Marketing campaigns can help you achieve your business objectives. As such, you need to have a good marketing strategy. In turn, defining good marketing metrics can help build a solid marketing strategy. Thereafter, you can track numbers, analyze data, and use these metrics to measure your results. This article will give you some insight into common marketing metrics you should know.
What are marketing metrics?
Marketing metrics help marketers monitor and measure their progress over time. Different metrics fit different campaigns.
Common marketing metrics you should know
Marketing metrics go beyond measuring only lead volume and website traffic. You need to go deeper for better improvement. The marketing metrics discussed below can help strengthen your campaigns and get a greater marketing ROI.
Cost per acquisition (CPA)
First, you ought to know how much you spend to get a new customer. This can vary depending on the campaign, channel, and time of year.
Simply divide your marketing spend/campaign cost by the number of customers gotten.
Cost per lead (CPL)
Second, you can use CPL to measure the dollar amount of every new lead according to the campaign, channel, or overall spending. Again, simply divide the total dollar amount you spend on marketing by the total number of new leads in that specified period.
Click-through rate (CTR)
Third, use CTR to calculate the number of times your ad or link is clicked on as compared to the number of impressions.
Bounce rate
Furthermore, use bounce rate to see the percentage of website visitors who leave your page right after. Clearly, high bounce rates indicate you need to review your landing pages and call to action.
Goal completions/conversions
Generally, this refers to those instances where a potential customer performs a desired action on your site. To measure this, simply track the total number of leads who have taken the desired action.
Social media engagement
In addition, you can use social media engagement metrics to measure your marketing success. For instance, you can check your number of followers, and the rate at which they click on and interact with your posts. Simply check your number of clicks, likes, and shares. Also, you can take a look at comments, and retweets.
Website conversion rate
Likewise, you need to check how much traffic gets to your website. Also, place good emphasis on conversion. You could set up a landing page strictly to measure your website conversions.
Concentrate on the right metrics
Finally, it is important to know exactly what you are measuring and why. Nonetheless, do not focus too much on your metrics, and processes. Give your employees room to do their best work. You could even automate these processes. After all, you still need time to concentrate on the creative aspect of marketing campaigns.
Summing it up
Certainly, it is not just about your marketing metrics. the why is so important. They will guide you to choosing the right metrics. However, it starts with being familiar with the common marketing metrics you should know. Thereafter, you can implement the right ones for use as your means to measure your KPIs.
