Tracking performance with marketing metrics is useful for businesses as they can use the data to design highly effective campaigns and generate more sales. These metrics even warn the marketing teams if or when it is time to change strategies while promoting the brand.
Marketing metrics are used to track campaign performances. These are ideal for testing how effective a campaign has been since its launch. The metrics tend to vary from one campaign to another. But the most significant function of this is that it impacts the business goals set by the organisation. Some metrics that are measured are emails campaigns, followers, leads, organic search etc. In addition, CRM software offers marketing metrics that help companies in finding effective new strategies.
Reports collected from these metrics are useful in tailoring future campaigns for more effectiveness.
Marketing metrics have a critical role to play in the growth of any organisation. These aid in determining if the campaigns launched were successful or not. Furthermore, they can help in creating and adjusting new ones that are bound to reach more people. This way, marketers can establish how the campaigns are helping in bolstering the business goals and make more informed decisions.
Additionally, the marketing teams can use these analytics to analyse if the set targets have been achieved or not. These can be in terms of reaching new customers, sales, engagement, and much more.
These also work as a warning system when the campaigns are not performing well. It also helps businesses to allocate budget and resources consciously.
1. Lead generation
Lead generation is one of the most important marketing metrics to track in 2021. Tracking leads that have been generated and the percentage which becomes customers are most significant for any business. The marketing team can use the analytics section for collecting data. With CRM integrations, the teams can also track the quality of the leads. Qualified leads generate more revenue. Marketing qualified leads, or MQL, have a genuine interest in your product/ service. Marketing brings the leads, and sales finalise them. Optimiser is one such platform that offers lead management and task management features. Lead generation can be tracked by the number of clicks, conversion rate, and click-through rates.
2. Return on Investment
For measuring the Return on Investment or ROI, customer lifetime value (CLV) versus Customer Acquisition cost (CAC) should be compared. CLV is focused on how much revenue an average customer generates during a specific period. CAC focuses on the amount a brand needs to spend to obtain new customers. For example, suppose the customer acquisition cost is high and the customer lifetime value is low. In that case, it implies that the organisation needs a new marketing strategy.
3. Impressions Made
This is about how well the brand has been performing on channels in comparison to the potential audience. Increasing brand impression can make the brand frequently appear in search results. It can drive up sales within the organisation. Marketing Automation softwares is extremely advanced. They enable you to generate new customers and drive up impressions. Optimiser offers marketing automation applications to ease your marketing campaigns.
4. Keywords rankings
Using Keywords and tracking which ones have been sought after is one of the most common tactics. You can see where you rank on search engines using platforms like Semrush, Keyword.com etc.
Keep track of the core keywords and check the rankings every month. However, have a keyword that is going to be the main focus. Then, you can prioritise it to effectively boost your search engine ranking. CRM Software also has the feature to track how the keywords are performing on search engines.
5. Customer retention
Any business aims to ensure that the customers come back to them for more services. With the increasing competition in the industry, high customer retention rates are difficult to obtain. Knowing about the customer churn, revenue growth rates, return rates of products, time between purchases etc. If your customers are satisfied, it will positively impact your business, so be sure to track this.
6. User Behaviour
Singularly, User behaviour metrics are not that useful. But, when paired with other metrics like traffic performances, it can become one of the most powerful tools in a marketers arsenal. It gives critical insight into what the readers like and how the content performs.
Time spent on the page, Pages/ sessions, bounce rates, and Returning or new visitors comprise user behaviour.
These are more like supporting data that help you improve your content performance and bolster your ranking on search engines.
7. Open rate
This tracks the number of leads that have opened the emails sent to them. It gives you an estimate of whether or not the subject line is working or not. It also informs you whether the audience is interested in the content that is being sent to them. Open rate, number of emails, etc., comprises open rate metrics. Marketing Automation softwares assists you in collecting this data and using it to create fresh content that would interest the potential leads.
Also, you can see how many people have unsubscribed or subscribed to your newsletters.
Marketing metrics are essential for every business. Tracking performances allows you to observe where your business is headed. While keeping track of marketing metrics is one thing, ensuring that the data is used accurately to implement new strategies that would benefit the organisation in the long run.
Decisive marketing campaigns are lost without these. They help in steering your campaigns in the direction of success.