Different Metrics Have Different “Weight”
As an MSP business, it’s notable that not all performance metrics have the same weight. You need to know how visible your business is, and how profitable it is. This helps determine if you’re competitively viable, which marketing methods work, and how to expand operations.
Two Families of Metrics, and Differentiating Between Them
There are essentially two families of metrics you’ll want to pay attention to: those directly related to ROI and those related to vanity–your overall online visibility. There is crossover between the two; sometimes correlations exist between ROI and vanity metrics. Here, we’ll cover ROI metrics, vanity metrics, and methods of differentiation:
ROI Is a Notable Metric Anywhere, and Especially In IT Content Marketing
ROI determines if the money you’re paying in terms of marketing is worthwhile. Marketing outreach should draw more traffic to the website of your MSP, and result in more conversions. Site design should keep people on your site, and help them convert to the products or services you provide. When everything is in order, you will see ROI.
What’s a good ROI measure? Well, at minimum, there should be some ROI. It can take time to hit the 5:1 ratio advocated in many marketing circles. That is: you spend $1 on ROI, and get $5 back. This represents your “cruising altitude”, as it were. It may take time to get there, watching metrics and changing operational policy accordingly helps expedite the process.
Traffic, Page Views, Bounce Rate, Site Time, Clicks, Email Opens, Etc.
Your MSP business should pay special attention to several key metrics which result in an increased level of visibility. These may or may not indicate overall effectiveness in outreach.
Pure visibility metrics are of the “vanity” variety. These include things like traffic, page views, bounce rate, site time, clicks, email opens, and the like. However, these can also be indicators of ROI; so look for cross-over.
Differentiating Between Vanity Metrics and Those Involved in Profit
If you’re getting a hundred thousand page views but no conversions, then your view count is a good vanity metric, but no indicator of effectiveness in marketing–your outreach could be hitting the wrong market. Ideally, there should be crossover. The more successful and effective outreach is, the more crossover between vanity and ROI metrics.
Effectively Prioritizing the Right Metrics
As an MSP business, it’s important to know where you stand as regards ROI. A mixture of dollar-centered and vanity metrics include traffic, page views, bounce rate, site time, clicks, email opens, and more. Most of those are “vanity” metrics, but some have direct correlation to conversion rates. Track metrics to find where the crossover is, and determine which Key Performance Indicators (KPIs) indicate ROI-rich outreach.