Tag Archive for: marketing metrics

Marketing Metrics Businesses Should Be Tracking

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Marketing metrics matter because smart marketing is built on the foundations of solid data. That is why any business with a digital marketing strategy should be closely monitoring the following 4 metrics. Let’s hop right in! 

In today’s digital marketing landscape, there are a number of data points to measure. Some of these will help businesses with consumer insights and others with direct response. This can be tricky as trying to measure both consumer behavior as well as whether specific marketing activities have led directly to sales. After all, aren’t you ultimately in the game to book more meetings?

A business is only as good as the data it collects. Data reveals the most critical questions to help a business grow faster. Here’s a look at digital marketing performance indicators, along with best practices on how to evaluate the data they provide.

Traffic Sources

Knowing where your future prospects are coming from is important. Did they visit your website after google searching your company? Or did they find you through social media? There are so many places where your clientele can stem from, and its valuable knowing how they found you.

By having access to these insights, it will help you prioritize and optimize those channels. Once that has been done you can easily make simple improvements to other channels that are underperforming.

Tracking Engagement

When someone visits your website, it’s always best practice to know how long they’re browsing. This metric reveals how interested visitors are in your content and if you are attracting additional visitors.

If you see that visitors are only browsing on your website for a few seconds, it could be an indicator that they either didn’t end up on the site they were looking for or quickly realized they’re disinterested in what you’re offering. On the other hand, if you see that your visitors are on your website for an extended period of time, it can signal that you have content the market is interested in.

Everytime you post on social media, send out an email campaign or put out display ads you should be measuring your engagement rates. A great example of this is seeing how many likes an instagram post gets. At times one post may have more likes than another post. Knowing how your audience engages with your content will help you cater and craft future content for them.

CAC & CLV

CAC stands for customer acquisition cost, CLV stands for customer lifetime value. Both of these are crucial to your marketing metric strategy. With customer acquisition cost, there is a cost associated with every customer. Businesses need to measure how much it costs to acquire customers throughout their buying journey.

With customer lifetime value, you’re measuring how much the average customer will spend on your brand during their lifetime. This metric indicates the total financial value a customer brings. Ultimately, this metric will help you decide where to invest the most.

Brand Equity

Lastly, become an expert on your audience. Know how they view you and your products. Household name brands such as Nike and Coca-Cola are all names you recognize, even if you don’t buy their goods. A great example of this would be referring to the product as the brand name. Most people purchase disinfecting wipes and refer to them as “Clorox Wipes,” whether or not they’re purchasing that specific brand.

Analyzing your brand strength will help you know how strong you are in the market and if customers prefer your brand over competitors. It will also be a relevant factor in whether or not customers are willing to pay more for your products since they find your brand valuable.

Last Thoughts

When it comes to business, every company is different, and as such, will need to rely on their own unique set of KPIs and metrics to track their performance. Even the digital marketing metrics that are relevant to your business will vary greatly, depending on what you’re trying to accomplish.

We hope you have learned a little bit more about the importance of metrics and how beneficial it can be to your business. Our goal is to ensure we help improve your marketing and drive success.

At Onimod Global, we regognize the unique and individual nature of every client, and work with your business to help develop a custom strategy that is designed to bring you the highest success possible. Digital Decisions driven by Data is our mantra. Advanced analytics and reporting capabilities is what we do best.

Got questions about tracking and measuring your business performance? Contact us here today to start the conversation.

7 Marketing Metrics to Focus on for the Rest of 2020

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Tracking key metrics is crucial for any successful marketing campaign. There are countless KPI’s you could be tracking, but not all are essential. While it does vary from campaign to campaign, we’ve narrowed it down to 7 critical metrics that must be tracked to get a solid understanding of your campaign, to better identify where you should be spending your ad dollar. 

1. Qualified Leads 

Generating leads is one of the first and most difficult steps of a marketing campaign, but getting qualified leads is even more important. Qualified leads are leads that you’ve seen some level of engagement from, and have a high chance of making a purchase decision. You can calculate the rate of your qualified leads by using this formula: (Qualified leads / Total leads) x 100 = Qualified lead rate. That will help you get a better understanding of the effectiveness of your marketing initiatives. A few tips for gaining qualified leads include: 

  • Creating more personalized messages. Giving leads personal attention makes them feel more important and much more likely to continue down the sales funnel. 
  • Putting greater effort into finding them. Instead of cold-calling or sending out bulk email blasts, go through your lists to identify those that have a higher chance of converting. 

2. Customer Acquisition Costs 

Customer acquisition costs (CAC) looks at how much, on average, it takes to convert a lead into a customer. You can find it by calculating: Amount spent on lead generation / Number of new customers as a result of lead generation = Cost of customer acquisition. It’s a metric that can help you avoid wasting resources on programs and campaigns that aren’t delivering. It should not be relied on alone, though, as there are number caveats. A company’s CAC can be poor if they’re expanding into a new area, are in early stages of SEO work, the company is undergoing reorganization, etc. CAC should be viewed in comparison with the company’s overall strategy. 

3. Referrals 

Referrals are something that often get overlooked by companies, but this is an important metric, especially in digital marketing. There are a lot of ways to track referrals. Traditionally, they can be tracked using referral or coupon cards. However, they’re often run and tracked online. The most commonly used program involves a customer signing up online, then inviting their friends via a unique code/link. To track this an excel or spreadsheet is easiest to use. You can calculate your rate of referrals with: Total number of customers / Number of referrals = Referral rate.

4. Customer Lifetime Value 

Customer lifetime value refers to how much revenue the typical customer will bring into your business over the course of their lifetime. The simplest formula to measure CLV is the following: Customer revenue per year x Duration of the relationship in years – Total costs of acquiring and serving the customer = SLV. This shows how many customers you need to break even and make a profit. 

5. Time Spent on Site and Bounce Rate 

Time spent on site is a good indicator of whether or not people are interested in what you have to offer. If they’re spending a significant time on your site, as well as browsing to other pages, it’s likely they’ve found a good amount of value in your brand. Bounce rate is related to time spent on page, but refers to someone who made it to your homepage, but immediately leaves. If you have a high bounce rate, this is a big indication that either your home page is poorly designed or you are focusing your digital marketing on the wrong people and need a shift in strategy. Both of these metrics can be tracked with tools like Google Analytics or Clicky. 

6. ROI 

Return on investment is one of the most important metrics to track for a business overall. It allows you to identify which tactics are generating revenue and which are poorly performing. You can then adjust budgets and strategies as necessary. It’s important to note that you shouldn’t immediately quit a marketing strategy if it has a poor ROI right off the bat. You should take some time to think if there’s anything you can do to adjust to make it more successful. 

7. Conversion Rate

Conversion rate tracks the percentage of people that make it to your landing page and turn into a real customer. A low conversion rate is bad for obvious reasons; your landing page isn’t working and you’re not making a profit. It’s important to A/B test multiple landing pages, because you never know what people are going to like best. Sometimes it can just be a small tweak to turn a poor performing landing page into a high performing one. Try different colors, fonts, images, etc. Other things that may cause a low conversion rate is if your ask is too large. It’s best to start with something small, such as a subscription or sign up, then move those customers to bigger purchase asks. 

Final Thoughts

Like previously mentioned, all strategies and campaigns are different. But one thing all marketing programs have in common is their metrics need to be tracked and adjusted based on the data that’s found. If you need assistance in any area of digital marketing, our team at Onimod Global is here to help. We’re experts in SEM, SEO, analytics, social media marketing, and more. Learn more about what we do and contact us today.