Marketing metrics are extremely important to the success of a business. The better you are able to track and understand your marketing metrics, the easier it will be to make the best decisions for your business.
Marketing metrics are a lot like a thermometer, measuring the temperature of your marketing efforts. It’s always good to know what’s happening to your marketing efforts, so you can keep them healthy.
Over time, as you start to keep track of your marketing metrics, you will be able to see which strategies are working and which ones aren’t.
Read on to learn about 9 types of marketing metrics every business should track:
Digital marketing metrics are performance indicators that measure the success of your digital marketing campaigns. They allow you to understand how your campaign is doing and if it’s helping you reach your goals.
Not all digital marketing metrics are the same, though. Each one provides a different kind of information about your campaigns. Understanding these different types of metrics will help you take action on the right data, which will lead to better results for your business.
Content marketing is a measurable activity. Being able to measure, understand and interpret your results is critical in order to be able to improve your results. Measurement of your efforts will determine if you are succeeding or failing.
There are several marketing metrics that are essential to track in order to get a complete picture of your marketing performance. The 9 types of marketing metrics that every business should track are:
The number of visitors to your website is a good indicator of the reach of your marketing. If you are not driving traffic to your website, then it is difficult to generate leads or sales.
Website visitors can come from a variety of sources, including search engines, social media, email marketing, and paid advertising. It is important to track the source of your website traffic so that you can see which marketing activities are most effective.
Social media engagement is a measure of how much people are interacting with your brand on social media. This can include likes, comments, shares, and clicks. Social media engagement is important because it shows how well your content is resonating with your audience.
Email Open Rate
The email open rate is a measure of how many people are opening the emails that you send. This metric is important because it shows how well your email marketing campaigns are performing.
If you are not getting a high open-rate, then it is likely that your emails are not being seen by your target audience.
Click-through rate (CTR) is the ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement. It is commonly used to measure the success of an online advertising campaign for a particular website as well as the effectiveness of email campaigns.
Click-through rate can be calculated by dividing the number of ad clicks by the number of ad impressions and multiplying by 100 to get a percentage. For example, if you had 50 clicks and 1000 impressions, then your CTR would be 5%.
Click-through rates are used to determine which ads or content are worth their cost in terms of visibility. If your page has a low CTR, it may mean that your ad copy isn’t relevant or that your keywords aren’t targeted enough.
CTR is one metric among many that search engine marketers use to gauge their effectiveness and it is essential for measuring the success of SEM campaigns. Since paid text search ads don’t often have high conversion rates, CTR is an important metric for determining if an advertiser’s money is being well spent.
Conversion rates are the most important metrics for your business. They have the biggest impact on your overall sales, so you must obsess over improving them.
A low conversion rate can mean many things to different businesses. Your cost per conversion rate could be low because of your customer acquisition channels or traffic quality, but also simply because of optimized website elements and shopping processes.
If you have a high conversion rate, this means that customers find you easily, your messaging is on point and working well, and your service is great. It’s a sign that you’re doing things right.
Customer acquisition costs (CAC) are a metric used in marketing to describe the total cost needed to acquire one additional customer. This includes all marketing and advertising costs, sales costs, salaries, and other expenses incurred in acquiring a new customer.
Customer acquisition costs are an important metric for businesses to understand as they can help them to better plan their budgets and improve their profits. It is also useful for comparing companies within the same industry so you can see how much they spend on acquiring new customers.
Customer lifetime value (CLV) is the total value of all the purchases that a customer makes with a business, minus the costs associated with acquiring and retaining that customer.
This metric is important because it can help you to understand how much profit you can expect to make from each customer. It can also help you to identify which customers are most valuable to your business and focus your marketing efforts on acquiring more customers like them.
CLV can be used to inform marketing decisions such as what kind of discounts or incentives to offer customers and how much to spend on acquiring new customers.
Churn rate is the percentage of subscribers to a service who discontinue their subscriptions to that service within a given time period. The term is used in many contexts but is most widely applied in business with respect to a contractual customer base. It is an important factor for any business that bills customers on a recurring basis (e.g., monthly or annually).
Churn rates are calculated by dividing the number of customers that have left during a given time period by the number of customers at the beginning of that period. Churn rates can be calculated over different time periods, such as monthly or annually, and may apply to single products or subscriptions – or an average across multiple products and services.
Page impressions (PIs) are a measure of how many times a particular web page is viewed. They are used to track the popularity of a page or site, as well as to determine the effectiveness of advertising and marketing campaigns.
PIs are tracked by web servers when they receive requests from web browsers for a particular page. The number of PIs can be affected by many factors, such as the number of visitors to a site, the number of times each visitor views a page, and the caching of pages by web browsers.
Marketing is vital for the success of any business. You need to track the right metrics in order to ensure that your marketing efforts are effective and that your money is being well spent. Tracking such metrics can help you to improve your marketing strategy and grow your business.