In today’s world of computers and i-Technology, insight into a particular company is often based on a company’s information. This is about time not numbers: tracking stock on key marketing metrics involves more than analysing figures; it’s about knowing your target market, developing and maintaining a viable approach. Even the most brilliantly developed didactic or marketing pitches can have little effect if the basics of these statistical measures are not understood. In this new blog, we take a closer look at the most important metrics that marketers need to track to guarantee lasting success.
These are values that provide evidence of the effectiveness of your marketing efforts – the marketing goals you aim to sell, as well as achieve. These metrics afford an understanding of how your strategies fit into business plans and thus assist in decision making. By focusing on the right metrics, you can:
Key Marketing Metrics measurement makes it possible to work with strategies that will be relevant to customers’ needs and business objectives. Having metrics is essential in business growing strategies because it determines the direction of marketing tactics and strategies, whether they are in the right or wrong direction. For instance, while you attract many visitors to your website, few of them may be converting, which could be indicative of the fact that users are not finding your website easy to navigate, or the content is not relevant with their needs, wants or interests.
Achieving desired business goals requires concentrating on certain metrics. Below are groups of key marketing metrics that deserve special attention.
Since most potential customers visit your website in search of the products you offer, this design really matters. Traffic monitoring has lots of information regarding user behavior that can assist you figure out what’s going on.
Sales and conversion are always the end results of most marketing communication initiatives. Monitoring these parameters enables one to determine the efficiency of converting the leads into customers.
Email marketing is effective in transforming prospective customers into actual clients. The essential metrics for measuring the success of email marketing include:
Social media channels are critical in creating brand recognition and interacting with your audience. Important metrics that should be examined include:
At the end of the day, every marketing campaign that you engage in should impact your finances positively. These metrics can be used to determine how profitable your campaign is:
It is likely that engaged customers will turn into loyal advocates hence engagement level is determined by tracking the following Traction Metrics:
The essence of current marketing techniques is content. Key metrics to evaluate content effectiveness include:
For the companies that pay for advertisement, it is vital to track the following metrics:
For an entity to establish itself over the long run, it is imperative that it develops a strong sense of brand identity. In that light, the following metrics can serve to measure brand fame and visibility:
Knowing how to go about it is half the battle. There is a need to know which metrics to monitor. To effectively track and leverage these metrics, follow these steps:
Did they set practical quantifiable goals for their campaigns? For instance, it is possible to have the goal of raising the website hits by 20% within three months or raising the email open rates by 15%.
Ensure that there is an investment in analytic tools to aid in data collection and analysis. Some of the popular ones include:
When it comes to metrics one needs to be very consistent. Conduct weekly or monthly analysis and evaluations to learn trends of more milestones to be created and strategies to be changed.
Don’t get lost in the mountains of data; instead, focus on the top key performance indicators that are relevant to your objectives. These findings should therefore be employed to make sound decisions and facilitate process improvement.
This brings us to the last point in understanding how different channels work together. As an example, monitor the movement from social media pages to your site and email promotions to sales.
It’s true that tracking metrics is key for the marketing targets achievement but there are common mistakes that you should avoid for effective campaign execution:
Tracking marketing metrics is key to effective marketing strategies and executing them successfully. Customer Growth, Customer engagement and ROI can be measured by choosing the correct data points and subsequently enhancing the marketing efforts. The correct marketing metrics when tracked can open doors to areas of website traffic, conversions, customer engagement and many more. The marketing metrics have the potential to take the marketing campaigns to new heights. Start tracking today.
Strategizing around key marketing metrics will ensure that you are able to shape your strategies for evolving digital marketing needs. As competition becomes more fierce, reviewing and changing strategy periodically will help to stay ahead of the curve.
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