The Five Unavoidable Marketing Metrics
- December 21, 2021
- Posted by: Muhammed Ismail
- Category: Resource Hub
Marketers are in a cycle of constant change. With more and more marketing options and strategies, companies and marketers need to stay ahead of the competition. To help develop effective strategies, stakeholders must understand key marketing metrics. The problem is that many businesses don’t use data for their marketing activities, and when they do, they don’t use the right data. Many reports and surveys show that business enterprises are changing their marketing strategies, but if you put these numbers aside and look around, you’ll find that data-driven marketing remains a key challenge for organizations.
Metrics are the foundation for any successful marketing strategy, but most companies fail to use important metrics to calculate success or failure. Too often, companies focus too much on the number of new leads that are being generated, ignoring the many complex formulas that can determine the true success of any marketing strategy. To help formulate an effective strategy, it is imperative that you understand these critical metrics.
- Content metrics
Every topic on your website will have its own visitor, lead, and customer conversion rates. Tracking the content topics of your target audience helps you understand what topics are important to them and gives you a better idea of which topics to create more of. There are three key metrics that effective entrepreneurs, business owners, and marketers measure to analyze performance, refine strategy, and scale marketing-generated revenue. They are visit-rate, lead-rate, and customer-rate. Once you have content topics, you need to apply each of these metrics to each of your content topics to see which one performs best for each metric.
- ROAS (Return On Advertising Spend).
ROAS is a measurement of the return on advertising. An important metric to measure the performance of marketing campaigns is how much revenue you get back from each dollar spent on advertising. While ROI can give you an overall view, using ROAS formulas allows you to gain specific performance measurements based on every marketing network executed. For example, you can apply ROAS to specific campaigns or ad groups to get a better perspective on the best direction to optimize unprofitable ads.
- Customer Count
It is important to know how many people you serve and how many times you served them. Repetition of business means that you are providing good services. New business means your marketing is working. (It can also mean that you provide a good service, and your clients tell their friends about it.) You always need to attract new clients and turn them into repeat clients.
- Visitor Engagement
This refers to the amount of time visitors spend on your site and how much value they see in your content. Visitor interaction is important because of the potential business gains from providing customers with an interactive on-site experience.
It can be tracked in several ways, including:
- The average time spent on the site, which should be as high as possible.
- The number of social media posts, which must be high to demonstrate that visitors find enough value in your content to share with friends.
- CLV (Customer Lifetime Value).
The Customer Life Value measure is used to determine the economic value that a customer brings to your business, not only at the present time but for the entire time that they are customers. The scale considers everything from their first interaction to the final purchase with your company. This is necessary to determine if there is more value in long-term marketing channels.
A series of new marketing analysis tools can help small business owners understand how their marketing effectively turns browsers into buyers. “There is no excuse now for not having basic marketing analytics. If you are not sure which tools to use for which channels, the CEO Analytix marketing dashboard can be a useful source with real-time metrics analysis tools. Business owners on a budget can have huge benefits with CEO Analytix dashboards because they can now track the success of their marketing strategy using relatively inexpensive and easy-to-use tactics and tools.