Essential Marketing Metrics You Should Be Measuring In 2021
Marketing is essential in every business—it's how you attract audiences, attract customers, retain customers, and build up solid brand awareness in the market. But how do you know that your marketing efforts and endeavors are efficient? How do you know that the costs you're spending for your marketing plans and moves are worth it?
Well, if marketing is essential in your business, tracking and knowing the key marketing metrics are also essential in running an accountable and effective marketing strategy.
Why should you track these metrics? Because it's how you measure your performance as a brand and the performance of all your marketing content. Are you on the right track? Are your videos giving you the results you want? Are your ads and posts delivering the conversion you want?
The right metrics are always in line with broader business goals. If you're the marketing head or a very onhand entrepreneur, you must determine first what you want to reach for your marketing content. Do you want to have more leads to your website or more audience conversion? When you already determine that, it will be your cornerstone if the content under that is on track and achieving that goal.
So what metrics should you tap to know that your marketing strategy is working alright? Let's discuss them, one by one, today.
The Eight Important Marketing Metrics
Regardless if you're running a good old marketing strategy or digital marketing strategy, you should keep the following metrics on track. But honestly, the following are better applicable to digital marketing strategies. These are designed to know the efficiency and effectiveness of your digital content.
Metric 1: Leads
To generate leads is hard. But it is the most important marketing task that your marketing team should do for your brand or business. Most of the time, marketing is aimed at producing leads which means people, a lot of people, are interested in what your brand could offer. These people can be potentially converted into your paying customers.
Tracking leads is vital and the first thing you should be doing. You can track this per month or week based on each marketing channel you're actively producing content for, like social media, social advertising, search ads, emails, etc.)
Metric 2: Qualified Leads
Now you know the leads, so the next one you'll be measuring is your qualified leads. What is the meaning of this?
Qualified leads are some level of engagement by which the people engaging with your marketing content are no longer just potentially interested. They replied or engaged to you in any way and they can be handed over to your sales team.
To know the figure for your qualified leads, you can use this equation: qualified leads/ total leads multiplied by 100.
Metric 3: Return of Marketing Investment or ROMI
ROMI is pretty similar to ROI or Return of Investment. But it focuses more on the marketing side. How much revenue your marketing campaign is generating compared to the cost you're pouring into it.
When you calculate ROMI, it should not be less than your marketing investment. Just like profits!
Well, it's not always possible to calculate ROMI and the result doesn't always speak to the true performance of your marketing strategy. Thus, this is why it is just one metric to consider.
Metric 4: Referrals
This is a very important metric to consider, especially when you're measuring a digital marketing campaign or strategy.
You can measure referrals in the traditional way such as manual referral processes, referral cards, and coupons. But for the online world, you can track this metric down by customer sign-ups and friend or followers referral links or codes.
Metric 5: Brand awareness
Brand awareness is when consumers get to be very familiarized with your brand. This is maybe the vaguest metric since it's hard to assess how many people have heard or known your brand. But this is very valuable especially if you have such tight competition in the market.
To assess this metric, tract the number of mentions you have on your social media platforms. You can use various social media monitoring tools like Hootsuite.
You can then match the results from this metric with those of your competitors to have a better knowledge of how you stand, as a brand, in the market.
Metric 6: Testimonials and Reviews
This metric is important to have your name be known in the market through word-of-mouth. Always remember that reviews and testimonials can make or break your sales.
Metric 7: Customer Acquisition
The cost of customer acquisition is how much it costs to convert a lead into a customer. This is the same with ROMI which makes you avoid wasting money on marketing campaigns that don't deliver results.
But just like ROMI, you should not rely on it entirely and overestimate.
Metric 8: Customer Lifetime Value
Customer lifetime value shows how much revenue each customer brings to your business. But not just with a single purchase but throughout the whole relationship. It breaks how many customers you need to eventually make a profit.
Increasing customer lifetime value is highly important. It's usually cheaper to keep an existing customer than to convert new ones.
Metrics Are Needed in 2021
Metrics are vital especially that more audiences are going online. However, you should not focus on one metric alone. The efficiency of a marketing campaign is measured by almost all of the metrics stated.
Marketing is tedious and multifaceted. You should give the same amount of energy and time in mounting a marketing strategy to your measuring. Because these metrics will help you formulate more marketing actions that are effective and adaptive over time.
If you need some guidance, of course, I am here to help you with anything inside the e-commerce world. Feel free to contact me for I am your only most trusted friend in doing online business!
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