How do you track your marketing efforts? Are your campaigns working? Let’s learn more about marketing metrics and how to track them…
Marketing is how a business announces itself. You can have the most amazing product in the world, but if no one knows about it, your business won’t get customers. That’s why investing in marketing is so important.
By sending messages to your target audience, you can encourage them to learn about your product and take action that will make your business thrive.
But how do you know if your marketing efforts are paying off? That’s where marketing metrics come to the rescue!
Marketing metrics are pieces of data that help you track the effectiveness of your marketing campaigns.
They are a quantitative way to measure the effectiveness of your marketing team’s efforts to induce your audience to take the desired action, allow you to accurately track the return on your marketing investment, and tell you how well your campaigns are meeting your key performance indicators (KPIs).
By analyzing this data, you can adjust your strategies until you hit the mark.
These metrics can be measured with tools like Google Analytics. Let’s take a look at some examples.
What are some Examples of Marketing Metrics?
The metrics you can track are almost endless, and what you choose will depend entirely on your unique business goals and marketing KPIs.
Once you know what your goals are, you can choose the metrics to track and put together a marketing dashboard where you can easily view all of your chosen metrics in one place.
Below are examples of metrics you may want to include:
- Email Marketing – Open rate, bounce rate (hard and soft bounce), click-through rate (CTR), bounce rate, new subscribers, engagement/unengaged subscribers rate
- Digital Marketing – CTR, cost per action (CPA), cost per click (CPC), impressions, engagement, sales
- Social Media Marketing – Growth rate of followers, number of followers, impressions and reach, level of engagement
- Content Marketing – blog traffic, shares, content downloads, qualified leads through filling out lead forms
- Web Site – total traffic, bounce rate, page views, unique page views, time spent on site, average time on page, traffic sources, conversions, retention rate, pages/sessions
- Video And Streaming Ads – impressions and total viewing time
How to Set Up Key Marketing Metrics
You may read other articles that say you should track x, y and z, but the truth is that choosing metrics is something very personal to your business and marketing goals.
For example, if your goal is to increase brand awareness, you’ll want to track impressions, page views, shares, likes, and so on.
If your goal is to increase sales, you’re much more interested in click-through rates, lead generation and conversions. Just because someone liked your post doesn’t mean much in this case!
First you need to define your goals, plan your strategy (how you’re going to achieve each goal), and then choose metrics that are directly related to your desired outcome.
We know that data can be exciting, and it’s often tempting to track everything, but it’s better to focus on a few and see success than to track everything and lose time and money.
