Marketing Metrics cover the metrics that concern both your website and your social media activity. Essentially, marketing metrics measure what people are doing with the material posted to your website and to your social media accounts, and this is invaluable data. The results of the marketing metrics should help inform everything you do online, from the future of your promotional campaigns, to the your social media platforms.
So, lets see why exactly marketing metrics are important to your business.
Bottom Line Reality
Marketing campaigns of any sort require funding for all businesses, whether a team of designers are behind your latest offer, or one marketing specialist - marketing costs time and money. Measuring the impact of those marketing campaigns will provide the essential data you need to evaluate the cost of each campaign versus the revenue each campaign brings in. Consider these four marketing metrics when planning and evaluating your next marketing plan:
This percentage results from the amount of sales you make from your leads following a marketing campaign. For example - 20 sales from 100 leads means a 20% lead conversion rate. Knowing your lead conversion rate will help you improve the content you offer to leads, and the kind of leads that will result in sales for your future campaigns.
CAC - Customer Acquisition Cost
This metric determines the cost of gaining each new additional customer. This number can help you plan budgets for marketing campaigns, and then judge their success. As your business grows, your CAC figures should reduce over time.
ROI - Your Return on Investment
This percentage is a great way to help you make sense of your figures. Basically, your ROI lets you know if your money is being spent effectively. This figure is your revenue made as a result of a marketing campaign, minus the cost of the marketing campaign, then divided by the cost again.
All of these marketing metrics will allow you determine the value of your marketing efforts and over time help you to more effectively target your customer base. They will also enhance the reports that your managers and execs need to know. Use these metrics to build up marketing campaigns to showcase the total cost of marketing, salaries, overhead, revenue, and customer acquisitions.
To discover the effective Metric formulas, download our eBook: