Marketing metrics are used to monitor progress over time. It’s called the tools marketers use to record and measure. These measurement models come in many different forms and are used in combination. Most marketers need to be very serious about their goals and carefully select and establish measurement systems that will allow them to track the success and failure of each of their efforts. While there are many metrics that marketers can track that actually work, You still need to focus on what’s really important to each campaign.
Why are marketing metrics important?
According to a Google study conducted in collaboration with MIT, 89% of top marketers use gross revenue, revenue, and revenue to measure the effectiveness of their campaigns. Strategic metrics such as market share or CLV are often used. In addition, some of the benefits of using other metrics include:
Having information to help make decisions.
Knowing which channels provide the highest ROI.
Balancing marketing spend and overall budget allocation.
Increasing the results of the association.
Learning where and how to improve direction changes.
77% of marketers measure ROI in the first month of their campaign and are trying to prove ROI in less time than the sales cycle.55% of those marketers understand that they have a sales cycle of three months or more. Only 4% of marketers even measure ROI over a six-month period or longer. That is, the type of product; type of process; It is necessary to understand this sales cycle based on the set measurement standards.
Are Internet Marketing Metrics Different from Traditional Metrics?
Most internet marketing metrics can be tracked automatically. Be aware that conventional metrics are not always available to view/filter out effects and therefore may produce complex results.
Another big difference: the variety of social media apps; Due to the proliferation of content marketing types and virtual ad space, digital marketing channels are far more numerous than traditional ones.
Both are important; Let me suggest that you should never launch a marketing campaign without tracking the progress of your activity.
How do you define your main marketing metrics?
There are actually several lists that will tell you what you need to track for the process and what you want to look for. In fact, priority marketing measurement systems must be defined and implemented individually for each manager who handles the business and project.
It can still be broken down into two main concepts: goal and focus. Where, what is important and what systems are to be measured need to be chosen and used. (including calculation methods)
What are some examples of key marketing metrics?
Cost per acquisition (CPA)
Cost per lead (CPL)
Customer lifetime value (CLV)
Click-through rate (CTR)
Lead-to-customer conversion rate
Quality of inbound links
Social media engagement
Website conversion rate
MQL to SQL ratio
They are usually measured by the points mentioned above, and if you want to know the details, study them yourself.
You can measure everything yourself, but it is important to carefully understand what you are measuring and why.