Over 70% of consumers aren’t sales-ready when they first interact with your brand. Over 60% won’t feel ready to convert for at least three months. Meanwhile, nearly 80% will never convert into sales.
If you’re not tracking the right marketing metrics, you might struggle to improve your digital marketing strategy. You could make assumptions as you try to boost leads and sales, too.
Here are eight metrics you need to track to achieve campaign success. Learning to review these metrics will help you make smarter improvements to your campaigns.
Read on to learn more!
1. Website Traffic
You could struggle to generate leads and sales if you’re not generating website traffic first.
Start by reviewing the overall website traffic (or “total website traffic”) you’re generating. Consider how many people have visited your site over a period of time. Determine what marketing strategies you used within that time period, too.
Total website traffic can help you measure your content performance. For example, you can determine which blog posts generate the most traffic. You can decide which content formats, topics, and target keywords have brought in traffic, too.
Then, you can use these marketing metrics to further improve your search engine optimization (SEO) and content marketing strategies.
You can use Google Analytics to measure your traffic over time. Consider adjusting your dashboard for a breakdown of your traffic based on specific pages.
Make sure to consider your direct traffic versus referral traffic as well.
Referral traffic indicates how many visitors land on your domain from another website. These visitors didn’t find your site through a Google search engine results page (SERPs). Chances are, they found your site through social links or backlinks.
Backlinks are an essential ranking factor for Google SERPs. Gaining more backlinks can help you generate more total website traffic. Backlinks appear on someone else’s site before directing readers to your web content.
You can use UTM tracking codes to measure your referral traffic. Otherwise, gain helpful insights from Google Analytics.
About 96% of the people who visit your website aren’t ready to make a purchase. It’s no wonder that 65% of businesses claim generating leads is one of their top marketing challenges. If you’re generating traffic but not leads, you need to review your content.
There’s a chance your content isn’t appealing to the user’s search intent. Perhaps you’re failing to personalize content for your target audience, too.
Lead generation indicates your ability to generate future revenue. Without leads, your business might not grow.
Consider how consumers are moving through the marketing funnel before converting into a lead on your website.
You might want to update your website’s user experience (UX), too. A negative UX might cause visitors to leave without converting. Your bounce rate might increase as a result.
As your bounce rate increases, your organic search engine rankings can start to drop, leading to less web traffic in the future.
3. Return on Marketing Investment (RoMI)
Return on investment marketing considers the revenue your marketing campaigns generate compared to the cost of maintaining the campaign. Reviewing your RoMI can help you determine if a campaign is contributing to your overall growth.
You might find it difficult to calculate your RoMI if you’re running multiple campaigns. You’ll need to consider how one campaign connects to another, too.
Consider working with an experienced digital marketing agency. They can calculate and evaluate these marketing metrics for you.
4. Customer Acquisition Cost (CAC)
The customer acquisition cost indicates how much you have to spend before a single consumer makes a purchase. It can help you determine if you’re maximizing your marketing budget.
Aim to reduce your CAC to ensure campaign success.
Calculating CAC can also help you determine if specific campaigns are proving profitable and efficient. You can also determine which buyer personas help you generate the most leads and sales.
To calculate CAC, divide the total marketing budget on a channel by the number of customers earned within a timeframe.
5. Customer Lifetime Value (CLV)
Customer lifetime value indicates the revenue a customer brings throughout their entire relationship with your brand.
A higher CLV indicates you’re generating multiple sales from a single customer. It can also indicate you’ve gained loyal customers. Brand loyalty can help you generate repeat sales, leading to a higher ROI.
Your customer value times the average customer lifespan equals your CLV.
6. Customer Retention Rate
Once you begin generating loyal customers, take a moment to consider your customer retention rate. Your retention rate indicates the number of customers you’ve retained over time.
A high customer retention rate can impact your revenue and profitability.
The inverse of your retention rate is your churn rate. A high churn rate indicates you’ve lost customers within a timeframe. It can also help you determine how many customers you’ve lost to your competitors.
Understanding your churn rate can help you make improvements to your business.
7. Conversion Rate
A conversion is the desired action you want a visitor to complete once they visit your website. For example, you might want consumers to complete a form or shop on your site. A high conversion rate can help you determine the efficiency of your campaigns.
A low conversion rate can indicate there’s an issue with your website, user experience, or content.
For example, there’s a chance your website isn’t mobile-optimized. Visitors might find it difficult to complete actions on your site, too.
8. Net Promoter Score (NPS)
Your net promoter score can help you determine how consumers feel about your brand. You can determine how likely they are to recommend your business on a scale of 1 to 10.
When calculating your NPS, you’ll categorize consumers by promoters, detractors, and passives. You can use the consumer’s written feedback to make improvements to your business.
Campaign Success: Start Tracking These Marketing Metrics Today
Learning how to understand these marketing metrics can help you make improvements to your campaigns. As you adjust your marketing campaigns, you can generate more leads, sales, and loyal customers. Start tracking your progress with these metrics today.
Remember, you don’t have to review your campaigns alone. Consider working with an experienced agency this year instead.
Eager to get started? Contact us today to learn more.