Are you trying to make the most of your marketing efforts but don’t know how well they’re performing? Alright, well, we are going to get a tad technical in here, but stay with us! We promise we will help break this down for you so you can see success in your marketing strategies. Come with us on a journey to unlock the true power of your campaigns and measure their success through key marketing metrics. So stick around and read on as we discuss five key marketing metrics you should be tracking in order to measure success!
Cost per Acquisition (CPA)
How Much Did it Cost You to Acquire a Customer
Cost per Acquisition (CPA) is one of the metrics that matter most for marketers. It measures how much it costs to acquire a customer, which makes it an invaluable tool when tracking marketing metrics. Understanding CPA helps marketers optimize their campaigns and adjust them to get the results they want in future ones. Anything from spending less money on ads or focusing on different channels can be used to modify CPA, making it a vital feature of any marketing campaign worth its metrics.
Return on Investment (ROI)
How Much Money Was Earned Back From Initial Investments in Marketing Campaigns
When it comes to our marketing campaigns, we’re always interested in cashing in on our investments––literally. That’s why we track and measure ROI; to make sure that the money we initially put in is returned in spades. We keep a close eye on cpc (cost-per-click) tracking and other metrics to quantify our success. After all, when you invest your hard-earned money into something, you want to be assured of the payoff!
Conversion Rate (CR)
The Percentage of Visitors Who Take an Action on Your Website or Landing Page
Knowing how to measure the success of your marketing campaigns is key – enter conversion rate (CR). CR shows how many of the people who have visited your website or landing page have completed an action. It could be signing up for an email list, buying a product, or downloading an app – all ways conversion rate helps you track how effective your campaigns are and how engaged customers are. Keep tabs on customer engagement metrics in combination with how well you’re able to reach your desired target audience and voila – you’ll know exactly how well your marketing strategies are performing!
Click-through Rate (CTR)
The number of Click-throughs Compared to the Total Number of Impressions Generated
Click-through rate (CTR) gives important insight into engagement metrics, helping marketers understand how many people are interested enough in a piece of content to actually click on it. CTR is like the click to open rate for an email – how enticing does an email have to be in order for someone to take further action and click through? CTR measures engagement and helps marketers determine how to create better content that resonates with their target audience. Although there are other conversion metrics such as sales, revenue, impact and engagement that measure marketing performance, CTR helps provide quick insight into engagement at the first point of contact.
Engagement Rate (ER)
The Level of Engagement With Content, Measured by Likes, Comments and Shares on Social Media
Engagement rate (ER) is one customer engagement metric that marketers and agencies look to for understanding the customer’s reaction to digital content. This metric measures response and customer interaction with posts, articles or videos – likes, comments and shares on social media – and gives a quick understanding of how successful campaigns have been in terms of customer engagement. Although it may appear simplistic on the surface, an accurate interpretation of this metric takes into account the customer’s behavior to uncover their response to your brand or product over time. The modern savvy customer responds to what resonates best with them, so it’s important for brands to keep track of ER as well as other engagement metrics.
Tracking marketing metrics can provide vital information about different aspects of your campaign progress. Both new marketing efforts and years-old strategy can benefit from the essential key marketing metrics to help adjust your strategy accordingly. And if you ever find yourself stuck, remember that Curiosity Marketing Group is here to help! From keeping track of cost per acquisition to improving click-through rates on social media posts, we leverage our expertise in the industry and tailor our approach to fit your individual needs. So don’t hesitate – contact us today for the metrics that matter!