Are you frustrated because you feel you’re putting all you’ve got into your marketing efforts, but still are having trouble meeting your objectives? If this is so, don’t worry – it’s happened to the best of us. And it’s only natural given how much data is available out there.
The most important thing is that you keep going. But as you keep going, you must take a good hard look at what is truly working for you – and what’s not.
Here are some tips on what marketing metrics to use and how to get your marketing bringing in a higher ROI.
Everyone is probably aware that they should be looking at conversion rates, but are you looking at the conversion rates that truly matter? For instance, if you’re about to start an intensive email campaign, you may want to be tracking the conversion rates that are only related to click-through rates.
Cost Per Lead / Conversion
You’re most likely tracking your leads, but are you actually looking at what its’ costing you to find people and then get them to actually spend money? If it’s costing you more to market than it is to find customers, you’re going to be in the red soon – so it’s an important metric to take a look at.
Customer Lifetime Value
If you’re looking at the big picture and you’re at a later phase in your business, consider taking a look at the metrics that indicate long-term loyalty. What kinds of marketing activities are making people stick around – or not? Looking at unsubscribe rates as well as bounce rates can actually give you good idea of what’s happening in this light. This will involve a variety of metrics including average customer lifespan, customer retention rate, and profit margin per customer.
(Check out this infographic from Kissmetrics for more detailed instructions on how to do this calculation.)
Metrics that show how well your brand is sticking in people’s minds are important for understanding how all of your current and potential customers view you. To this end, social media reach and brand mentions are just two super simple areas to keep track of. Brand awareness is probably more important if your business is not yet established or if you’re just starting with the lead generation phase of a new marketing campaign.
Think Beyond the Dollar Value
Always bear in mind that when it comes to tracking, it’s quality, not quantity. Don’t try to take on too much by looking at “all” of the possibilities or you’ll just end up becoming overwhelmed. Try to choose just a few core metrics that offer clear, action-oriented stories about your key business goals.
And try to steer clear of “only” thinking profits because there’s a lot more to a sale than just bringing in revenue.
Want a second opinion to help you figure out whether you’re using the right metrics and what you can do better? Contact us today for help!