Marketing metrics or Key Performance Indicators are specific, numerical digitals that are measured to track the progress of marketing efforts or campaigns.
One of the first things that should be done to achieve long-term success in marketing efforts is to understand the marketing metrics. These are the metrics associated with getting customers, running campaigns, and creating content.
Why do marketing metrics matter?
- Makes it easier to make decisions
- Reduces costs and time
- Improves quality of content
- Eliminates low-quality activities
- Provides the opportunity for improvement and growth
- Helps align with the organization’s goals
We can go on with the benefits of marketing metrics and we will not finish even if we show hundreds of them. Moving to the marketing metrics, there are so many KPIs that can be tracked to analyze the results of marketing efforts – concluding which campaigns and tactics are most efficient.
Monitoring metrics can be hard, especially when it comes to marketing. But tracking the right metrics can help you identify where your business is going right and wrong. This is all about finding the ROI in every activity.
So, What marketing metrics you should measure?
- Number of Leads
Leads generation can be one of the most important metrics you should measure for the success of your marketing campaigns. Business is highly dependent upon the quality leads coming through various marketing tactics. Find out how many quality leads your business needs to be successful.
- Number of Followers
Let’s be honest, we all love a bit of following on social media. An increased number of followers validates if people are interested in what we say. Measuring the increase in followers can be another great metric that can be added. However, following is only worthwhile if they engage with your content and convert.
Engagement is how often someone interacts with your content or product on social media platforms or websites. It can be in the form of comments, shares, DM’s. It’s a crucial metric to follow because the success of many marketing strategies depends upon the audience’s perception. Your audience will only engage with your content if it provides some kind of value to them.
- Website traffic
One of the most basic ways to measure the success of your marketing efforts is through website traffic. The success of activities like SEO or Google ads can be, to a great extent, measured through the number of visitors your website is getting. The more visitors that come to your site, the better your chances are of converting them into customers.
Key metrics to measure for marketing include monthly active users (MAU), page views per visit (PV), time spent on site, and bounce rate.
- Customer Acquisition Cost
Customer acquisition cost is the most important marketing metric to measure for any business. CAC is the lifetime cost of acquiring a new customer. It is effectively the sum of all costs incurred in acquiring the said customer. You should measure CAC for your lead generation campaigns.
- Return on Investment
Return on investment is the most influential marketing metric we follow at Sociale Mix. Measuring the return on investment tells us if we are in the right direction or not. Finding out if a marketing campaign is successful or not plays a major role in the decision-making.
- Bounce rate
A bounce rate is the amount of time visitors spend on a website. Bounce rate is a measure of the “stickiness of a website.” The idea behind this is that an effective website will engage visitors deeper into the website. The lower the bounce rate, the better your website is performing.
- Conversion rate
The primary metric you should track for any marketing campaign is conversion rate. This is simply the percentage of customers who convert into customers. The higher the conversion rate, the more successful the campaign was and the more customers your business gained.
Regularly checking these metrics should help you gain insight into how your campaigns are performing. Regular tracking will arm you with the data you need to make sure your business is on the right track. Use this data to make better marketing decisions.
Every business is at a different stage and might need different metrics to keep an eye on. Finding out what works best for you should be the key.