Metrics are vital to marketing.
As marketers, we track so many different data points to better understand what’s working and what’s not that it can become easy to lose sight of what’s really important.
Reporting on your business impact doesn’t mean you should no longer pay attention to site traffic, social shares and conversion rates. It simply means that when analyzing your results, it’s crucial to see your marketing performance in a way that shows the results of your efforts clearly and plainly.
Rather than talking about per-post Facebook engagement and other soft metrics, use the six metrics we detailed in our Measures to Success series to keep tabs on how your marketing program led to new customers, lower customer acquisition costs or higher customer lifetime values. When you can focus on marketing metrics that resonate, you’ll be in a much better positon to decide on budgets and strategies that will benefit your marketing team—and your entire business—now and in the future.
The Whole Picture
Too many clients don’t emphasize metrics, or single in on one metric they really like but doesn’t really convey the whole picture. One example is email opens. Your open rate is important, but it doesn’t tell you how successful your email campaigns are as much as how good your subject lines are. It’s important, but it’s only one small piece of the pie.
Pick out the metrics that show you results, and track them regularly. It’s tempting—and dangerous—to trust your gut. Plenty of people have felt their efforts were paying off while their business slowly slid into oblivion. Others gave up on marketing that was actually starting to work. Don’t be that business owner. Track your metrics. Capture and dazzle those leads online.
- The cost of leads online
- Marketing percentage of closing leads online
- Ratio of customer lifetime value to converting leads online
- CAC recovery time after finding leads online
- Marketing originated customer percentage
- Marketing influenced customer percentage