Top Metrics to Track for Marketing Performance
It’s undisputed that tracking your performance is key to a successful marketing campaign, but no one can track every metric that’s available to them.
That’s why it’s important to define your marketing and campaign objectives in order to pick and choose which metrics will be most relevant to you.
At OtherBirds, we’re an advert agency that is obsessed with data. Some of the gurus among our ranks could make your head spin with analytics that can all be traced back to the success of each campaign.
However, for the sake of digestible data, this copywriter will attempt to explain things in far more friendly terms.
If you need further explanation or to plug in our performance analysis to your business, get in touch today.
If a conversion is defined as a user making a purchase with you and being converted into a customer, then conversion metrics measure how effective you are at converting traffic into sales.
An example of this could be conversion rate:
<h3> % = (# of conversions / # of clicks) x 100
Another example could be your click-through rate or subscriber rate on emails or social media.
All of the above are helpful options that will depend on your goals. If you’re simply aiming to increase your following and brand awareness, then creating sales from traffic may not be on your radar just yet.
If you are concerned with sales, another interesting data point is your value per visit, or customer lifetime value (CLV). This calculates how much each customer is worth to your business and reveals if they are worth the dollars spent on retaining them for the long-term.
CLV can be compared to your targeted ad spend and from here you can determine if you are making or losing money on a given customer segment.
Before you ever have the chance to convert a customer, you’ll want to consider how you attract people to your business.
In the digital age, this revolves around the practice of search engine optimisation (SEO).
To measure if your ads, social media, content and metatags are hitting the mark, the metrics of note are website visitors, page views, bounce rate and session duration.
A high number of website visitors would indicate that your website is well optimised and appears high on Google’s search results pages.
The latter three metrics are good indicators of how reliable the information presented by Google is. If the title tag and meta-description are consistent with the landing page content, then a user is more likely to continue navigating your website.
If it is inconsistent with the search result and they can’t find what they are looking for or what they expected, then a user is likely to “bounce” and return from whence they came.
This would lead to short sessions and ultimately a drop in conversions.
If you ever notice a drop in these metrics, reflect on your content and consider the customer journey towards and into your website.
These are actually the metrics that the layperson would be most familiar with, as we are exposed to them every time we use social media.
Likes, reactions, shares, comments, follows, subscriptions and saves – you name it. The platforms that dominate our digital lives are doing so because they have nailed the recipe for digital engagement.
Metrics like this are great for understanding brand awareness, reputation, loyalty and reach.
Most platforms provide all kinds of analytics on engagement statistics including location, age, who visited your profile, engaged with your website and so on.
These metrics can be used to understand what kinds of posts your audience relates to and feels inspired by.
Likewise, statistics like open-rate, click-through rate, unsubscriptions and subscriptions can both give a good indication of how effective your email marketing strategy is.
If your audience isn’t engaging, then what is it all for? Tinker until they do and slowly you’ll find that your campaign objectives are within reach.
Like we said, the OtherBirds team is obsessed with data. It’s the doorway to a successful campaign and we hope this blog has shown you why.
If you’re still questioning which metrics are right for your business, get in touch and our performance team can talk you through a strategy that reaps rewards.