Better data collection leads to better results in business. This is a basic concept, but it’s a powerful one, and it applies to all industries. In simple terms, if you know more than your competitors know, you hold an advantage that money and other resources can’t match. One of the best examples that demonstrates the power of data comes from the world of sports. Nearly twenty years ago, the penny-pinching Oakland Athletics used advanced metrics to build a successful baseball team –– despite lacking the funds and support their competitors enjoyed. In the same way, your business can play “moneyball” by measuring micro-moments accurately. If you take the time to properly track and analyze micro-moments you can gain a better understanding of what your customers want from your company and market more effectively as a result. Here then is a quick-and-easy guide on how to measure micro-moments:
Cover All Your Bases
To continue the baseball theme for a moment, it’s critical for companies to cover all their bases when tracking micro-moments. Your customers might experience a micro-moment at any time. (And there’s more than one type of micro-moment. Deciding to research a product online is different from deciding to make a call to a company, for instance.) So if your business is only able to attribute a portion of your sales back to marketing content, then you’re not accessing all the information you need to comprehend customer behavior. It’s unwise to simply assume certain ads, campaigns, or commercials are effective if you don’t have the numbers to back it up.
Remember, your leads might decide to make a purchase for any number of reasons, and they’ll probably interact with your company across various forms of media, including (but not limited to): TV commercials, digital marketing content (blogs, web pages), online advertisements, social-media posts, and offline phone calls. What’s more, it’s practically guaranteed any given customer will encounter your business across multiple devices and platforms before buying one of your products. This is why it’s critical for companies to 1) prioritize cross channel marketing and 2) set up an attribution system that allows them to track every aspect of the purchase process.
Metrics to Measure Micro-Moments
It’s impossible to read your customers’ minds and know exactly what made them decide to research your product, make a phone call, or close a deal. But thanks to some advanced metrics, you can come awfully close to deducing it. Here are a few key stats you’ll want to focus on:
- Engagement/Traffic –– will tell you if customers are clicking on your ads, posts, and web pages. (Note, when people visit your site can be just as telling as how many. Determining when clicks occur is a great way to monitor the efficacy of broadcast commercials, for example.)
- Conversion Rate –– will tell you if you’re reaching your target audience.
- Share of voice –– will tell you how you measure up against your competition.
- ROI –– will tell you if you're making a healthy return on your marketing/advertising spend.
When you decide to make micro-moments an essential part of your marketing strategy, you can begin to create better content, adjust pre-existing campaigns, lower advertising costs, and make more sales. At Advocado, we’re committed to helping marketers achieve those goals through our cutting-edge programs and software. When you partner with us, you’ll never have to worry about attribution or content enhancement again. Instead, we make it easy to connect your broadcast, digital, and offline efforts. Contact us today, or, if you want to learn more about our process, click here.