What Is Marketing Metrics?
Marketing metrics are the various ways that marketers measure the success or failure of their marketing campaigns. A marketing metric can count the number of new customers acquired over a period of time, the number of new leads generated, the amount of money spent on advertising, the number of complaints, the number of sales, and the number of new customers.
A digital marketing metric is a measurable value used by marketing teams to demonstrate the effectiveness of digital marketing campaigns to a company’s overall business objectives.
There are many metrics to measure marketing channels, such as social media, email, and many more. Each of them is useful in its own right, and measuring them all is important to get a clear picture of what marketing is working well.
9 Tips to Create Actionable Marketing Metrics
Customer data from your organization should assist you in making educated decisions and taking decisive action. Is yours, on the other hand, working for you? It’s no secret that the tremendous wealth of data available to your company can be daunting. So, where do you start?
The journey from data to insights is fraught with difficulties. To overcome them, you’ll need the greatest consumer analytics services available. We’ll show you how to extract valuable insights from the mounds of data available to you and present a number of helpful ideas and suggestions on how to take this data to the next level.
1. Know What You Need to Measure
Tracking what really matters helps set the right priorities and goals for your company. Knowing what you’re trying to accomplish makes it much easier to pick out the right metrics for measuring your progress. The information you’re collecting must be valuable and useful. It doesn’t matter if it takes a little longer to get it – the effort is worthwhile. But don’t start tracking anything that is not directly related to your objectives.
You should identify what makes your business unique. The best way to determine what matters to your customers is to ask them directly. Then, based on their responses, decide what the key indicators are that can affect business performance.
If a company offers many different products and services, it can be tough to figure out how to best segment its customer base. A way to help customers understand the different ways in which you’re positioned is to use data to learn what they like and then put those preferences in front of them.
2. Have a Goal before You Start Analysing
Having well-defined goals is one of the best ways to make sure your business has a steady direction. Take some time to get clear on your goals for this project. You may be asking yourself what this program’s impact will be on the organization? You may not know what your outcomes should look like until you have defined them, so the more clearly you can define what you want your business to be and do, the more likely you are to hit on the right idea to achieve your goal.
Your business objectives will keep you on track and put you in the direction of the best customer analytics solutions for your marketing goals. You’ll know what data points to track to ensure you’re on pace to meet your objectives.
Start with the most basic and fundamental goals. In terms of your content strategy, this means focusing on a small number of main topics before expanding to include additional ones.
3. Give Your Data a Context
Data is just the numbers we collect about what happens in our world. To turn it into useful information, we need context. We need a way to put the puzzle pieces together and see the big picture, which is what we do when we pair data with context.
The insights generated can spark confusion and lead to taking the wrong path. Context is vital for understanding the data you’re gathering and what it means. The numbers you’re looking at don’t tell you anything meaningful without context.
When you begin a report, it’s critical to understand who the audience is, what the goal is, and the context of the event. Then, you can begin to address the problem at hand and produce the right results.
In the case of your content marketing campaign, it would probably be: When – The time at which you should be posting the content. Where – Where is the post being published, in your case, social media or your site. And why – Why is this post relevant, useful, and important? It is essential to create a clear vision of the overall business strategy and make sure all decision-making aligns with that strategy.
4. Look Without Bias
If you have a specific type of data in mind, you may overlook other opportunities. But don’t think you shouldn’t take advantage of data that fits your goal. You have to be mindful that if you are too focused on just one thing, you might miss opportunities that could get you where you want to go.
Gain access to your data to make sure you don’t miss out on key insights that can improve the performance of your business. Work with an analytical agency to collect data from multiple sources and identify the metrics that matter most. This information can then be used to develop and monitor the performance of key business processes.
5. Be Able to Communicate Why Your Data Is Important
As you begin to analyze your data and use data mining and analytics to optimize operations and make better decisions, it’s important to ask yourself: Why does this data matter to me? It’s important to think through what you need the information for – and why.
Customer research lets you get inside the minds of your potential customers and helps you understand their preferences and needs. You can then use this information to create or revise your existing marketing campaigns and promotions. It is important to identify the important data sets to focus on the critical information.
6. Know and Segment Your Audience
There are many ways to look at products and how they’re selling. You could segment a market based on your company’s customers and what they want from it. For example, what’s the demographic of the customer? Where do they live and work? How much money do they make? Do they care about what technology you sell? Are they tech-savvy, or do they need help with all that?
Customer Segmentation will help you find the best way to deliver relevant, engaging content that is valuable and attractive to your users. In our post, we dive deep into how segmentation can help you learn more about your customers so that you can better serve their needs and interests. You should understand how your target consumers act by defining and analyzing your customer segments so you will have a clearer picture of your users so you can develop the right products and services to keep them engaged.
