10 Metrics You Need To Be Measuring

Measurement is what makes marketing a science, rather than a superstition. For many business owners, marketing is a superfluous expense, something to spend money on only when the budget is flexible enough to accommodate it. This is because the return on investment on marketing is, in many cases, unpredictable.

Solid metrics give you the insight to overcome this hurdle of unpredictability. If you’re just starting out or you need to overhaul your existing marketing strategy, make sure to familiarize yourself with these 10 marketing metrics:

1. Total Visits. Your main website should be a primary target for your customers and potential customers, but you can also measure total visits to any location relevant to your strategy, such as a landing page for a pay-per-click campaign. Measuring your total number of visits will give you a “big picture” idea of how well your campaign is driving traffic. If you notice your numbers drop from one month to the next, you’ll know to investigate one of your marketing channels to figure out why.

2. New Sessions. A metric found in Google Analytics, the total number of new sessions will tell you how many of your site visitors are new and how many are recurring. It’s a good metric to understand because it tells you whether your site is sticky enough to encourage repeat customers as well as how effective your outreach efforts are.

3. Channel-Specific Traffic. Found in the “Acquisition” section of Google Analytics, your channel-specific metrics will segment your traffic based on their point of origin.The four main channels to keep an eye on are:

• Direct: which will tell you how many people visited your site directly.
• Referrals: which include external links from other sites.
• Organic: which includes visitors who found you after performing a search.
• Social: which includes visitors who found you through social media. It’s an excellent way to gauge the strengths of your SEO, social media marketing, content marketing, and traditional marketing campaigns.

4. Bounce Rate. The bounce rate shows you what percentage of visitors leave your website before further exploring your website. A high bounce rate isn’t necessarily a bad thing.

5. Total Conversions. Total conversions is one of the most important metrics for measuring the profitability of your overall marketing efforts. Low conversion numbers could be the result of bad design, poor offerings, or otherwise disinterested visitors.

6. Lead to Close Ratio. This is less a measure of your marketing efforts and more a measure of your sales success, but it’s important to understand in the context of your total return on investment.

7. Customer Retention Rate. Customer retention can be difficult to measure if your buy cycle is long or if your business revolves around typically one-time-only sales. However, subscription-based services, e-commerce platforms, and most conventional businesses can measure customer retention by calculating what percentage of customers return to your business to buy again.

8. Customer Value. Customer value is a difficult metric to calculate. It isn’t going to tell you the health of your sales or marketing efforts, but it is going to be helpful in determining your overall return on investment.

9. Cost Per Lead. Your cost per lead is dependent on the type of strategy you used for each lead generation channel, so it’s a much more specific metric than some of the “big picture” figures we discussed earlier.

10. Projected Return on Investment. Your return on investment (ROI) is the single most important factor for any individual marketing campaign because it demonstrates its profitability. A positive ROI means your marketing strategy is effective, while a negative ROI indicates a serious need for adjustment.

Source: forbes

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