Top 10 Metrics most heads of Marketing should track
Top 10 Metrics most heads of Marketing should track: The best approach to evaluate the success of your marketing goals and demonstrate to your management that the time and money the firm invests in a campaign or project is worth it is by using marketing analytics. They’re essential for determining which marketing initiatives reach your target market and provide the intended outcomes.
Not all metrics are created equal; depending on the marketing discipline you work in, some will have more significance than others, particularly when it comes to your marketing KPIs (Key Performance Indicators). KPIs measure an organization’s overall success or the success of its marketing efforts.
Anything can be assessed to some capacity, but marketing measurements aren’t intended to be all-encompassing. They should be created to track important elements of each campaign you conduct.
Every campaign should evaluate for success, but quantifying success may sometimes cause marketers to become distracted.
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What are Metrics?
Marketing teams utilize marketing metrics, which are measurable numbers, to demonstrate the success of campaigns and initiatives across all marketing channels. Each marketing channel a team employs, including social media, email, and others, has proper KPIs.
Top 10 Modern Marketing Metrics
Following is a list of important contemporary marketing KPIs that the marketing team should monitor:
1. Inbound Promotion Profit from Investment (ROI)
How do marketing metrics work?
One of the most important indicators that marketing managers need to monitor is ROI. It demonstrates how company time, resources, and money are employed.
Measuring your monthly and yearly success is made easier by calculating your inbound ROI return. Based on this your approach may be established and adjusted for the upcoming months or even a year.
This statistic divides marketing ROI into campaigns and identifies successful and unsuccessful strategies.
Therefore, the return on investment will determine your company’s destiny, regardless of the marketing tactics you choose.
An easy method to determine the ROI of inbound marketing: (Growth in Sales – Marketing Expenses)/Marketing Expenses = Marketing ROI. If your company sales increase by INR 1000 and your marketing effort costs INR 200, the ROI is straightforwardly 400%.
The assumption made by this formula is that marketing tactics are responsible for all revenue increases. Marketers should factor in organic sales to get a more accurate picture of the effect and ROI of their marketing.
Sales Growth — Organic Sales Growth — Marketing Cost = Marketing Return on Investment.
When employing marketing ROI formulae, it is crucial to consider the total ROI marketing techniques. Depending on the marketing team’s approach, the campaign’s efforts, and the overall overhead for the campaign, many definitions of “return” may be used.
2. Lead Cost as a Marketing Metric Price per Lead
Both inbound and outbound marketing require measuring the expenses associated with customer acquisition. But how much does it cost to bring in a new client?
The integration of your CRM and marketing automation platforms, as well as the accounting of all expenses related to ERP integration, are all included in measuring your customer acquisition costs.
Inbound marketing expenses for acquiring customers include
- Overhead Costs
- Creative and Technological Manpower,
- Technologies and Software
Outbound marketing expenses for customer acquisition include:
- Publicity Marketing Distribution
- Sales and Marketing
- Personnel Expenses
You may account for new sales and set aside different budgets for each campaign once you have calculated the costs associated with your inbound and outbound marketing initiatives.
If your company primarily employs inbound marketing, you may divide it into several methods and evaluate how each performs. With such information, you may refine your approach.
3. Marketing Metrics for Customer Lifetime Value (CLV) Client Lifetime Value
The CLV is the total sum of money clients may be anticipated to spend with you over their relationship. This is a crucial indicator since it enables you to determine which consumer group merits further marketing spending. One of the criteria to take into account in CLV is the cost of client acquisition.
An easy calculation to determine client lifetime value is as follows: (Average sales per customer) x (Average number of purchases made by a client annually) x (Average customer retention duration in months or years)
Using this calculation, the value of a marathon runner who purchases sneakers from your shoe business may be:
4 pairs of shoes every year for 8 years for INR 100 each equals 3,200 INR.
And a parent who purchases entertainment might be worth:
20 each pair multiplied by 5 pairs annually for three years is 300 rupees.
Therefore, who should be your target clientele? It would be the adult runners in your database in this situation.
4. Marketing Metrics for SEO traffic
SEO traffic SEO is a continuous activity; therefore, monitoring it in real time can help you keep on top of it.
The issue of bought vs. organic traffic now arises. Which will be more effective for your company?
Your company will benefit from using Google Analytics to properly improve the landing page’s performance.
Although this SEO statistic might not yield immediate benefits, it is crucial to monitor it since it provides performance over time. Sessions, engaged visitors, conversion rates, bounce rates, time spent, and much more are included in this. These elements may be adjusted and enhanced continuously.
