One of the most important skills of a marketer is using data.
Tracking and analyzing data and using it to make decisions is how you bring value to any business, whether it’s your own operation or you work for someone else.
But not all metrics are created equal. Not everyone runs the same campaigns or offers the same incentives. Some data isn’t worth tracking and other data is key.
So let’s look at 10 metrics every marketer needs to care about.
1. Web Traffic
While it’s true that just getting people to your website may not be the most important metric, it’s still vital to track your web traffic. Before embarking on a digital marketing campaign, for instance, you need to know what’s working and what isn’t on your website.
Google Analytics will help you track key data like page views, demographics, bounce rates, and more.
Knowing who comes to your site and what they do when they get there will help you make decisions to improve your site, and inform the planning of any campaign.
2. Visit Rate
The next step is to measure what content brings the most visitors to your website.
For instance, you can separate your content into several categories, such as different topics, and then see the total number of visits generated by each topic. That helps determine key subjects when working on a content strategy.
Let’s use an example for our discussion. Let’s say you own an online outdoor clothing store. You can examine your various topic buckets such as dressing for winter; what boots are best in the spring; or how to layer for warmth. Most popular topics can help determine what content to produce in the coming quarter.
3. Keyword Traffic
Dig deeper into your traffic by determining how keywords related to your business perform in searches. In other words, what words and searches are bringing traffic to your site?
If you have several keywords that are bringing the most traffic to the site, create more content with those keywords to drive even more traffic.
In our example, perhaps “winter boots” are the keywords bringing in the most traffic, so your content strategy can be focused on including the keywords winter boots, best winter boots, how to buy winter boots, etc.
Be sure to monitor continually, as the focus can change. Popular content for the outdoor clothing store in our example can change with the seasons, for instance.
4. Landing Page Conversion Rate
Next up is developing an understanding of your best landing page. In order to do that, you measure the conversion rate for your landing pages.
To understand the performance of your landing pages, you need to look at bounce rates, or how often customers leave the page; click-through rates, or how often customers click to perform the action you want (sign up on a contact form, get to the sales page, etc.); and, conversion rate (make a purchase).
By looking at the metrics for your different pages, you’ll get an understanding of what works and what doesn’t work on your various pages.
5. New Contacts
So you’ve got leads coming to your relevant landing page, but how many of them are new? Creating a contact form and then tracking how many new visitors fill out the form will help you know how many people are being attracted to your business.
Here’s the kicker:
That contact information can be used in an email marketing campaign.
6. Click-Through Rate
Having a call-to-action button is one way to get viewers to your landing page or your contact sign-up form.
And then measuring the click-through rate, or how often the action is followed through, gives you a measure of the value of the call to action.
If it isn’t performing well, perhaps it needs to be adjusted in terms of content, size, color or position on the page.
7. Social Media Metrics
Social media platforms have great potential for your business, but like anything, you need to measure whether the effort is paying dividends.
To do that, you can use Google Analytics to track your social media reach, or you can use the analytics in the platform itself, like Facebook Insights, for instance.
So what are you looking for? Here are two good social media metrics to track:
- Social shares to measure engagement. When a user shares or re-tweets your content to their network, you’ve basically created a supporter in an organic manner. Lots of shares means you’ve created valuable content, a powerful way to determine what content works.
- Even better – comments. It shows the user actually read the entire post and felt strongly enough to comment on it. After all, people can share content without actually reading all the way through. If they comment, you can be confident they read and enjoyed it.
8. Email Marketing
If you undertake an email marketing campaign, there are important metrics to determine what’s working.
Here are the best ones to track:
- Delivery rates: how many people got the email?
- Open rates: how many people opened the email to read it?
- Click rates: how many people followed through on the call to action in the email by clicking through?
- Conversion rates: how many people followed through on the desired action once they clicked through to the landing page?
In our example, your outdoor clothing store is having a sale on winter boots, with incentives for the customers that have signed up on your contact page. After sending out the email, you can measure each of the steps to see whether the campaign was successful.
If you’re losing customers at one of the steps, you can make improvements to that step.
If customers are opening the emails but not clicking through or making a purchase, maybe the content of the email needs to be improved.
If the emails aren’t getting delivered, you need to clean your email list to ensure you’re reaching as many potential customers as possible.
9. Close Rate Per Channel
So you’ve got a handle on several channels, such as content and social media and email marketing, and you’re tracking each one of them.
Then you need to measure the success of each of the channels in terms of actual customer acquisition, and compare them.
By tracking the close rate per channel, you know what channels are best for customer acquisition. If your content strategy is bringing in the most customers who make purchases, you can dedicate more resources to that channel. Or, if social media is bringing in more customers, that’s your go-to for focus.
You can also dedicate resources to a channel that isn’t bringing in enough leads, to try and improve performance and increase the close rate for that channel.
10. Customer Acquisition Cost
Finally, you need to have a handle on how much it costs to attain a new customer.
To get this metric, take one month’s cost for marketing and divide by the total number of new customers. If your acquisition cost is too high, or continues to increase over time, you need to make changes to bring that cost down.
Your marketing efforts need to be monitored to ensure you’re dedicating resources in the right areas. The goal of marketing is customer acquisition, and if that isn’t happening consistently, changes need to be made.
These 10 metrics will help you monitor and improve your marketing efforts so you can improve the bottom line of your business.