Vanity Metrics: Why Businesses Should Avoid Them

If you are a small business that is looking to deploy digital marketing for your campaign, you have taken the right decision. However, as a newbie in the digital marketing space, you need to be confused and for a good reason too. The jargons that abound in digital marketing are a mouthful, and as if that is not enough, you might get tricked into investing your hard-earned-money in areas that do not matter for your business.

Yes, we need to accept that many digital marketing firms are guilty of trying to lure small businesses into investing in areas that are not profitable for their businesses, or rightly put, areas that do not guarantee a return on investment, we have to agree that some firms do not help matters. Many small business owners simply dabble into a digital plan or strategy simply because they heard it worked for someone, should we call that laziness of the mind?

Exploring the Best Digital Marketing Metrics

As an owner of a growing business or whatever business for that matter, you need to take time and efforts to investigate and consider how the metrics work for you. Don’t get carried away by vanity metrics and online noise. Ask how this directly and positively affects your business before you stick your neck. Remember, it’s dangerous tasting the depth of water with both feet. Doing this in digital marketing is akin to shooting one’s self in the leg.

Now, get the point clear. This isn’t about not taking initiatives or not going all out for your business; it is about being sure you understand what’s important for your business.

Also read our exclusive article about How to Plan Your Digital Marketing Budget this year

One cogent thing that matters in digital marketing is goal-driven metrics. And not just any kind of metrics but metrics that shed light on how your campaign fared. Market standard metrics are very useful for measuring the effectiveness of any campaign that you might be running on digital platforms. Setting your goals in a digital marketing campaign and cross-checking it against these metrics is an effective means of knowing if your campaign has been effective or not.

Again, when measuring, make sure you are using metrics that matter to your business, not metrics that are common or someone told you worked. Is it relevant to your business and the goal of the campaign?

Differentiating between Good and Vanity Metrics

Marketing quotes by Eric RiesWhile it is often important that your creative works look easy on the eye, you shouldn’t allow yourself to be fooled by metrics that gives you information on response to their aesthetic qualities or that only show how many people liked the designs. Such metrics will not measure your performance and allow you take important decisions.

Metrics are becoming diverse today with features that will give you valuable insights. Go for those that explain how your campaign is doing and even in some cases, calculate possible return on investment even before putting a dime into the marketing proper. So, as a firm looking to make headway through digital marketing, you must learn to go after the metrics that matter and not just bounce rates, click-through rates, impressions, engagements, follows, retweets and so on.

Instead focus more on metrics that gives you information like:

  • The lead rate generated.
  • What’s the cost per lead generated?
  • What’s the conversion rate and at what percentage of the total audience?
  • How much of consumers’ behaviours can be discover from the metrics?
  • How can the metrics be used to improve business performances, and so on?

It is true, metrics matter in digital marketing, but the right metrics matter more than anything. Here’s to hoping that you go after the right ones.

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