So you don’t have a clue what marketing metrics are, let alone which ones are important? Panic not! Just read on to discover my top six metrics for effective marketing, and why – no matter the size of your business – you need them.
Marketing metrics – what are they?
Quite simply, metrics are ways of measuring just how successful (or not!) your marketing efforts are. From tracking how many people open your email newsletter (versus unsubscribe from it) to knowing where your website traffic originates from, nowadays there’s a metric that can tell you whether you’re hitting the marketing mark or missing by miles.
Metrics – why I love them!
I’ve always focused on metrics. When I ran my media agency, clients would give me a budget and target metrics. If we didn’t meet those targets, that was it! With staff to pay and an office to run, I couldn’t afford disappointed clients that disappeared… I needed blissfully happy clients that kept coming back! And so we’d measure everything we possibly could: not just the marketing channels, but also the effectiveness of the creative, messaging, promotions/ offers, landing pages and calls to action.
Nowadays, an astonishing array of tools and systems exist to make marketing analysis much easier, but back then, digital marketing was nowhere near as tech-savvy. But we still managed to monitor really significant metrics to help us optimize each campaign. And so our happy clients kept coming back, month after month.
Marketing that measures up.
Virtually every marketing tactic you can think of can be measured nowadays – and, if it can’t, you can bet some Boffin is busy developing an app that can!
Here are just a few to get you started:
- Brand awareness
- Social media engagement
- Social media following
- Event/webinar attendees
- PR coverage and PR value
- Client satisfaction
- 5* reviews
- Site bounce rates
- The success of lead generation campaigns
- The success of content marketing campaigns.
And that’s just a fraction; the ever-lengthening list is constantly evolving and somewhat mind-boggling.
For me, though, there are six absolute must-have metrics. Essential for getting the most out of any marketing budget, these are the metrics I always monitor and analyze when running campaigns for clients and I couldn’t survive without them.
1. Website visitors
2. Cost per lead (CPL)
3. Cost per Acquisition (CPA)
4. Conversion rates
5. Return on Investment (ROI)
6. Customer Lifetime Value (CLV)
How can I help you?
Marketing can be a major cost for a business, so getting real results for your money is key. I’m working with lots of local businesses to perfect their marketing efforts and, for me, these six key metrics are indispensable for evaluating campaigns. By staying on top of marketing metrics, you can budget wisely and ensure you’re only spending on the most effective channels, with promotions, calls to action and creative that work.
To find out more about the marketing services I offer, and how they’ll benefit you and your company, you can contact me. Even better, let’s talk! If you need help with marketing metrics or just general marketing or media advice, then please get in touch for a free, no-obligation chat.
