pages should I have? The longer someone spends on your website, the more likely they are to make a purchase or at least be thinking about it. If there isn’t any relevant or valuable content on your page they won’t spend long, which triggers a low average session duration. This analytic is a great way to measure whether the content you have on your web page is worthy of your potential consumer and current visitors.
4. Reach (Instagram)
This last analytic is specifically available on Instagram and Facebook. If your Instagram is not set up as a business account, this analytic is unavailable to you. In order to convert your Instagram to a business account, you must link your page to a Facebook. The analytics provided once you switch over are incredibly valuable. Instagram will record at what times of the day your followers are most active and will report your “reach”. Reach is the number of individual unique accounts that have seen your posts. This number should be somewhere close to your “followers” number. Meaning the people who are following you are looking at what you post. When this number is low, your following may not be interested in the content you post. Using this number will validate whether the audience you keep fits the content you post.
Don’t ignore the analytics because they look confusing. You could stand to learn a lot from taking the time to read the graphs and keep up with the numbers. Take advantage of analytics being a free feature in almost every business app you have. Using these numbers will make the thought patterns of your viewers and consumers transparent. Set goals for your business at the beginning of each month, track your numbers and adjust your website or social media as you go. The results will surprise you!