As a business owner, you know that tracking your marketing efforts is essential to understanding whether they are successful or not. But with so many different metrics to track, it can be difficult to know which ones are the most important.
In this blog post, we will discuss the top 5 marketing metrics that every business should be tracking. These metrics will help you to understand how well your marketing is performing, and where you need to make changes in order to improve your results.
So, without further ado, let’s jump into the top 5 marketing metrics!
What Are the Top 5 Marketing Metrics?
You know that you need to be tracking your marketing efforts, but you may not know which metrics to focus on. Here are the top 5 marketing metrics that you should be following:
- New leads – You need to be constantly generating new leads in order to keep your business growing. Monitoring the number of new leads that you are acquiring is essential to gauge your marketing success.
- Conversion rate from leads to sales – Not all leads will convert into sales, but tracking the conversion rate will help you to identify which leads are most likely to result in a sale. This information can help you to focus your marketing efforts on those leads that are most likely to convert.
- Cost per advertising conversion – Advertising can be a very costly endeavor, so it is important to track how much you are spending per conversion. This will help you to determine whether or not your advertising is effective.
- Number of new leads – It is important to track not only the number of sales that you are making but also the number of new leads that you are generating. This will help you to gauge the overall success of your marketing efforts.
- Overall ROI – The bottom line is that you need to make sure that your marketing efforts are resulting in a positive ROI (return on investment). Tracking all of the above metrics will help you to do just that.
An in-Depth Look at Each Metric
Of course, you need to track more than just these marketing metrics. However, this is a great place to start and will help you get a better understanding of how your campaigns are performing.
You should also be tracking your website’s analytics, such as:
– How many visitors came to your site
– How long they stayed on your site
– What pages they visited
– What actions they took on your site
This information will give you a good idea of how well your website is performing and whether or not your marketing campaigns are driving people to your site.
In addition to tracking your marketing metrics, you should also be sure to track your sales numbers. This includes:
– Total sales
– Sales by product
– Sales by channel
– Sales by region
This information will help you understand where your sales are coming from and how your marketing campaigns are affecting your sales.
Finally, you should also track your customer satisfaction. This can be done through customer surveys or by tracking customer complaints.
By tracking these marketing metrics, you’ll be able to get a better understanding of how your marketing campaigns are performing. You’ll also be able to make more informed decisions about where to allocate your marketing budget.
Always be measuring the success of your campaigns. This is the only way to know if your efforts are actually resulting in more sales and leads. Use the metrics we’ve outlined here to track, measure, and record your progress.
When you’re first starting out, it can be helpful to track all of your marketing metrics. However, as you get more experience, you’ll likely find that you only need to focus on a few key metrics. The ones we’ve discussed here are a great place to start.
Remember, the goal is to always be measuring the success of your campaigns. This will help you determine which marketing activities are resulting in more sales and leads. Use the metrics we’ve outlined here to track, measure, and record your progress.
Best Practices for Tracking and Measuring Each Metric
Now that you understand the top 5 marketing metrics, it’s time to put them into practice. Here are some best practices for tracking and measuring each metric:
- Track the individual contributions of your blog posts to the overall traffic. This will help you determine which topics are most popular with your readers.
- Track the top 3 marketing metrics for each of your channels – website visits, social media followers, and email subscribers. This will help you gauge the effectiveness of your marketing efforts.
- Measure the value and revenue that each customer creates. This will help you prioritize your efforts and allocate your resources where they are most needed.
- Identify the ways that customers create value for your business and measure the corresponding revenue. This will help you optimize your marketing strategy.
- Track marketing qualified leads, sales accepted leads, and feed subscribers. This will help you measure the success of your lead generation efforts.
Tips on How to Track Your Progress
When managing your marketing campaigns, it is important to track the right metrics to measure your effectiveness.
For example, you should measure the effectiveness of your email marketing by evaluating the right metrics. Keep track of how customers are discovering your website and measure the revenue that is generated from each way they create value for your business.
Additional important metrics that you should be tracking include pageviews, average time on page, average pages per session, returning visitors, and goal conversion rate.
All of these metrics can give you an indication of how successful your marketing campaigns are. Identifying key ways in which customers create value for you will also help to measure success.
Finally, keep track of where customers move throughout their journey as they interact with your brand’s digital channels – this will help to identify potential areas for improvement.
Automation Tools to Track Your Metrics
Automation tools are available to help you track and measure your marketing metrics.
E-commerce marketing should be measured based on total traffic, traffic sources, customer retention, and other tangible values.
Email marketing especially can benefit from being evaluated by specific KPIs, such as open rate, click-through rate, unsubscribe rate, and more. You should focus on the three most important metrics to track for each individual channel you use to market your product or service.
In addition, marketers should keep track of measurable performance value for each channel so that they can showcase its success or failure in their reports.
There are a number of different automation tools that can help with this, including Google Analytics, HubSpot, and more.
Google Analytics is a free platform that provides detailed insights into your website traffic and activity.
HubSpot is a paid platform that offers a free version as well, and provides users with more in-depth data and analysis of their marketing efforts.
Both Google Analytics and HubSpot offer a wide range of integrations with other software, making it easy to track all of your marketing metrics in one place.
No matter which automation tool you choose, make sure you are tracking the right metrics for your business so that you can make the most informed decisions about your marketing strategy.
Final Steps to Help Put Your New Metric Practice Into Action
Now that you are familiar with the top 5 marketing metrics every business should be tracking, you can start to put your new practice into action. To help, make sure you track 8 email marketing metrics & KPIs to measure the effectiveness of your campaigns, 16 key social media metrics to track and benchmark your accounts against industry averages, and understand how marketing metrics show progress over time.
In addition, don’t forget to set up a system to automatically collect and track your data. This will save you time and energy in the long run, and allow you to quickly see which metrics are most important to your business. The best way to do this is to use a marketing dashboard, which will allow you to see all of your marketing data in one place.
Finally, once you have your system set up, make sure you check in on your metrics regularly. This will help you spot trends and make changes to your marketing strategy as needed.
Benchmarking will help provide insight into where you stand with other companies in your industry so you don’t get left behind. With all of this information together, it’s time to see what works best for your business!
There you have it – the top 5 marketing metrics that all businesses should be tracking. By monitoring these key performance indicators, you’ll be able to make data-driven decisions about your marketing strategy, ensuring that your dollars are being put to the best use. And if you need help monitoring or interpreting your data, don’t hesitate to reach out to the digital marketing experts at Basilisk SEM. We’re always happy to help business owners reach their marketing goals!