Putting the time and planning into a marketing campaign is one thing but it is another to see just how effective that campaign is. Whether you need to fine-tune a current marketing campaign or are about to embark on developing a new campaign strategy for a new product or even a brand facelift, let’s take a quick look at some vital marketing metrics you should be tracking.
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As simple as it may seem, tracking session times on your website is a crucial metric for insights into how interested visitors are in your site and for identifying visitor trends. If you have a large number of visitors landing on your page but not hanging around long enough to fully understand your product/s, not making purchases, or engaging in any way, then perhaps this is because of a messy layout to the page or lack of content to engage with. Keeping track of this allows you to refine the page if necessary and find ways to encourage more interaction.
Coupled with this is your bounce rate which monitors the speed at which people arrive at your page and leave it with zero interaction. A high bounce rate may well indicate that there is something off-putting immediately to potential customers, causing them to back out almost as soon as they land. Alternatively, this could mean that what was looked for was found immediately. Whichever may be the case, visitor times and bounce rates are essential must-tracks.
A sure way to see how well you are doing with customers is tracking engagement. To engage, you will need to be supplying interesting, relevant content tailored to your target audience, and which keeps them coming back over time. Tracking this will help you identify what keeps customers, and who the demographic is, and what may cause customers to drift away.
Keeping tabs on this will help you greatly when it comes to future strategizing to enhance customer retention and better data-driven sales. Engagement metrics will also give you insights into the times an app is opened, the frequency of premium services being accessed, and other vital factors relating to how customers are engaging with your brand.
This metric is a very important one to track. Monitoring conversion rates will give you an overview of the general success your website or app is - or is not - having. Conversion rates break down the numbers so that you are able to see the percentage of visitors to your site vs the number who actually bought something, registered to your mailing list, and so on.
Conversion Rate Optimization (CRO) will pick up on areas to be improved upon, be it enhancing features that are already present, to the addition of new ones, resulting in bumping up your conversion rates and generating more engagement and success.
Social media has elbowed its way to the front of everything, which includes metric tracking. The big plus with social media when it comes to marketing is not just that it gives an immediate real-time view of your brand following but it is at the forefront of customer engagement.
Shares, likes, dislikes, and comments all give a clear and immediate picture of how your social media marketing is being perceived. This can be a good thing - and a bad thing if your strategy hits wide of the mark. However, the immediacy of social media means that fixes can be deployed by marketing teams almost as soon as any problems surface.
Most people have brands that they prefer for certain products and will go back to those brands time and time again. As much as any company wants sales, businesses also want - and can even be dependent - on repeat customers. That’s why tracking customer retention is a must.
Establishing good relationships between business and consumer is paramount at all times but especially when it comes to keeping customers for a lifetime. Customer retention comes with the benefit of continuity: with secured customers, you are better able to market to them in the future. Additionally, it can work out to be a lot cheaper to target the satisfied customers that you already have as opposed to throwing money into campaigns attempting to lure peripheral interest.
Another simple, obvious, but crucial metric to track is your referral traffic. This simply measures where traffic to your website is coming from and how frequently. Keeping tabs on this will allow optimizing the visibility of your business in all the right areas to generate an increase in traffic to your website.
Not only this, but it will give you an insight into the wheres and hows, it may reveal traffic is being directed to your site from an unexpected source, one to capitalize on in the future. Monitoring referral traffic will give you a good overall picture of how aware the public is of your product and the depth of its reach.
Return on Investment
Return on investment (ROI) tracking is at the foundation of all business metric monitoring. ROI tracking gives business owners the ability to see which of their marketing strategies are turning over positive results, thereby generating revenue, and which are not.
Tracking ROI enables the re-allocation of marketing funds to more potentially profitable areas if a campaign has fallen flat within a particular target range. If this is the case, it doesn’t mean a campaign has to be ditched: after an evaluation, some tweaks to it may be all that is needed. On the other hand, if the campaign has clearly turned into a loser - don’t be shy about ending it there and then, to cut your losses - and get to work on a new, better-directed strategy.
Keeping track of marketing metrics is essential for both the success of your business and its marketing campaigns. It’s important to identify the exact areas which are most beneficial to your particular brand and/or product.
It may seem daunting but metric-tracking is a must-do to enhance the success of your business and stop wasting time and money by misdirecting marketing funds and strategies. It’s also the sure-fire way to get the most accurate insights into the behaviors of your current and potential customers alike, enabling you to make better and smarter decisions for your business and its future marketing campaigns.
Jean Wilson Murray
Jean Wilson Murray is a legal expert who is a co-founder of Best LLC Services and has been helping aspiring entrepreneurs start their own companies for seven years already. During this time, he has investigated all the pitfalls in choosing the financial and management structure of a business, the establishment of companies, as well as the legal structures of enterprises and has become a highly skilled professional in this field.
Published on Dec 10 2021
WRITTEN BYMile Zivkovic
Mile is the head of content at Whatagraph in charge of all content and communications for Whatagraph’s marketing data platform. A marketing heavy with almost a decade of SaaS industry experience, Mile has managed multiple content marketing teams without losing an ounce of his writing passion. The author behind some of the most-read pieces on our blog.
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