14 Metrics You Should Be Obsessed With To Measure Your Marketing Moves
The world is changing by leaps and bounds. Gone are the days of 80’s and 90’s when marketing a product had only three rooms to maneuver- newspaper, TV, and radio.
Time to cherish the digital marketing age, where measuring the metrics and other relevant analytical data is not just a snap but a paramount move towards success.
Why: The dire need to measure and dole out the digital marketing efforts as competently as possible has elevated tenfold?
Answer: The answer being the changing business landscape that is evolving like a shot.
Measurement is not a fallacy or a false notion, but a poignant and thoughtful step-by-step calculation that makes marketing a science. For too many, including those with whom you have worked with, marketing is a redundant expense, which can only be afforded when:
• The budget can put up with it
• Necessary to outshine a competitor launching a similar product/service
Such a pre-conceived notion about marketing has prevailed on account of unpredictable return on investment.
Call it luck or hard work; your particular advertisement can be a big hit, filling your kitty with thousands of potential clients, or it can be a seeming dud and just add up as a complete waste of time and money.
Risk is inevitable.
That is why Measure Marketing Metrics.
Imagine you are blessed with a team of highly talented online marketers for your project, somewhat the best of its kind. On top of it, you have already cooked up a well-documented marketing plan and everything is in sync, waiting to be executed.
News flash: Your marketing strategy is not ready yet. All the available elements are duly required, but without the magical component, your marketing plan will fall like a house of cards. The magical ingredient is measurement- it is imperative to evaluate your selected marketing metrics to chalk out the effectiveness of your efforts, and eventually shooting up your return on investment (ROI).
The enduring list of Metrics
To be more exact and precise, there are more than hundreds of statistics, numbers and analytical combinations that can provide a deep insight of your marketing endeavors and customer feedback, however, not every one of them is going to do the trick for your marketing strategy.
Having said that, there are 14 key metrics that are universally applicable for measuring the digital marketing effort, and here goes the list.
1. Total number of visits
What- The total number of visits in your website, especially the landing page, provides the idea how your particular marketing campaign is doing.
Why- Your website is the main target for viewers and clients, especially the landing page. Calculating the total number of visits on your website will confirm its possibility, for a pay-per-click campaign and the traffic it’s driving.
Note: If the number of visits drops significantly within a month, it calls for immediate probing of the marketing channels, to rule out the cause.
2. Total number of new sessions
What- A useful metric originating in Google Analytics, which provides the marketer with the information of the total number of new and recurring site visitors.
Why- This metric gives a quick understanding if your particular site has the magic to glue the customers once visited and compel them to visit again, as well as how successful it is to reach out to new clients.
Note: If you change the content or anything of that importance in your website and the ratio of reappearing customers to new visitors face a steep decline, it’s a clear sign that the website is losing its charm and needs a facelift.
3. Bounce Rate
What- This metric displays the percentage at which visitors, who can be potential clients, jump from your website to another one, before exploring further.
Why- Typically, the bounce rate is expected to be near to the ground, since the more number of times a visitor spends on a particular website, the more it is likely to transform the visitor into a potential client.
4. Channel-oriented traffic
What- Found in Google Analytics, channel-specific traffic will divide the traffic based on their source.
Four main channels to focus on:
I. Direct visitors- These are visitors who type the URL in the browser and visit the website.
II. Referrals- Such visitors arrive after getting a reference of the URL from another website or blog.
III. Search- Such visitors usually have a query and arrive at your website looking for answers
IV. Social Media- For those websites who have a social media existence (which is quite common these days), visitors drop into their website from social media platforms.
What- Considered as a vital metric that is put to use to evaluate the overall profit earned on account of all the marketing efforts.
Why- Conversions is always considered as a proven success in the eyes of an efficient online marketer. In tune with this, low conversions are signs of bad offerings, uninterested visitors, and poor design.
6. Cost per conversion
What- Based on how you describe the conversion this metric is called as cost per referral or cost per lead. However, the overall metric is highly significant since it eventually concludes your margins.
Why- A high cost per conversion can eventually result in a conversion to turn downbeat if the cost exceeds the net income.
7. Lead to close ratio
What- It is a perfect measure of the sales success and a limited manifestation of your marketing endeavors, however, it is vital to comprehend the total ROI (Return on Investment).
Why- In the absence of an adept and adequate sales follow-up, leads acquired via marketing are not of any use at all.
What- Unanimously viewed as the single most crucial factor for any marketing campaign, ROI (Return on Investment) metric exhibits the profitability quotient. ROI is calculated by comparing the cost per lead against the lead to close ratio and evaluating that figure against your average customer value.
Why- A positive ROI signifies a successful marketing plan, while a negative ROI indicates the imminent need for fine-tuning of the marketing strategy.
9. Click-Through Rates
What- In case of paid ad campaigns and email marketing, measurement of CTR (click-through rates) is significant.
Why- In a PPC campaign, an unexpected higher CTR can considerably reduce the cost per click, while a lower CTR can drive costs significantly higher.
10. Mobile Traffic
What- With the rise of mobile use in the market, it will be considered as a careless attitude not to monitor mobile visitor metrics, in order to understand this segment of customers and step-up your conversions.
Need to know- You need to take care of the following aspects when it comes to mobile traffic. Such aspects include- the percentage of traffic that is mobile, the browsers and devices used, their source (organic, social, or direct) and what type of content are they accepting.
11. Minimum time on site
What- This metric answer the questions such as- is your site reaching the customers, are you interacting with them and are they spending enough time on your site?
Why- Generating too many page views does not end your task. Strengthening the level of confidence of your customers on your brand and how they look forward to your developments is what matters. For a bigger picture, this metric is used together with page views and bounce rate per visit.
12. Keyword Ranking
What- Keyword ranking performance metric evaluates the keyword rankings of your site and analyzes how diligently your SEO efforts are taking organic search traffic to your particular website.
Why- This metric gives a complete overview of keywords used and to be used. It indicates whether your website has the capability to up your game and enhance your ranking or score on new keywords. In this context, SEO plays a major role, which points out other essential factors, required for the success of the website.
13. GCR metric
What- Goal Competition Rate (GCR) metric evaluates the total number of people that achieve a particular goal, like signing up for a mailing list.
Why- Considered as an important aspect of the purchase funnel, GCR is a marketing metric that normally exhibits the conversion rate from the awareness stage to consideration stage.
Note: For website optimization, GCR metric is used.
14. Rate of return for visitors
What- When it comes to measuring customer engagement for a website, this metric perfectly suits the need. A higher rate of return for a particular keyword or set of keywords is a reason strong enough to focus more strongly on those visitors.
Why- Contemplating that visitors browse the web just like they do in stores is a reason strong enough to focus on those return visitors. It is often seen that keywords with a high rate of return visitors typically impact the sales cycle.
Routinely checking all the above-mentioned metrics will ensure that your digital marketing campaign is on the right track. With time, you can alter and modify your approach and strategy, closely examine which tactic works wonders for you, and eventually, a sturdy and sound marketing strategy that can generate adequate leads for you and wrap your marketing costs resulting in significant profits will come into play.
Still wondering which metrics to use? Join hands with SPIN and put a nip in the bud of your woes.
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