There has been a shift to the objective & optimized marketing metrics which measure the actual performance of your campaigns to build a foundation for decision making.
Marketing metrics are the key performance indicators used by the marketing teams to quantify the campaigns' results. These marketing metrics measure the effectiveness of all marketing tasks such as SEO progress, social media campaigns, or content performance to track goal achievements through marketing channels.
The major focus has shifted from traditional KPIs such as likes, shares, impressions to the major measurable marketing metrics such as cost per lead, customer acquisition, or customer retention.
The following are the most important marketing metrics used to drive the performance results.
Overall, ‘traffic’ will depict the number of visitors to your site and bifurcate the sources or mediums they come through. It gives a wholesome view of the site & helps you observe the seasonal trends or any other occasion that might affect your site's visitors in the longer run.
The type of window that visitors take to enter your site is called a channel. It is one of the important metrics where visitors enter your site through different channels. Monitoring them can prove very effective in formulating a perfect digital strategy that will benefit the bottom line.
The acquisition report in the Google Analytics Report will overview all the channels and visitors' numbers through each channel. This will help gauge the effectiveness of integrated marketing communication.
The conversion rate in the digital world means a metric which measures when the user completes a desired action such as filling out a form or downloading an eBook etc. and tracking conversions can certainly reveal the factors where the marketing team is lagging.
The bounce rate explains the number of people who left your site after visiting only one page. This will help in recognizing the relevance and attractiveness of content on the site.
This is the overall association of the sales & marketing costs, including campaign spending, salaries, and overheads with the number of new customers acquired. This marketing metric gives a bird’s eye view of the bottom line.
Add up all the program or advertising spend, plus salaries, plus commissions and bonuses, plus overhead within a given time. Then, divide it by the number of new customers at that same time.
The ratio of Customer Lifetime Value to CAC (LTV: CAC):
If your product encourages repeat purchase, it is essential to know the ratio between the current value & the cost incurred to acquired him.
Divide the Lifetime value of your current customer (Revenue – Gross Margin/Cancellation rate) by the CAC to know the results. The higher, the better!
The journey from website visitor to acquired customer metrics
These marketing metrics help determine how many of all website visitors their journey started & ended on the final stages of proposal & contract. These numbers will help to identify the gaps that prevent turning a visitor into a customer.