In order to improve your performance and generate better results in the digital landscape it is necessary to take data driven decisions. With marketing metrics you can quantify the performances of your content and measure the success of your campaign and plan on how to achieve their goals for your next marketing activities. In this blog we will explore the top essential marketing metrics that you should be tracking for achieving maximum results.
What are marketing metrics?
Marketing metrics are quantifiable values that help measure the success of marketing campaigns and show how well they are performing from time to time. For example: marketing teams can measure the number of people coming to a website month on month by monitoring monthly visitors and totals visitors in google analytics.
Key Marketing Terms you need to follow:
1. Traffic Metrics: These metrics help identify the number of visitors that visit your sites and how they interact with the content on your website. Key metrics include:
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Total visit: this is the number of times your website is visited. This can include daily, weekly, monthly and yearly visit or repeat visits by the same users.
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Unique visitors: the number of distinct individuals users who visit your site, which shows a clear picture of your target audience.
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Bounce rate: it is the percentage of people leaving the website after visiting one page. A higher bounce rate indicates that your content is not engaging to relevant people.
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Page Views per session: it is the average number of people who visited your site during a specific session. A higher number means more users find your content valuable and engaging.
2. Conversion metrics: it is the metrics that helps understand how well your website is able to convert visitors into leads or customers. Key metrics to check:
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Conversion rate: the percentage of visitors who take a desired action such as signing up for a demo or making a purchase. It is calculated by the number of conversion by total number of visitors and multiplying by 100
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Cost per acquisition: it is the average cost of acquiring a customer, it is calculated by dividing the total cost of your marketing efforts by the number of customers acquired.
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Lead to customer ratio: it is the percentage of leads that convert into paying customers. These metrics help understand the effectiveness of the sales funnel.
3. Engagement metrics: These metrics help provide insight on how your audience interacts with your content, and help gauge the effectiveness of your messaging and content strategy. Key engagement metrics include:
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Click through rate: it is the percentage of people who click on a link to call to action in your content. Its calculated by the dividing the number of clicks by the number of impressions and multiplying by 100
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Social shares: it is the number of shares your content is shared on social media platforms. This metrics the reach and influence of your content.
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Time on page: the average number of time visitors spend on a specific page. Longer time means the visitors spend more time engaging with your content and are informative
4. Revenue Metrics: revenue metrics are crucial to understanding the financial impact of your marketing efforts on the company. Key metrics include:
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Return on investment: it is a measure of the profitability of your marketing campaign. It is calculated by subtracting the cost of the campaign from the revenue generated then dividing by the cost of the campaign.
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Customer lifetime value: it is the total revenue a business can expect from its single, loyal customer over the course of their relationship. These metrics help understand the long term value of your customer in your entrepreneur journey.
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Average order value: the average time spent by customers per transaction. An increasing order value indicates a significant boost in revenue.
5. Retention Metrics: This metrics focus on keeping existing customers and building long-term relationships. Some key metrics include:
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Customer Retention Rate: it is the percentage of customers who continue to do business with you over a specific period of time. A higher customer retention rate indicates strong customer loyalty.
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Churn rate: churn rate is the percentage of customers who stopped using your product or services over a period of time. Reducing churn is necessary for maintaining the growth and profitability of the business.
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Net Promoter score: a measure of customer satisfaction and loyalty based on how likely your current customer is going to recommend your product and service to other people. A higher net promoter score means strong customer advocacy.
Conclusion:
Understand how these metrics work and tracking to make informed decision over time is the key to successful marketing campaign and business operation. By analyzing these metric marketing ensures that their efforts is directed in the right direction and making any changes as per market demands. These metrics help improve your customer satisfaction, enhance your campaign and drive revenue growth.
