Your marketing performance metrics—the numeric data that shows you how well your marketing is performing against your organization’s goals—aren’t there just to be typed up in reports and presented once a month, quarter, or year. In fact, if you’re using your data just to put in a spreadsheet, you’re doing it wrong!
Marketing performance metrics are as good as gold when it comes to helping you identify sore spots in your marketing strategy that need to be addressed right away. Here are four of those sore spots—signs that your marketing performance metrics could improve.
1. You’re unsure about your customer acquisition cost.
This is the big kahuna of marketing performance metrics. You need to be able to identify the total amount your company’s spending on getting new customers (marketing, sales, etc.) in given time periods. To find out your customer acquisition cost, you take the total amount spent and divide by the number of new deals during that period. It’s important that this number is the same across all methods, so you get a clear idea of how much you’re spending overall. Then, you should segment this number out and find your customer acquisition costs by each method to see where you’re succeeding and where you should make adjustments.
2. Website analytics are foreign to you.
You should pay attention to the website analytics below (via Outbrain) because, all together, they will show you where your online marketing strategy is performing well and where it’s not-so-hot. You can then take that data and make adjustments, and test the results to see if your analytics improve.
- The increase or decrease in traffic from week to week, month to month, and year to year.
- Days of the week that generate the most traffic.
- Times of day with the highest amount of traffic.
- What country most of your traffic comes from.
- How many new and repeat visitors are you gaining.
- How many of your visitors are from mobile devices vs. desktop devices.
- Your most popular pages.
- Your least popular pages.
- The average time spent per page and/or per session.
3. You don’t know how many of your customers originated from your marketing.
This sign shows that you are missing out on a key marketing performance metric—how well your marketing is doing to drive new business. You need to know this, because it can mean the difference between wasting your marketing spend on ineffective campaigns and actually reaching the right people, who in turn become customers. You can find the answer to these figures by picking a specific medium and tracking them through web analytics or call tracking analytics if you do all or a portion of your business over the phone.
4. You’re clueless about your conversion rates.
You need to know how many of your online visitors take the specific actions you guide them to, so you can figure out what is compelling them. You’ll get a better idea of who your audience really is, what questions you’re answering well, and what things may not be that interesting to them. According to Content Marketing Institute, conversion rates vary based on industry, but tend to be around 2-3% on average; they recommend you aim for a 5% conversion rate if you’re creating landing pages for specific audiences. Don’t forget about offline conversions, too. You can even link the two to see how your online presence drove a sale offline.
This is just a sampling of the marketing performance metrics you should be paying attention to. If you’ve identified any of these signs, you should begin to gather data by tracking your analytics to find out what parts of your marketing you need to work on. Keep tracking, because you’ll be able to continuously fine-tune your marketing efforts to save your organization money and bring in the right audience.