How can you tell if your marketing strategy is working without tracking the right metrics?
Marketing metrics are an essential part of any successful marketing strategy.
They provide insight into the performance of your campaigns, products, and services. Knowing which metrics to track can help you make informed decisions about where to focus your efforts and investments.
These 20 marketing metrics are some of the most important ones to keep in mind:
1. Conversion rate
Conversion rate is the ratio of visitors who take a desired action (such as making a purchase or signing up for a newsletter) divided by the total number of visitors. This will tell you how many of your prospects are converting to actual paying customers.
Your conversion rate may be the number of times a user clicked a link or button, a monetary value, or number of converted customers compared to overall traffic. It all depends on your goal.
2. Cost per acquisition
This is the cost associated with acquiring a new customer. It includes the cost of all marketing activities, such as advertising and promotions, divided by the total number of new customers. Knowing this number will help you budget for marketing better.
3. Form submissions
Form submissions are just that–the number of times your form was completed and submitted. This may be on a landing page or somewhere on your site depending on how you’ve laid out your strategy. This metric is a great way to measure how many people are taking you up on your offer, however, it won’t tell you how to make your forms better–just how they’re performing.
4. Customer lifetime value
Customer lifetime value is the total amount of money a customer will spend with your business over the course of their lifetime. This is important to know when deciding how much to spend on your marketing budget.
5. Customer retention rate
Customer retention rate is the percentage of customers who continue to purchase from you over time, as opposed to one-time customers.
6. Return on investment (ROI)
ROI is arguably the most important metric to monitor in marketing. This number will let you know if you’re making money back on your marketing investment. It’s essentially your campaign’s profit and revenue growth across all avenues (website, social media, ads, email, etc.).
7. Cost per click (CPC)
CPC is an ad metric monitoring the average cost of each click an ad receives. When you’re bidding on ads, you will set a maximum CPC to signal to Facebook or Google (whichever platform you choose) that you don’t want to pay more than $x per click on your ad.
8. Click-through rate (CTR)
CTR is the ratio of clicks an ad receives versus the total number of impressions it receives. Simply put, the percentage of people who clicked on your ad out of all the times it was viewed. The formula is: CTR = (Total ad clicks/Total impressions) x 100.
Don’t be fooled though, a high CTR isn’t always the goal. If a keyword that isn’t relevant to what you do is receiving a high CTR, you’re wasting money paying for traffic that isn’t going to convert. This is why it’s so important to ensure that your keywords have the proper search intent.
9. Keyword rankings
Every marketer and business owner should be aware of their keyword rankings, as this is arguably the best way to measure your site’s organic search visibility. You need to be aware of what keywords users are searching to find your website. Once you get a grip on their search intent, you’ll be able to optimize for these keywords using SEO.
10. Organic traffic
Organic traffic is the percentage of website visitors who come from organic search engine results. Measuring this metric will show you how well your content ranks for the keywords you optimized for. High organic traffic means you’re doing your job well, low organic traffic means there’s room for improvement.
Reach is the number of people who have seen your ad or content. It’s a popular metric on social media to show you how far your content is spreading, however, what this does not tell you is whether that traffic is relevant.
12. Lead quality
Lead quality is an assessment of how likely a lead is to convert into a customer. High lead quality means the likelihood of conversion is high, low lead quality means they likely aren’t a good fit.
13. Email open rate
Email open rate is the percentage of emails that were opened by the intended recipient. It’s also referred to as email CTR, and is calculated as follows: Email open rate = (Email opens/Emails received) x 100.
14. Referral traffic
Referral traffic is the percentage of website visitors who come from another destination, like social media. This is an important metric to monitor because it tells you which platforms are the most successful at referring traffic to your site, allowing you to focus your energy on those that are working for you and optimizing them for increased conversions and traffic.
15. Number of downloads
The number of downloads is just that–it tells you how much of a digital asset was acquired by users. This will tell you how much interest a piece of content is gaining, and is important to monitor because it shows you what your users like and don’t like when it comes to content.
16. Content engagement
Content engagement is the percentage of people who interact with your content in ways such as likes, shares, or comments–essentially, any way someone takes action on your content or website. This number will give you a good understanding of how effective and interesting your content is. It’s calculated as follows: Engagement rate = (Likes + Comments)/Followers x 100.
17. Bounce rate
Bounce rate is the percentage of website visitors who leave your site after visiting a single page without clicking anything else. Unless you’re using a squeeze page, a high bounce rate is not good because it means users aren’t taking the action that you want them to.
18. Average time on site
Average time on site is exactly that–the average amount of time a visitor spends on your website. The lower their average time spent, the higher the likelihood that you’re bringing in irrelevant traffic. You want your users to stay on your site and read for a while.
19. Impression share
Impression share shows you the prominence of your ads. It’s calculated using the following formula: Impression share = Impressions/Total eligible impressions. Eligible impressions are calculated using approval statuses, targeting settings, and ad quality. Google also takes competitor ads into account when creating this estimate. This metric will help you determine if your ad could benefit from increased spend.
20. Number of new and returning users
Knowing the number of new and returning users on your site will give you vital insight into how your funnel is working. New and returning users act in different ways, and your job is to determine when and where they convert, then adjust your funnel accordingly.
By tracking these metrics, you’ll have a better understanding of how your marketing efforts are performing and be better equipped to make data-driven decisions. But the truth of the matter is that this greater understanding can’t replace decades of experience.
At Bizzuka, our fractional CMOs are fully versed and experienced in implementing proven strategies that work. In fact, all of these metrics are covered in the Calibrate phase of our OPTICS™ Framework.
We’ll optimize your current strategy to help you bring in more patients and retain your current ones. If you’re ready to take your hospital or medical practice to the next level and improve your retention and patient acquisition rates, schedule your free marketing diagnostic consultation with us today.
You can also take our free, 20-question assessment to see where exactly you’re falling short in your present strategy.