8 important marketing metrics to track
Quality marketing strategy is essential in today’s ad-cluttered internet world. Companies are spending wealth on marketing campaigns to reach customers and achieve sales. However, no matter how much somebody invests in a campaign, without tracking the marketing metrics one can only hope that the campaign will provide the desired effect. On the other hand, tracking the right metrics allows you to understand your campaign performances, and adjust and alter them in a real-time. In a further text, seo copywriting Chicago experts have provided a list of the most important metrics you should consider, depending on your marketing campaign strategy and objectives.
1. Conversion metric
Conversion metrics provide data on how many users have clicked on the ad and then converted it into a client, customer, or something else, that you have set as a campaign objective.
Conversion rate is showing the percentage of your website or landing page visitors who have completed some conversion aim (subscribing, downloading, purchasing, contacting your business).
To calculate the conversion rate percentage, divide the number of conversions by the number of total visitors and multiply by 100.
You can track this metric on Google ads, Google Analytics, Bing ads, Facebook ads, and other platforms where you have implemented your ads.
2. Qualified leads
When it comes to leads quality is more important than quantity. Even though a business can have numerous leads, the quality is what counts. The qualified leads are those visitors that are more likely to make a purchase. Qualified leads consider visitors that have left their email addresses, or other personal information, and have spent a certain amount of time on your website. By analyzing the number of qualified leads you will get the data of your prospects, which signifies the campaign’s success.
3. Customer acquisition costs
Customer acquisition costs (CAC) represent the average expenses you have for convincing the customer to make a purchase. CAC sum all the costs you have from reaching the customer to moving them through your sales pipeline. This number is used to calculate the profit from the campaign. You can easily calculate CAC by dividing the total marketing expenses by the number of new customers.
4. Bounce rate
The bounce rate expresses the number of visitors who have visited your home page but have immediately left. Although there are numerous reasons for such visitor behavior, a high bounce rate clearly signifies that something you are not doing right. To find out why this rate is high, examine if your website is poorly designed or if your marketing campaign targets the wrong audience.
5. Return on Investment (ROI)
ROI is the most fundamental metric for marketing success. This metric allows companies to determine which marketing campaigns bring revenue returns and which have low revenue performances. Companies then can relocate the resources to those more ROI successful campaigns and expand the profit potential.
However, if your marketing tactic doesn’t bring the expected revenue, before giving up on that, try to make an additional effort to improve and adjust it.
6. Customer Lifetime Value (CLV)
Customer lifetime value considers the revenue your average customer can donate over their lifetime. Some customers might make you a single purchase over their lifetime, while others will have numerous over the years. You will calculate your CLV by summing all the revenue you collected and dividing it by the total number of your customers.
Additionally, you can divide your CLV with CAC and get the exact number of profit that you got from each customer.
If you compare your CLV with your lowest and highest sales, and the analysis shows that your CLV is closer to your lowest sales, then you should consider improving your customer loyalty.
6. Organic Traffic
Organic traffic is the kind of traffic you get from appearing in search results or the visitors who are familiar with your brand and go directly to your website. As gaining organic traffic means you have informative and helpful content, high organic traffic means that your brand is authoritative, trustworthy, and reputable by the customers.
7. Time on site
The time your potential customer spends on your website signifies that they are interested in your product or services. If the visitor spends a certain amount of time looking at your content and even visiting your other web pages, that is a sure sign that they find your website content valuable. Tracking and analyzing the time visitor spends on your site will help you determine the pages that have low performance and on which your can work to increase visitors’ interest. This will, not only boost traffic on certain pages but on the whole website.
Marketing metrics are an indispensable part of the whole marketing strategy. They provide a clear notion of how your campaign is performing, what can you expect, and what to adjust. Setting the time frame when analyzing your campaign will give you detailed information on where exactly is your business at the moment and what you should improve to better reach your audience. Marketing analysis should be considered as a tactic and another part of marketing.