What are Marketing Metrics (and Which Should I be Worrying About)?
Customer and website data is every marketers dream, but do you sometimes feel like you’re drowning in all the metrics?
From Facebook to Instagram to Google Analytics and Adwords, there’s so much to consider. Let us help you decide which marketing metrics really matter and which ones to set aside for now.
Firstly, what is a business metric?
A business metric is a quantifiable measure that is used to assess the effect of a specific business process. Every area of a business, and every area of marketing, has specific performance metrics.
So you don’t have to spend hours swatting up, we’re going to discuss marketing and website metrics in this post.
1. Decide what you want
- What are your business goals?
- What do you want to achieve?
- What do you want your data to tell you?
These are key questions to keep in mind when analysing data and looking at marketing metrics. If you don’t know what you’re looking for, it will be very hard to effectively use the data available to you.
2. Create a strategy and focus on 4-5 KPIs at a time
Now you’ve decided what’s important to you, it’s time to narrow that down and focus on just four or five KPIs (Key Performance Indicators). Depending on what you’re looking for, we’ve put some suggested metrics below:
Sales – website visits, conversion, cost per acquisition, revenue, profit
Engagement – social shares, click through rates, social likes, blog comments, social comments
Profit – cost per acquisition, sales, revenue, profit, ROI
3. Use other metrics to dig into your data
Now you’ve chosen your most important metrics, you need to assess what’s working and what isn’t. Which of your metrics is performing and which isn’t doing so well? Now’s the time to use other metrics to decide why you’re seeing these results. For example, if you’re seeing a reduction in your conversion rate it might be because you’re suddenly getting a lot of traffic to your website. If this is the case, where is the traffic coming from? Are they likely to buy from you another time? Has the traffic interacted with your brand in some other way? Or is there a certain web page with high exit rates which is causing them to leave your website without converting?
4. Build reporting into your daily schedule
It’s important to look at your metrics every day. A great way to start is to take 30 minutes every morning to look at the reports and analyse your metrics. Where are you doing well and what can you adjust slightly for tomorrow?
If you want to find out more about marketing metrics visit www.proofmarketing.com.