There are lots of metrics you can track regularly. You can monitor your visits, sales leads, and customers from all of your marketing activities. You can check how much revenue you are generating. You can monitor the performance of your calls-to-action. If you want to see if you’re getting any inbound links to your site, you can check. This is just the beginning — there’s so much more that needs to be done.
You don’t need to look at all your metrics every day. You only need to look at some of them every week. Some metrics do not require as much attention and you will only waste time if you check them frequently.
This post will help you understand which metrics you should pay attention to and how often you should check them.
Your “True North” Marketing Metrics
The number of visits to your website from an outside domain is determined by the number of times someone clicks on a link to your website from another site. The metric allows you to see how successful your website is in terms of attracting visitors who could potentially be customers for your business.
You should check your progress regularly to ensure that any setbacks don’t impact your goals for the month. If you check this daily, you can fix whatever is causing the decrease in visits immediately, so the rest of your week or month is not affected.
Number of Leads
The total number of leads tell you how many people who are interested in your product or service are visiting your website. When someone visits your website, they are not required to fill out a form or download a piece of content you have created. If someone becomes a leader after visiting your website, you must be doing something right.
Leads are another metric that should be checked daily, similar to visits. If your lead goals are affected by changes made in a single day, it could jeopardize your agreement with the sales team. The lead report for each day can tell you if your website is functioning properly. If you change a link on your homepage, you might see a dip in the number of leads you generate that day. monitoring your information regularly can help you quickly identify and fix problems so that the rest of your month is not impacted.
Leads and Visits Per Channel
It is also important to know the metrics for visits and leads generated from your website broken down by different marketing channels.
“Look at the number of leads that you are generating by channel every day to make sure you are on track to hit your goals at the end of the month,” says Amanda Sibley, HubSpot’s Campaigns Manager. “If you see that one channel is performing better than expected, you may want to invest more time and resources in that channel to hit your goals.”
You may have to wait longer than a day to see results from some of your campaigns. We’ll talk more about that in the next section. You may be able to see results immediately based on each channel. Use this information to determine how you should allocate your team’s time and resources. Should they focus on sending another email? Or should they focus their efforts on social media? Perhaps they should focus on creating more content to impact organic search results.
This information will help you make mid-week changes rather than waiting until the end of the month. By then, it may be too late.
Some campaigns you run may require more in-depth analysis than just checking on the number of visits and leads generated. For best results, you should check your metrics once a week rather than every day.
Suppose that you launched an ebook on Monday. You sent an email to your target audience that day, promoting it. You also tweeted to help with the promotion. You have other promotional activities planned for the rest of the week. You’re all set for your ebook launch! You have some blog posts ready to go, some external websites writing about your ebook, and some paid ads going up. It will take more than one day to see if the campaign was successful. You will have to wait until the end of the week for all the promotional activities to be completed.
You should adjust your campaign based on what you find each week. At the end of the week, see how many leads have been generated from the campaign and whether they are high quality leads. See the conversion rate of the landing page. You can view how each of your marketing channels performed while promoting the offer by checking the performance of each channel. And repeat this every week of your campaign.
“If you’re running a long campaign where you have promotional activity going on over a month or even a quarter, it’s still important to look at your campaign metrics every week. It can help you be agile and adjust your tactics based on the data,” says Laurie Aquilante, HubSpot’s Corporate Marketing Manager. “For example, let’s say you are running a month-long campaign about an upcoming event. You might find that for this campaign, your social messages are driving more conversions than your paid ad spend and as a result, invest more in social channels.”
It takes time to create content that will attract an audience and develop a brand for your company. If you keep creating great content, eventually other people will start linking to your website. This will increase the number of inbound links to your website and also help improve your ranking for certain keywords.
If you check your inbound links every day, you may get frustrated. The numbers aren’t going to move too often. If you check them on a weekly basis, you will gradually pick up a few skills. First, you will be able to see how quickly your inbound link number is growing. The amount of content you have will affect how quickly this number changes. You will learn more about the content that is more likely to get you inbound links, which is beneficial for your website. If you want to increase the number of inbound links to your website, you should publish content in the future that could earn valuable links.
How much money your marketing is bringing in is probably the most important thing to measure.
Why? A marketing campaign can generate a lot of traffic to your website or engagement on an Instagram post. If it’s not making money, it’s not working right.