Segmentation is a way of organizing your data into meaningful groups based on certain properties. If you’ve ever looked at the top level of Google Analytics, you’ll notice that the categories are very broad (e.g. Device, Time of Day). The categories that are more specific help understand what’s going on under the hood.
If you’re looking to optimize your marketing, think about what kind of message you want to convey and to whom. Customer segments are helpful for segmenting your market but don’t stop there. Think about how and when you want to communicate. It could be to a specific customer, an industry, or a demographic.
7. Present Your Data Engagingly
The way you show data from your web analytics tools is important. You must offer your information in a way that encourages comprehension and clarity rather than misunderstanding.
This is why many business people struggle with PowerPoint and other presentation software. How can you trust the information if you can’t easily understand it? Use data visualization software instead.
The visual learner percentage in your audience (or lack thereof) can be a key factor in the success of your marketing campaigns. If your target market is a visual person, you need to use visual elements to explain concepts and not just a text-heavy website.
8. Integrate Big Data Solutions
The data you have isn’t a complete picture of the population you’re trying to represent, nor does it tell the entire story. It may help you plan your business strategy, but you’ll never know what you’re missing.
Gaining more information from your data means you will better understand what is going on. The data must be brought together so that the various parts are more easily interpreted. In the end, all of this is done to tell a story about your business.
The most important feature of big data is that it allows you to look at all the information in front of you. In essence, it’s connecting everything and making it available to you. This way, you can make the best decisions possible.
9. Have the Right Team
Online tools and customer relationship software are great for collecting information and analyzing it. Still, the people who understand the business can better translate all that data into actionable insights for the company. These are people who are adept at working with smart technology and have a unique knack for understanding the company and its customers.
If you are trying to understand how your website is performing in the wild, then an external web analytics service is a great tool to add to your arsenal of data tools. But to combine your internal marketing expertise with that of an external tool, you need to find one aligned with your needs and culture. An excellent example of combining these is using Google Analytics as part of the Google Webmaster Tools suite.
Affiliate Marketing Metrics for Advertisers
The following affiliates are good to start when evaluating affiliates that might not be converting but still drive traffic. Look at low and high-volume, non-converting, and non-converting affiliates to see what they have in common, then look for trends.
Clicks effectively refer to the affiliate traffic volumes on your affiliate program. Affiliate traffic volume is the number of unique visitors (or users) who have clicked on your affiliate link in the past. The number of clicks can be recorded in two different ways.
Clicks are a measurement of how many people are interested in your content. Many companies will count clicks on an ad or a blog post as a positive indication that the content is interesting or useful. However, many users will click away from a piece of content before seeing what it offers.
It’s always a good idea to keep track of your affiliate channels to ensure they are running effectively. Some of the best tools for this are Google Analytics, HubSpot, and the AMS system.
Affiliate Marketing Metrics for Affiliates
The main difference between digital marketing and traditional marketing is that we work on building relationships with people by providing a free service or product. In traditional marketing, we provide products and services to the public and get paid a set fee for each unit sold. We can leverage data from analytics tools to identify which online marketing tactics work best, what content performs best, what audiences like or dislike, and what type of offers convert into sales. This allows us to test and tweak our tactics and know what works best, creating content, offers, and promotions that will resonate with our audience.
Different metrics will be necessary for different parties. Some metrics are more important to the affiliate than others, while others are more important to the advertiser. However, some metrics will remain the same for both the affiliate and the advertiser. Clicks, conversion rates, average order values, and conversions are the primary metrics for both advertisers and affiliates. They are the key measures for gauging how well an affiliate’s marketing efforts are working.
Affiliate networks, like Google AdSense and ShareASale, are both a good way to make money and a great place to learn the basics of marketing online. Affiliate networks provide a marketplace for publishers to post ads on their sites and for users to choose which ads to click. Advertisers generally pay for these ads.
It’s easy to forget about other important aspects of your campaigns, like commissions and other factors that have an impact on your bottom line when you first get started.
7 Digital Marketing Metrics that Marketers need to measure
You’re always working on the same things – but if you want to make sure that you’re getting the most out of what you’re working on, it might be the time to look for some new ways to measure your success. You can find some great tips here.
Metrics like engagement are great, but they aren’t always as relevant as they once were. You don’t always need to focus your efforts on them. If you want to stay up to date on the latest trends and analytics in your digital marketing, here are seven metrics you should be measuring.
1. Mobile Traffic
Users are spending more and more time on their mobile devices, from smartphones to tablet computers. It’s no longer a question of “do” or “don’t.” More and more people are using their mobile devices in ways that they never imagined possible. This is why it’s so important to track your mobile traffic.
The percentage of your total web traffic that originates from mobile devices is a metric you can use to see if your website is optimised for mobile or not. If your site isn’t optimised for mobile or mobile-friendly, then this is one reason why mobile traffic could be down. If that’s the case, you’ll need to meet with your development team and figure out how to improve certain aspects of your website.
