When promoting your business, there are a lot of marketing metrics to track. It’s enough to make your head spin! We are here to help you make sense of what those metrics are and how they can help you measure the success of your marketing campaigns.
What are marketing metrics? Metrics are what you will use to monitor, record, and measure the progress of your marketing efforts and track your successes and failures. The data that you will track will vary based on the goals of your campaigns, so it is important to know what they are.
Here are some of the more common marketing metrics:
- Qualified Leads – A marketing qualified lead is a potential customer that fits your customer profile, but is not a customer yet. This is a person that has a high chance of doing business with your company.
- Customer Acquisition Cost (CAC) – If you’ve ever seen Shark Tank then you have probably heard them asking about CAC (it may have sounded like they were clearing their throats 🤣). This is how much you spend to convince one person to do business with your company.
- Time Spent On Site – This marketing metric is probably what you think it is, how much time, on average, someone spends on your website. The longer that time, the more it shows that people are interested in your business and what it has to offer.
- Bounce Rate – This is not how fast Kevin Durant can dribble a basketball! This is how often someone visits your landing page and then immediately leaves. A person who “bounces” likely isn’t interested in what your business has to offer them.
- Return on Investment (ROI) – ROI is an extremely important metric for any business using marketing. This number tells you which marketing campaigns are bringing you the greatest revenue returns, and which ones need some adjusting.
- Customer Lifetime Value (CLV) – How much the average customer spends with your business from their first dollar to their last is the CLV. You can divide this number by your CAC to find out the profitability of each customer you acquire.
- Conversion Rate – This marketing metric measures the percentage of people that view your marketing efforts and then take a desired action. For example, if you want people to fill out a form after seeing your ad, then filling out the form would be the conversion action.
This is only a fraction of the marketing metrics that you may want to track when promoting your business. The team at Muldrow Marketing has mastered the metrics and loves helping people make sense of it all! Contact us today to elevate your metrics by elevating your brand!
