A part of the semi-regular marketing tips series:
Metrics, KPIs, business intelligence, and data – are all very important terms and I personally love to analyze and measure things. However, often entrepreneurs and marketers fall into the trap of vanity metrics.
Vanity metrics are performance indicators that are often used to measure the success of a business, but do not necessarily reflect the true value of the business or its ability to generate revenue. They are often used to make a business or product look good on paper, but do not provide any meaningful insight into the customer experience or the effectiveness of the business’s strategies.
Examples of vanity metrics include website traffic, social media followers, or the number of downloads of an app.
These metrics can be easily manipulated and do not necessarily indicate whether a business is profitable or sustainable. It’s important to distinguish between vanity metrics and actionable metrics that can help to improve the business’s performance.
But you say, those figures are straight from a dashboard! True, however, for example, website analytics, and organic followers come to the landing page and then jump off after 20 seconds. They don´t continue the journey. So even if your traffic is increasing your revenue isn´t and you need to do something about that.
It isn´t easy but try to avoid the vanity metrics trap of just more likes, unengaged followers, and empty website traffic.