Dear small business owner, Happy August! It is easy to be happy in August, as summertime is in full swing. The city is bustling with tourists and loc

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Dear small business owner,

Happy August! It is easy to be happy in August, as summertime is in full swing. The city is bustling with tourists and locals alike crowding cafes and taking in festivals. Though we don’t think of it, festivals are businesses too. They use metrics to guide their decisions. They know the ROI of ads. When one online ad is preforming better than another, they will move the spend to that ad to maximize the ROI. If you don’t measure, you can’t make adjustments to maximize your performance. This month we are going to talk about metrics.

Here we go.

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MEASUREMENT

You can’t change what you don’t measure, or so the saying goes.

Do you measure and refine your efforts to continually innovate? If not, you are missing out on some juicy low hanging fruit that could translate to increased revenue.

You probably already have the infrastructure to measure, but just aren’t doing it.

Here are some things I learned in my own business:

1. Track EVERYTHING - Technology allows us to measure almost everything in our business: the number of clicks on the website, the open rate on this newsletter, and ROI for online marketing by tracking conversions

2. Follow the numbers - Leverage your data for success. - Do more of what works, less of what doesn’t. It’s that simple. If you get your best customers from social media, and your pain-in-the-butt customers from pay-per-click campaigns, drop the pay-per-click campaigns.

3. Monitor the signal; ignore the noise - It is easy to get caught up in measuring; it can be oddly addictive to see how many clicks from Turkey your website got last month. Unless your target market is in Turkey, focus on the big numbers, not the outliers.

4. Use a dashboard – Companies that use dashboards outperform those that don’t. They have twice the year-over-year net income growth and triple year-over-year sales growth compared to companies that don’t use dashboards. (Source– Aberdeen)

It’s easy to identify where to focus your efforts and your money when you measure.

Check out this webinar that offers some really great ideas on how to improve your content marketing by using Google Analytics.

Next Month - Permission

CHECK IT OUT

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Discovering very small businesses [INFOGRAPHIC]

For anyone keeping a close eye on the very small business market as it relates to the global economy, this study provides some unique insights.

Click here to check out this awesome article!

UPCOMING EVENTS

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WordPress Toronto North Edition Meetup

This is a meetup for WordPress users to share and learn from each other.

Tell us about your last WordPress project, completed or in progress. What surprised you? What delighted you? What made your hair go grey?

This month's event is sponsored by Napkin Marketing. In order to maintain the cost of upkeep we ask for a $5 donation to each event. This money will be used to pay for meeting space rental and/or refreshments at each event.

Monday, August 15, 2016
3:00pm to 5:00pm

4646 Dufferin St
Suite 6
North York, ON M3H 5S4, Canada
Sloan Partners Entrance

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WordCamp Toronto 2016

WordCamp Toronto is here! WordCamps are informal, community-organized events that are put together by WordPress users like you. Everyone from casual users to core developers participate, share ideas, and get to know each other.

For more details on the event visit WordCamp Toronto.

August 6th from 8am to 6pm
Sunday, August 7th from 10am to 5pm
After party: August 6th from 7pm to midnight

Ted Rogers School of Business-Ryerson University
55 Dundas St W, Toronto,
ON M5G 2C3, Canada

Wishing you continued business success.

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Alex Sirota
Director, NewPath Consulting
(888) 781-2539

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