Learn How to Manage and Track Your Marketing Metrics
Digital marketing metrics are valuable tools teams have at their disposal. Using the right metrics can help you change and improve your campaigns at the right time.
Without marketing metrics, you’ll be lost when it comes to the impact of your efforts. It’ll be challenging to know how users perceive your brand and products and whether your marketing plan is paying off.
There are many marketing goals to track on each digital marketing platform. And each goal comes with several attributes or metrics to track.
You need to know the right digital marketing metrics and track them as a business owner. Here’s a short guide to help you.
Set Achievable and Realistic Marketing Goals
The foundation of a successful marketing campaign is clear objectives and goals. Goals provide marketing clarity and allow you to identify the right metrics.
The role of marketing metrics is to help you know whether you’ll achieve your business goals. If your goal is to boost sales by 20% in a given period, you’ll track conversion rates.
Digital marketing goals have to be SMART─ specific, measurable, attainable, relevant, and time-bound. SMART marketing goals are clear, focused, resource-efficient, and have a high success rate.
You may want to achieve many marketing objectives with each strategy. Marketing goals can fall under categories such as:
- Lead generation
- Content marketing
- Customer acquisition
- Social media
- Customer loyalty
Decide what you want to achieve and specify objectives that will take you there. Suppose you want to improve content marketing. Your goal could be to boost web traffic by 20% every month by creating and publishing one blog post every week.
Identify Marketing Metrics That Align With Your Marketing Goals
Marketing metrics KPIs are attributes you need to measure to know if your campaigns are paying off. Identifying the right marketing metric is imperative for your digital marketing success.
Digital marketing services help you increase web traffic, conversion rates, user engagement, and customer loyalty. Behind these objectives are measurable parameters that show actual user action and growth.
Here are some top marketing metrics you should track to establish business growth.
Leads refer to your contacts or perspectives. These are people who are likely to be interested in buying your products. Tracking leads help you to establish your sales and revenue opportunities.
An increase in leads shows you have a higher potential of making more sales. The more leads you have, the higher is the chance of selling and increasing your revenues. Lead generation is one of the top marketing goals.
Tracking conversion rates is an everyday activity in all digital marketing campaigns. It helps you to know the percentage of people who have taken a particular action on your platforms.
Actions for conversion rates can be clicks, sign-ups, downloads, form-filling, or purchases. A high conversion rate shows the effectiveness of your campaigns.
A low conversion rate points to a poor digital marketing strategy. It could be that you’re offering thin content. One of the secrets to boosting conversion rates is A/B test campaigns before launching.
Acquisition of New Customers
This metric helps establish if your campaign is attracting enough clients. It can track new customers, percentage of acquisitions, cost per acquisition, and lead to customer ratio.
Lifetime Value of a Customer
An effective digital marketing strategy focuses on turning leads into loyal customers. Loyal customers are happier and are the key to building a sustainable business.
Bounce rate refers to the percentage of users leaving your website without any significant action. It considers the number of impressions on a page versus your website’s total number of impressions.
A high bounce rate is a worrying sign for any digital marketer. It could indicate a lack of relevance, low-quality content, terrible user experience, and more. Reach out to DesignsTouch for a complete performance diagnosis to boost dwell times on your website.
Sales are easily the most critical marketing metric to track. A sales KPI helps show whether your marketing campaign will help you generate revenue. It also allows you to identify and get rid of ineffective marketing strategies.
Average Conversion Time
Tracking the average time it takes to convert leads into customers shows the potency of your marketing strategies. A slow conversion time may also mean a higher cost per action or higher acquisition costs.
Find the Right Tools for Tracking Marketing Metrics
Tracking marketing metrics can be challenging for dealing with tons of user data. The correct data tracking tools can make a world of difference in efficiency and reporting.
Here are some of the tools to use when tracking your marketing metrics.
Digital marketing software helps to streamline all marketing campaigns. It enables you to track all the marketing metrics that matter for your growth in real-time.
Popular marketing software includes HubSpot, Salesforce, Tableau, and Excel Spreadsheets.
Analytic tools provide a quick way of gathering and analyzing marketing data. Popular web analytics include Google Analytics, CrazyEgg, Mixpanel, and Adobe Analytics.
Real-Time Business Dashboards
A real-time business dashboard is handy for gathering and presenting data from many sources. It makes it easy for your team to know key marketing metrics in real-time.
You can tweak your real-time dashboard to show all the critical marketing metrics such as sales, conversion rates, cost per action, web traffic, and so on. Ask us for help to develop and customize your marketing dashboards to your needs and goals.
Benchmarking to Set the Grounds for Success
It’s easier to track marketing campaigns when you have clear benchmarks. Benchmarking allows you to focus on your marketing goals and give all attention to diligence. Proper benchmarking can propel your company to better marketing performance.
Set targets for marketing metrics or KPIs to give your team something to set their sights on. Performance targets can help motivate your team to great marketing results. It can also help track progress towards marketing objectives.
Set a Period to Analyze
Often, real-time tracking of marketing metrics may not be workable. Your business needs will determine how often you pull out your reports.
Real-time tracking is vital for user metrics such as bounce rates, click-through rates, conversion rates, and the number of impressions. It helps to stay on top of user experience trends throughout.
Define periods or spans for pulling out or checking critical marketing reports. Periodical tracking of metrics allows you ample time to test the effectiveness of your campaigns.
Managing Marketing Metrics Is Vital for Growth
A robust online presence goes together with continuous managing of marketing metrics. Metrics can point to the strength or weakness of your digital marketing strategy.
Regardless of your marketing performance, an improved digital marketing strategy can help. We can help you maximize your marketing metrics to grow your business. Request a free consultation to learn more.
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