5. Lead-to-Traffic Ratio
How do marketing metrics work? The ratio of traffic to leads
The traffic lead ratio provides information on the number of website visitors that eventually convert to leads. These indicators enable you to assess the quality of website visitors and decide whether to alter your approach.
Understanding your website traffic is crucial, especially knowing where it originates—organic, direct, social media, or referrals.
Once you know how visitors get to your website, it’s crucial to gather reliable leads.
Assume your website receives 1,000 monthly visitors and 100 brand-new leads. This indicates that the website’s traffic-to-lead ratio is 10 to 1. The conversion rate is 10%, put simply.
6. Lead-to-Client Ratio
What are the lead-to-customer ratio’s marketing metrics?
You’re getting the leads you expected from your marketing effort, which is on target. The next stage is to determine how many leads your sales staff can close. For sales, you should track the qualifying lead conversion rate and the accepted lead conversion rate.
How the two vary, consider the following:
Based on their lead score or the tasks they have performed, leads are regarded to be sales-ready. Most businesses will see a leader who completes a form, such as a “contact rep,” as a leader who is ready to buy the service or product. For instance, leads that submit a form for a webinar are considered qualified leads.
Leads that the sales teams have previously contacted or arranged a call with, and are considered as opportunities.
You should think about these two ratios and the following issues:
- Does my campaign generate quality leads?
- Is our CRM successfully transferring qualified leads to sales teams at the appropriate moment?
- What’s our closing rate like?
Don’t worry if you answered “no” to any of these questions; Rome wasn’t built in a day. You still have time to roll up your sleeves and improve the performance of your marketing initiatives across various marketing platforms!
7. The use of Net Promoter Score (NPS) in marketing metrics
Are your consumers satisfied with your goods or services? And do they tell their relatives and friends about it?
Marketers are aware of the value of word-of-mouth marketing, and NPS measures customer loyalty, satisfaction as well as business growth.
Knowing this allows you to adjust your marketing tactics to attract more customers who will promote your company and increase sales.
8. Conversion Rates for Landing Pages
Conversion rates for landing pages are marketing metrics.
Your landing page is now up and looks great. But now, for the most crucial query— is converting?
A landing page that does not generate leads is similar to a mirage in the desert; while it first seems alluring, it ultimately results in disappointment. Monitoring your conversion rate is so essential.
Similar to your traffic-to-lead ratio, if your landing page receives a lot of traffic but converts at a low rate, it’s a hint that you need to adjust your marketing strategy.
Try A/B testing some of the modifications listed below, for instance, and see which ones have the best conversion rates:
- Change the CTA color.
- Increase the value of your CTA.
- Increase the persuasiveness of written information.
- Add social evidence (i.e., testimonials, reviews, awards, etc.).
Read: What is A/B Testing? Your Quick Guide!
9. Traffic and Conversion from Social Media
Social media activity and conversion
You may use the following metrics to demonstrate the significance of the impact of social media on your marketing initiatives:
- Leads converted
- Conversions with clients
- Percentage % of the traffic received
You might not have the time or resources to make the most of each social media platform’s marketing potential, including Twitter, Facebook, LinkedIn, Google+, Pinterest, and Instagram. Nevertheless, by evaluating the volume of leads, number of customers, and proportion of traffic from each channel, you can select the area in which you want to concentrate your marketing efforts. Utilize this approach to calculate your sales metrics.
10. Device Traffic
Device-specific traffic in marketing metrics
Your marketing initiatives should change as your clients spend more time on mobile phones. Your website has to be mobile-friendly and optimized.
The following are some factors to consider:
- Mobile usage
- Leads generated by mobile devices
- Mobile device bounce rates
- Conversion rates for landing pages on the internet
You can enhance and perfect your mobile website by knowing how your clients use it. And as a result, smartphone conversions will rise. Learn how to compute email marketing stats now.
It becomes easy to create a smooth marketing experience that assures engagement and conversion when you keep an eye on these 10 contemporary marketing indicators.
Data is the foundation for your marketing journey’s success, and you have all of it. However, keeping track of all these indicators and creating detailed data displays might be difficult.
This is where CRM software may help; by gathering the aforementioned information from many sources and displaying it on a single dashboard, you can get a broad overview of how your marketing approach is doing.
Your marketing teams can easily track, accelerate, optimize, and enhance marketing campaigns now that all the current marketing analytics are in one location.
DigiLeap Marketing Services Pvt Ltd. can offer you all ten metrics that make marketing tracking easier, thanks to its skilled staff of writers, content managers, and site and graphic designers. Together, we can assist you in developing several iterations of your deliverables using historical data and a method that focuses on results. Contact us at www.digileapservices.com right now.