“Measurement is the first step that leads to control and, eventually, to improvement”.
Measuring your marketing success is must to get to know the effectiveness of your marketing campaign. While measuring the success of your marketing campaign you should consider metrics, as it provides deep insights into your performance.
Metrics are the best indicator to let us know that which idea we should be replicating and which needs improvement.
To measure and, accordingly improve your marketing strategy it is necessary to know which metrics to track and analyze. So, here we have gathered the significant ways for marketing measurement.
1) Measure the Number of Unique Visitors
Unique visitors are the number of visitors that visit your site during a particular period of time and every visitor is just counted once. This metric works as the best indication for calculating the overall traffic of your website.
2) Calculate Number of Click-through Rates
It is the important metric for measuring ad performances and provides a broader view of how well are you attracting visitors. A good CTR indicates that user find it helpful and relevant. By looking at your CTR you can get to know how successful your keywords are and which one needs to be improved.
CTR is the number of clicks divided by the number of impressions. For example, if you have 8 clicks and number of impressions is 1000, then your CTR will be 0.8%.
3) Calculate the Bounce Rate
Bounce Rate is the percentage of visitors who arrive on your site and leave or bounce immediately before clicking on any other page of your website. For example, if a potential visitor find outs your homepage after searching for your company and leave immediately without clicking on any other link on your website.
You should keep your bounce rate as low as possible. If your bounce rate is less than 40% then it is considered to be good. It can be calculated with the help of Google Analytics.
4) Track KPIs
KPIs are Key Performance Indicators that help you understand whether your company is getting desired success or not. And, if it is not getting the desired results, then what are the areas where it needs to work. So, the main aim of KPIs is to bring improvement.
Tracking KPIs can be measuring number of sales, calculating number of customers and total revenue. And, KPIs may vary from company to company according to the type of business they are into.
5) Measure Conversion Rate
With the help of Conversion rate you get to know that how successful you are with your marketing efforts that whether you are able to attract qualified visitors to your site or not and how your website is convincing those visitors to go with your products and services.
Conversion rate can be calculated by dividing the number of visitors to the total number of leads generated from your site. High conversion rate is the indication that you need just few visitors to get same number of qualified leads from your website.
6) Figure out the Cost to Acquire a Customer
Customer acquisition cost is the most important key metric while measuring the effectiveness of marketing campaign. If your cost to find a customer to convince a customer is too high, then it won’t be viable for your business in long term.
Customer acquisition cost can be calculated all the costs spend on acquiring the customers divided by total number of customers acquired.
7) Track how Landing Pages are Ranking in Search Results
Tracking landing page rankings on the SERPs (Search Engine Results Pages) has become one of the essential metric for calculating the success of your marketing campaign. A landing page is the page that you want your visitors to land upon when they search about your products and services, so it is important to track that whether your landing page ranks high in SERPs or not.
This metric can be tracked with the help of Google Analytics.
8) Calculate the ROI
ROI is the most important metric as by tracking it you can measure how profitable your past expenditure has been. While calculating ROI you not only measure hard costs but also the revenue. So, with the help of this marketers can wisely choose what measures they need to take in their business.
Return on investment is the incremental gain from a business operation divided by its cost. It can be calculated by dividing return on an investment with total cost of investment.
9) Measure Customer Retention Rate
The key metric to know whether you are able to keep your customer happy and engaged with your brand is by calculating the customer retention rate. The objective of your marketing campaign should always be to keep the customer retention rate high always.
It indicates the percentage of customers who have stayed with your company over a particular period of time. And, there is no standard formula for calculating the customer retention rate.
Keeping a regular check on these metrics will help you gain a deep insight on the success of your marketing campaign. So, now easily measure the effectiveness and make changes in your marketing strategy to get effectual results.
Learn from real practitioners not just trainers.