ICYMI— Bank & Brews | Marketing Skills: Keeping Things on Track
The Marketing Skills Toolkit is a practical guide to basic marketing strategies that was created in partnership with Startup Waco and the Downtown Waco Public Improvement District (PID). When surveyed, Waco business owners noted marketing help as their top need. Along with this awesome toolkit, Startup Waco and Extraco Banks are offering a free mentorship course called, Business Blueprints.
In part one of the toolkit, we covered building a solid foundation for your business with forming your brand identity. In part two, we covered several topics from sales cycles, goals, and several different marketing channels. The third part of the Marketing Skills Toolkit is called “Keeping Things on Track”. Once your branding is defined, your marketing channels determined and launched, it’s time to analyze the data.
You’ve launched a campaign– now what? It’s time to establish your goals and then track performance. The toolkit walks through SMART Goals. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-Based. An example of a SMART goal is: Grow my email list by 100 new subscribers over the next 3 weeks.
Social Media Metrics
Now that you’ve set your goals and created your campaigns, it’s time to measure how they did. Some of the most popular and important social media metrics are: Follower Growth, Engagement Rate, Total Reach, and Clicks. You can obtain metrics from each social media platform directly from within Facebook, Instagram, Twitter, and others, however, a publishing tool is recommended. Publishing tools like Sprout, Hootsuite, and Later, will combine all social media metrics for your business into one easy-to-view dashboard. Tools like this also will provide insight into what different metrics mean.
It’s important to record a baseline metric report prior to launching the campaign to easily see changes in your social media metrics. Some metrics may matter more to you than others based on your goals and line of business, but it’s a great idea to track several metrics and see how they relate.
Email Marketing Metrics
Most email marketing platforms will have their own analytics features within them. The two main data points are Open Rate and Click-Through Rate. Open rate is what percent of recipients opened the email. Click-through rate is the number of email recipients who took an action (clicked) within the email. By getting a baseline rate for both of these metrics, you’ll be able to see where there is room for improvement.
A good website is one of the most powerful marketing tools. Website analytics can provide you with a wealth of information about your customers and potential customers. Google Analytics is the easiest tool available to track website analytics. Not only is it free, but it’s also very easy to set up. A small piece of code on your site will track hundreds of different metrics and interesting data points. Metrics like website sessions, number of page views, bounce rate, demographic information, and more can all be used to make marketing decisions.
Our June Bank & Brews will be all about Marketing Analytics and how to compile and analyze the data. Extraco Banks’ digital marketing specialist, Carina Yebra, will show how to set up Google Analytics, what to do inside the platform, and how to make meaningful marketing decisions using the data collected.
Information about Bank & Brews
In partnership with Startup Waco, Bank & Brews is designed for anybody who wants to learn more about starting or growing a business! These monthly events are free and are now hosted in person and virtually. Visit Extraco's Facebook page to learn more about upcoming Bank & Brews!
About Extraco Banks
Extraco Banks and its affiliate companies are dedicated to building people, businesses and communities. Since the Great Recession, Extraco has extended over $2.5 billion in loans to 25,000 customers, while financially supporting over 1,275 community organizations working to create economic vibrancy, job growth and overall quality of life to our communities across central Texas. Founded as a cotton warehousing company, Extraco, at $1.5 billion in assets, is the largest and most comprehensive locally owned bank between Dallas and Austin, serving over 120,000 customers banking, mortgage, insurance and wealth & trust needs with creative and innovative excellence.
Learn more at: https://www.extracobanks.com/.