Your website is a living, breathing organism that is always changing. You can’t just look at your website as a static document. It needs to grow and change with your organization’s needs.
2. Cost per Lead
You can determine the amount you spent on a given campaign by multiplying the number of leads you generated by your cost per lead.
This is a handy way to see how well you could use your budget and what the return on your campaign investment was. The cost per lead is calculated by dividing the total money spent on a lead generation campaign over a given time period by the number of leads created during that time period.
You can evaluate the effectiveness of your campaign by knowing its cost per lead. The more effective the marketing is, the cheaper the cost per lead is.
3. Close Ratio
Close ratios measure how effective a campaign has been in converting leads into customers. One way to analyze your lead generation success is to calculate its “close ratio”.
The difference is that this measure is used to track conversions rather than leads. The conversion rate is generally calculated as a percentage. To see the ratio as a percentage, multiply the result by 100.
The conversion rate of your marketing campaign ÷ The number of leads you generated x 100 = Your campaign’s conversion rate.
4. Channel-Specific Traffic
There is a wide variety of sources of traffic for a website. The three most popular ones are direct traffic, referral traffic, and search engine traffic. Direct traffic is any visitor that visits your website without clicking on a link on another website. Referral traffic is any traffic that originates from other websites that link to yours. Search engine traffic is any traffic that arrives from a search engine.
When you search for something online, it’s called organic search, and when someone clicks on a link to visit your website from somewhere other than your own, that’s social media. Email is a type of ‘social media’ where links are sent to people’s inboxes.
Paid search is a method of online marketing that involves promoting your website or product through various online sources, such as Google AdWords. The most important factor to consider when performing a paid search campaign is to use the right keywords. If you are not using the right keywords, you might find your campaign ineffective.
5. Exit Rate
This is the percentage of your visitors who leave your site after visiting just one page. It’s important to look at this as a metric for measuring how effective your web pages are for conversion. The more times someone visits just one page, the less likely they will return to your site.
Exit rates are just one of the many factors contributing to site analytics. A good way to learn which pages on your website need some work is by keeping an eye on your exit rates.
6. Conversion Funnel Rates
A conversion funnel is a process by which a company converts people from prospects to leads and leads to sales. Whether you are offering a product or a service, you likely have a conversion funnel for that process.
Always keep an eye on how your users behave at every step of the process. That way, you’re on top of any potential issues before they become too big. An example might be the case where you notice that you’re capturing very few leads through a certain landing page. This could indicate a problem (or problems) with the landing page that you need to deal with.
Another is when your design is too big and complicated. This is a common issue in web design. It may be that your headlines are not enticing, or the benefit for the potential customer is not clear.
7. Top Landing Pages
A landing page is a page on your website that is designed to capture leads or prospects. It is used to direct visitors to a specific product or service, but it can also be used to provide helpful information to visitors who are interested in learning more about your business. Using a landing page as part of a multi-step sales funnel is also possible.
Once you’ve gone through your list of landing pages and discovered which ones convert the best, you can make further improvements to each one of them to make them even more effective.
Why Are Marketing Metrics Important?
Marketing metrics are important because they help brands determine whether campaigns are successful and provide insight for adjusting future campaigns. They assist marketers in determining how their campaigns are contributing to their company objectives and where they are falling short and how they may improve.
These insights help a marketing team understand how it is doing at key levels like customer satisfaction, awareness, and engagement and how campaigns are doing at each stage of the purchase funnel. This will allow marketing teams to make changes in real-time if campaigns aren’t performing as expected. The results can also help marketing teams decide whether or not to continue campaigns or cancel them entirely.
Marketing analytics is the most common approach for marketers to demonstrate the value of marketing and advertising to their firm or organization. They help inform annual budgets and headcount making them vital beyond ongoing measurement and campaign planning.
Why Is Marketing Metrics Important in Lead Generation?
Two of the finest indicators for measuring the growth in lead generation from a digital advertising campaign are tracking new leads generated and conversion rate. In addition to these metrics, it is important to track the performance of an Amazon advertisement from an email or a search and the performance of a specific product.
Read more about lead generation here.
Measuring these marketing metrics is essential to your marketing strategy. Getting to the people and journeys behind the numbers provides insights that help you patch up the leaky funnel and direct your investment into the most effective methods.
While you can measure everything, knowing what you’re measuring and why can help you make decisions based on your findings. Having a clear understanding of how your data is measured and processed will help you make better-informed decisions about your company.
Suppose you want to learn more about making strategies and planning for your marketing techniques using different marketing metrics. In that case, Ubique Digital Solutions is a HubSpot Digital agency that will help you with anything HubSpot. With the help of our marketers’ team, you can get help in measuring the effectiveness of your marketing campaigns. UDS will be happy to help. Contact Us and learn more.