Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Advisors know the importance of client satisfaction. It's a way of gauging what they are doing right and where they could use improvement when it comes to managing their firm. Most of them, however, have not thought about tracking other important data such as performance and marketing metrics. Tracking this type of information can give a clearer picture of how a firm is doing not only with their business, but also with their marketing efforts. When this data is compared to established benchmarks and objectives you can see whether there has been progress towards reaching marketing and business goals. This valuable information can be used to help increase the effectiveness of marketing efforts, but you have to know where you started to know how far you have come.

Here is a list of important items I like to track for my clients:

  1. Client data

AUM, households, accounts, average household income, revenue

This type of information is probably the easiest to track and most advisors already have a system in place to collect the information – a Client Relationship Management (CRM) system. If you do not currently have a CRM in place, you can read this article to get more detailed information on where to start.

This is the foundation for seeing if your financial advisory firm (book of business) is growing, and it is also vital to keeping tabs on how your business is doing. You can use this information and compare it to other marketing metrics to find trends in what is working and what is not. This data can also show you what your ideal client looks like and help you set up a target client profile. This is important to finding the right types of clients, not just increasing your numbers.

  1. Website data

Sources of website traffic, unique visitors, time spent on site, conversions, sales, bounce rate

Most websites have data tracking built in. If they do not there are many options available. One that is fairly comprehensive, as well as free, is Google Analytics. But what do all of these terms mean and how do they help you grow your business? Let me explain.

Key data to track

Sources - Where the website visitors coming from. Are they clicking links from your articles, social media, advertisements, emails or search engines? By seeing this information you can know what sources are most beneficial to bringing traffic to your website.

Most popular pages - Exactly what it says. By tracking most popular pages, especially blogs, you will know that those hot topics are to focus on.