When you are building a small or medium-sized business, there are several things you need to consider. Growing may seem like an overwhelming prospect. However, by using the best marketing metrics, you can grow your business exponentially.
When you start a business, you might have a general idea of what to do to get things started. However, the specifics are probably unclear to someone inexperienced in this field. Here, we will take a look at seven marketing metrics to focus on in 2020.
When dealing with digital marketing metrics, there is nothing more important than traffic. Traffic is how many clicks you are getting and how many people see your website every hour, day, week, and month. Tracking these statistics is very important as your business grows.
One of the most important marketing metrics to track is organic traffic. This is the number of visitors that arrive at your website from a search engine results page. If this number is high, it means people find your site more organically because it is easy to find.
You should also track direct, referral, social, and paid traffic. Direct traffic refers to people who typed in your URL directly. Referrals refer to people who clicked on a link to your website.
Social traffic refers to the number of people that found your website on social media. Finally, paid traffic refers to people that found your site by clicking on a paid ad or through promotional content.
Leads are another one of the marketing metrics that matter. However, generating leads can also be incredibly difficult if you’re inexperienced. A big portion of marketing is centered around finding and generating leads.
To improve your ability to generate new leads, you need to track them. This way, you can figure out where to invest your resources to produce the most leads.
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3. Return on Marketing Investment
Return on marketing investment or ROMI is a marketing metric you can track that will help indicate how much value you are getting from your marketing. It will show how much money you are making from your investments. This way, you can see if the money you are spending on marketing is improving your profits.
ROMI is calculated using a formula that takes into account several factors. You want to have a ROMI of over 100% because this means that your marketing investments have resulted in a profit. If it is below 100%, it means that you are losing money on your investments.
Many new businesses will often fail to track referrals. However, this is an important marketing metric to track. You can track referrals easily using cards and coupons as a starting point.
Referrals help grow your business; it encourages people that are already using your service to invite their friends. If they enjoy your service, they will bring in more customers. So, as long as you provide a good product or service, it will bring in customers. You just need to know where these new customers are coming from, and tracking your referrals is a great way to do that.
5. Brand Awareness
Brand awareness is incredibly important. There is a reason that companies like Amazon and Google don’t need to market themselves that much anymore. It’s because there’s so much brand awareness for them that everyone already uses their services.
Brand awareness is a measurement of how familiar customers are with your brand. It is a vague metric, so it can be challenging to track.
The best way to track your brand awareness to monitor your companies mentions your brand gets on social media and blog posts. While it won’t indicate how many people know your brand, it will show how many people are talking about it.
6. Cost of Customer Acquisition
The cost of customer acquisition tracks how much it costs to bring in a customer. It is a metric that should help you avoid wasting money.
Unfortunately, this is not a statistic you can pull up immediately. It is something you need to track over a long period of time to get an accurate reading on. You’ll need to account for advertisements, response rate, and closed sales.
7. Customer Lifetime Value
Finally, let’s look at customer lifetime value. This is essentially the measurement of how much revenue a single customer brings in. This will show you how many customers you need to break even and make a profit.
With this metric, you can learn how to increase the revenue of individual customers. This way, you won’t need to bring in as many customers to turn a profit.
Growing Your Business with the Best Marketing Metrics
After reading, we hope you have a good idea of how to utilize these marketing metrics going forward. Marketing your business can be challenging, but you need to put in the time to be successful.