10 Feb Five Essential Marketing Metrics You Should Be Tracking
The field of online marketing is vast and can be confusing for any business owner. There are many different metrics to analyze to help you improve your strategies. If you’re looking to retain more customers, here are a few tactics to try and some meaningful metrics to analyze user engagement.
1. Customer Lifetime Value
Even after a customer completes a purchase, it’s important to continue the relationship. You can reduce churn, keep customers happy, and expand their lifetime value. Here’s a simple way to calculate that number:
Take the average purchase amount, times the average number of sales per year, times the average retention time.
To increase customer lifetime value (CLV), develop campaigns for existing customers. Inform them about new services or products, and provide additional resources that align with their purchase.
2. Traffic-to-Lead Ratio
A beautiful website is the key to instantly impressing your customers, but it also has to offer the information they’re looking for and be easy to navigate. Take a look at where your traffic is coming from and see how often that traffic turns in to a lead. If your traffic numbers are remaining steady or increasing, but your leads aren’t, it might be time to reevaluate your site and change the design, text, forms, etc.
3. Lead-to-Customer Ratio
A beautiful website turns your traffic into leads, but if those leads aren’t turning into paying customers, what do you do? Compare your sales qualified leads to your sales accepted leads and consider the following:
- Is your campaign capturing leads?
- Is your automated CRM passing qualified leads to the sales team at the opportune time?
- What is your close rate?
Talk with your sales team to help fill in the gaps.
4. Social Media Traffic
Social media marketing is complex. There are many channels and it can be hard to not only keep up with them all, but to succeed at them. Regardless of your strategy, here are three main traffic numbers to look at:
- The number of leads from each social channel
- The number of customers from each social channel
- The amount of traffic to your website from all social channels
These numbers provide an overview of your social strategy performance.
5. Paid Ad Conversions
A PPC marketing strategy is a great way to get quick profits. If you’ve been trying Google, Bing, Facebook, and Instagram ads you’re probably looking at a lot of ad campaign metrics. There’s a lot to track here, but the most informative will be the number of conversions a specific ad campaign is generating for you. If you’re not seeing the numbers you want, consider how you can revise your ads.
Measuring KPIs can take a lot of time and effort away from developing strategies and even running your business. One way to increase ROI is to hire a digital marketing agency to complete these tasks on your behalf. Get in touch with L7 Advertising to see how we can help you.