If you want an unbiased perspective of how your marketing is doing, you should look at how much revenue it’s generating. You can justify investment in a particular channel if it’s contributing to cash flow and overall growth. This means that the channel is bringing in money and helping the company to grow.
An important tip for business owners is to keep track of their cash flow. This will give them an idea of how well the business is doing overall. The financial statements also provide insights into the inflow and outflow of cash within the business. This is important in order to understand and make sound financial decisions. Understanding cash flow and how to track it is essential for the success of any new business. Many businesses fail because they run out of cash, so tracking cash flow is a vital part of business management.
Customer lifetime value (CLTV)
Knowing how much each customer is worth to your business over the course of their relationship with you is essential to understanding the success of your company. When you understand your average customer lifetime value, you can calculate the true return on investment of your marketing efforts.
CLTV is typically calculated by taking into account how much a customer spends with you on average each time they buy, how often they buy, and how long they’re a customer. Here’s a step-by-step process to calculate this:
- First, calculate your average purchase value by dividing the total amount of revenue over a year by the number of purchases over that same period
- Then, calculate the average purchase frequency rate by dividing the number of purchases above by the number of individual customers who purchased
- Next, calculate customer value by multiplying the average purchase value (see step 1) by the average purchase frequency rate (see step 2)
- Now, calculate your average customer lifespan, which is simply the average number of years a customer does business with you
- Finally, calculate CLTV by multiplying customer value (see step 3) by the average customer lifespan (see step 4).
Customer acquisition cost (CAC)
It is now easier to track marketing costs as more companies are advertising through digital channels instead of traditional methods. You can make better strategic decisions for your marketing by calculating how much it costs to acquire a customer.
It is important to have a digital marketing plan if you want to connect and engage your target audience online. To calculate your customer acquisition cost (CAC), simply divide the total amount spent on a marketing channel or campaign by the total number of customers acquired from that channel or campaign. For example, if you spent £10,000 on Facebook Ads and generated 2,000 customers as a result, your CAC would be £5.
CAC can often seem like a large number, especially if margins are small. This is why calculating and optimizing your CLTV is important. This will be discussed further when ROI is covered.
Cost per lead (CPL)
In addition to calculating your customer acquisition costs, it is important to also calculate your cost per lead. The amount spent on a marketing initiative is divided by the number of leads generated to calculate the CAC.
This, along with CAC, is useful for several reasons. The tool will first check to see if you are generating leads at a rate that can be sustained. It will also allow you to focus on individual stages of the funnel to reduce your cost per lead while improving conversions.
Let’s use Facebook Ads again as an example. The cost per lead would be £2 if you spent £10,000 on ads and generated 5,000 leads.
If you wanted to reduce your cost per lead, you could try a couple of things:
images. You can reduce the cost-per-click of your Facebook ads by making your copy more relevant and creating better images.
To improve your landing pages and increase conversions, work on the following elements: -The headline -The subheadings -The images -The CTA buttons -The value proposition -The layout
Use these critical metrics to improve marketing performance.
One way to get more traffic to your website is to use Facebook. While it’s just one of many social media channels, it can be a powerful tool to reach new audiences and generate both paid and organic traffic.
Marketing return on investment (MROI)
Finally, there’s your marketing return on investment. This can be calculated in one of two ways:
- Dividing the amount spent on marketing (overall and across specific channels) by revenue generated
- Dividing the amount spent on marketing by CLTV
This first perspective provides an accurate and unbiased view of your marketing. It tells you how much money you’ve made from your marketing campaigns. You should still calculate your future revenue and investment using CLTV to help make sure your marketing investment is justified.
How much web traffic are you getting to your site each week or month? If you take a step back and look at your website’s visitors as a whole, you can glean valuable insights about things like seasonality, trends, and your top-performing channels or content.
There are several web analytics tools on the market that can provide this data. Google Analytics is one of the most popular free and easy-to-use options. There’s also Statcounter, GoSquared, Matomo, and many more. Consider your choices, study them, and elect one that jibes best with your business objectives.
Let’s start with overall traffic. The graph displayed shows how many visitors your website had over the course of a year. Were there any changes in the data across a certain month? By be aware of seasonality trends, you can plan for the following year.
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