You can't run any business today without placing trust in an analytics program. However, quality data matters to get a full picture of business reality. As a building materials business, you absolutely need some analytics to find out what's really going on.
One of the metrics you need to pay close attention to is your KPI's, or key performance indicators. The best way to define what your KPI's are is to think of them as a way to gauge or compare how your business performs and if it meets your particular goals.
Others might define them more succinctly as a report card. Either way, you’ll need to know which KPI's matter the most since you'll have dozens to analyze.
Here's some important inbound marketing KPIs for your building materials business that can tell you a lot about your company's online health.
Understanding Who's Visiting Your Website
You may see figures that show you're getting significant traffic to your building materials site. Nevertheless, do you really know who they are and how unique they are?
Using tools like Google Analytics or HubSpot, you'll have a superior analytics program that tells you everything you need to know about unique visitors. They help you decipher exactly how much traffic you're getting, where those visitors come from, and how they're converting while visiting your site.
It's essential to know this so you can tweak aspects of your site if you find out specific content isn't attracting buyers.
Customers Most Apt To Convert
Otherwise known as marketing qualified leads (MQL), these visitors to your site are extremely valuable. You need all the KPI's you can get these people on your radar because they meet your criteria for potentially turning into real customers.
Establishing your KPI's will tell you who moved a little further into your sales funnel compared to other leads. One way to determine these visitors is to match them up with the customer personas you've previously created.
In your case, it may be contractors and architects who have specific traits you want to target for your building materials products.
Customers Most Likely To Buy
While your MQL's above show potential customers, a sales qualified lead (SQL) shows you customers most apt to close. They're even further into your sales funnel since their site activity shows they intend to purchase.
Always treat your SQL's as more urgent, meaning you need to get your sales team to talk to them personally. This needs to occur quickly since any wasted time could lead to a lost sale. Get your marketing and sales teams coordinated so they can work together on SQLs and read KPI metrics astutely.
Determining Your Value To Customers
Another essential KPI to look at is how well you're retaining customers. Every architect or building contractor looks at the value specific materials will bring before making a purchase. This will uphold the quality for the building or home being built.
It's time to use your KPI's to see what kind of value your customers get from your products. Again, HubSpot or Google can help scope out whether you're getting excessive turnover or if you still have a high percentage of returning customers.
What's most important is communicating this information across every department for complete awareness.
How Many Closed Leads Do You Have?
Determining lead closing rate is another KPI to take seriously. Basic metric tools don't always give a complete picture of this because how many closed sales you manage hinges on various factors. Look at lead quality, personal brand reputation, and the pricing of your products.
These are just some details to help you see exactly how successful you are in attracting contractors and architects who only demand the best products for construction projects. The key here is tracking your KPIs and then applying the information you gather to better your business as time goes on.