Think you've prepared an intelligent, engaging, and effective marketing campaign? Do you think your landing page will help you acquire valuable leads? Exactly. "You think" and "it seems." While it may sound harsh, your guesses are worthless unless you back them up with hard data. Marketing metrics and their analysis are a key source of information for every effective marketer. What should you measure and how? Check out the most important information.
Marketing metrics – what for?
Why measure at all? The answer seems obvious. By analyzing key performance indicators (KPIs), including:
- you get measurable results of your work marketing activities,
- you can see which of the published content performed better and which performed worse,
- you can precisely calculate the translation of marketing costs into profits from finalized transactions,
- It is easier for you to plan subsequent promotional campaigns – to better adapt them to market requirements.
The problem, however, is that with the development of tracking and analytical tools, the number of metrics has also increased significantly. Each one is, of course, important. However, it can sometimes be difficult to wade through the maze of numbers and percentages. Therefore, it's worth knowing which metrics— available, for example, in Google Analytics , on a Facebook fan page's administration page, or in CRMs—really contribute to assessing the results of marketing activities. So, let's discuss the most important ones.
Different marketing metrics for each message type
Remember that when it comes to metrics important from a marketer's perspective, there's no single, universal set of key metrics. There are no metrics that will be relevant in every situation. This is because the interactions with the recipient of each type of content released online are slightly different. For example, on a landing page, you'll monitor data related to lead generation, but in organic social media activities, you'll focus more on user engagement with your posts. Therefore, choose metrics for each type of marketing message you're sending out. The metrics depend on the campaign's goal.
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What to measure when analyzing website effectiveness?
When looking at website traffic , it is worth paying attention primarily to:
- traffic volume on the website – the following are important: the number of page views, the number of unique website users and the percentage of those returning to the website,
- average time spent on the website and bounce rate (Bounce Ratio) – this will show you whether the prepared content engages users enough to make them want to read the information in more detail, or whether it turns them off immediately,
- Traffic sources – how did users find your website: by entering its address in a browser, through a search engine, or perhaps from social media or other external links? This will help you prioritize your website promotion across various channels.
- Conversion rate – the number of website visitors who took the action you expected. For example, on a landing page, this would be leaving a lead;
- the ratio of leads to conversions – that is, how many of the people who initially expressed interest in your offer went through the entire marketing funnel,
- cost of acquiring a lead/customer – i.e. the proportion between the amount of expenditure on a promotional campaign and the results obtained.
It is also worth making a "heat map", i.e. checking which areas of the website were particularly popular with readers - so that any necessary changes can be made to the layout and the reach and conversion rate can be increased.
Analysis of marketing metrics in social media
Slightly different metrics are important in social media . It's an equally important marketing communication channel, strengthening brand image and generating sales leads. But what proves that your Facebook page activities are yielding results? The metrics that should draw your special attention are:
- number of views (reach) – the key is of course the organic reach, i.e. the one that was achieved without reaching for paid promotion,
- The number of clicks on a post will show how interesting the information you presented on Facebook or Instagram was to the recipient. Each click is evidence of initial interest in the communication and that the post caught attention rather than being scrolled away.
- leads obtained through social media posts – for example, contact details left on a landing page to which messages on Facebook or lead ads directed,
- engagement indicators – this refers to the number of likes/reactions, comments and interactions – the more, the higher the effectiveness of your actions,
- User-generated content – posts/materials related to your fan page by users, e.g., those in which your profile has been tagged. This type of traffic can be obtained, for example, by collaborating with influencers or organizing contests that require users to perform precisely this type of action.
If you're using paid promotional tools, conversion rates are also important, including the cost of a single post impression, click, and conversion. What about sales-related metrics? Analyzing social media activity is often difficult to obtain clear and accurate data. However, it's worth including the cost of these activities when calculating ROI, which is the overall return on investment in promotion compared to the initial investment.
How to navigate a sea of data?
As you can see, there are still quite a few marketing metrics that matter, and those presented above are just the tip of the iceberg. For example, CSR campaigns (related to corporate social responsibility) can have completely different performance indicators and still fall within marketing domains (e.g., for every purchase of product X, we donate Y to organization Z). If you feel like you're struggling to navigate the metrics, you can always consult specialists. They will review all the data and metrics generated, analyze their significance, and draw conclusions. As a result, you'll receive a clear report that clearly shows how your marketing efforts contributed to achieving your goals. It will also provide guidance for the future – you'll learn how to improve your work to achieve even better results. Marketing metrics – specifically, designing them in the context of a given campaign and goal – is one of the most important challenges for a marketer. However, the correct architecture will make them an unparalleled ally in both operations and reporting.
Summary
The above article covers the following topics:
- Explains why you should measure marketing metrics: get measurable results, evaluate content effectiveness, calculate return on investment, and better plan your campaigns.
- Key social media metrics were discussed: organic reach, clicks, leads, engagement (likes, comments), user-generated content and cost per conversion for paid promotion.
