What Marketing Metrics Should You Be Tracking?
- Marketing qualified leads
A qualified lead is a possible customer who matches a seller's ideal customer profile even though they have not contacted the company. Each business has its definition of qualified leads. However, the primary meaning is the person who is most likely to purchase your products or services. Qualified leads are essential as they are most likely to pull the trigger and buy your goods and services. Marketing campaigns identify a lot of leads but are unable to qualify the majority. Therefore, it is essential to keep track of your leads.
- Customer acquisition cost
Customer acquisition cost is money you spend convincing the average customer to buy a product or service. To determine how much profit you made from the marketing strategy, compare the average sale to the customer acquisition cost. If the sales are lesser than the amount spent, your marketing strategy might not be working.
- Time spent on the site
Track how much time visitors and your customers spend on your website. It can be they are reading your content or looking for products.
Time spent on-site will help you identify your feed subscribers. Feeder subscribers are potential clients who show interest in receiving your content.
- Return on marketing investment (ROI)
Track revenue that results from marketing campaigns. Tracking of ROI will help you understand the overall cost as well as the campaign’s worth.
- Customer engagement
This shows you what your customers and target customers look for when they arrive on your website. The key metrics are activity time, how frequency they visit and users’ actions.
- Conversion rate
The conversion rate calculates the number of clients who visit a page and purchase your products. Track how many visitors turn into customers after viewing your content online. A high conversion rate indicates that your marketing is on point, and you should continue doing something similar.
- Bounce rate
The bounce rate is connected to the time spent on the site metric. Every time someone visits your home page and leaves immediately, it increases the bounce rate. When the bounce rate is high, it shows that your website or home page is poorly designed or you have focused on the wrong people.
- Customer retention
These are the customers who come back frequently. But, unfortunately, with the competition in the modern world, it is difficult to establish a lasting customer retention rate.
If you need any assistance in analysing your marketing metrics, Anchor Digital is the team to talk to. Visit our website to see our services or contact us for more information