October 20, 2020– If you’re an author or publisher, knowing your numbers can mean the difference between life and death (of your book and business). At Pandamonium Publishing House, we LOVE data, analytics, and statistics because they help us find out what works and what doesn’t when it comes to marketing. It’s important to track every campaign because you want to know exactly where your marketing budget/dollars are going and if they are effective.
Here are a few of the things we track DAILY on our website and social media:
- New users
- Unique users
- Total revenue
- Purchase conversion
- Day 1 retention
- Top 10% purchase value
- Day 1 average lifetime value
- Median session length
- User activity time
- Users by time of day
- Traffic source
- Country
- Engagement Metrics
- Purchases by device type
- Age of user
- Bounce rates
I know that this looks overwhelming, and it looks like a lot to keep track of, but all of these things are imperative to our books and the business’s success. We use Google Analytics, Facebook/Instagram Analytics on our ads, WordPress analytics for our website, and WooCommerce analytics for our web store.
As a small business owner or author, do you know your numbers? If not, why? You’re wasting your time and money if you’re not paying attention to the stats. How can you spend your money wisely if you don’t know what works and what doesn’t? Short answer-you can’t.
Sometimes I watch the shows Dragon’s Den and Shark Tank, and some of the entrepreneurs come into the den/tank grossly unprepared. They have no idea how much their company is worth, their valuation is off, they don’t know how to forecast, and they don’t know their numbers. Guess what happens? Even if you’ve never watched either of these shows, you’d be able to guess that either their company died, their product died or didn’t reach its full potential, or that they didn’t get the money they were asking for and desperately needed to continue their company.
Don’t let this happen to you! Know what’s going on with your book sales, know what’s happening in your company and where your hard-earned money is going before you waste it on another fruitless campaign. Contact the experts at Pandamonium Publishing House to see how we can help; email us at pandapublishing8@gmail.com for more info.