What are the top ten metrics that marketers should be monitoring? The answer varies depending on what industry you work in and how experienced you are as a marketer. For example, if you just started working as a marketer, your top 10 metrics might look different from someone who has been doing marketing for twenty years.
In this article, you will learn about the top ten metrics that modern marketers need to measure. In addition, this article will provide some new metrics that businesses should start measuring now. The metrics are divided into five sections so that it’s easier to identify the different types of metrics.
General Marketing Metrics
Lead generation is the most crucial indicator of marketing success. It determines the business’s ability to generate future revenue. It signifies the transition in a potential customer’s journey when they cease being a prospect and make a purchase instead. This generates revenue that sustains any type of business venture. According to HubSpot’s 2021 marketing statistics, marketers rank lead generation as their number one priority.
The process begins by generating leads then moving down different stages throughout your funnel until you’re left with qualified prospects – sales or marketing qualified leads, depending on what stage they’ve reached so far.
Customer Retention Rate
The customer retention rate is a measure of how many customers a company has retained over time. Retention rates are mostly considered in the software and services industry because they play an essential role when it comes to revenue, as well as profitability.
Return on Market Investment (RoMI)
The Return on Marketing Investment (RoMI) measures the revenue a marketing campaign generates compared to the cost of running that specific campaign. This metric helps marketers understand how their campaigns perform. They also contribute to company growth, giving marketers insight into which investment is worth for future endeavors.
You can use marketing platforms to manage campaigns and automate RoMI calculation.
Customer Acquisition Cost (CAC)
For many companies, acquiring a customer is the most crucial aspect of their success. Customer acquisition cost (CAC) has become an important metric as it gives marketers insight on which marketing campaign will yield better results based on how much it costs them to acquire a client.
When combined with the customer lifetime value (CLV), CAC provides marketers with an accurate value of the total return on investment (ROI).
Customer Lifetime Value (CLV)
One-time purchases are not the only way to make money. One of the best ways is by developing customer loyalty with a plan that keeps them coming back for more over time. One such strategy involves using “customer lifetime value.” This metric estimates how much revenue your organization can expect from every single account.
Customer Lifetime Value can be calculated using the following formula:
Average Revenue Per Customer Account * (1/Churn Rate) * (Gross Margin %).
Digital Media Metrics
Referral Traffic and Total Website Traffic
Referral traffic is a direct indicator of the number of visitors who come to your website from another site without going through search engines.
A website’s traffic is a strong indicator of content performance, and marketers can measure how well their campaigns resonate with consumers. Google Analytics is the preferred tool, as it allows you to customize your dashboard to break down traffic. You can learn about where your traffic – whether referral or organic is coming from and optimize accordingly.
SEO / Social Media Traffic
The organic vs. paid argument constantly changes, but one thing that remains constant is the importance for marketers to know which strategy best suits their business or potential customer base at any given time. Search engine optimization (SEO) is a practice prone to rapid shifts. As a modern marketing manager, staying ahead of SEO trends gives your content and marketing efforts the best chance of reaching your target audience.
Social media visits demonstrate the impact and the Return on Investment from your marketing efforts on social media.
Landing Page Performance
This metric is a good indicator for marketing managers to ensure that their target audience is (or not) being directed to the landing page. Different components such as conversion rates and sessions can be improved over time when monitoring these numbers regularly. This social media metrics connects your team’s performance on various platforms with goal conversions rate by looking at all aspects like engaged visitors or bounce rates.
Subscriber Growth Rate
The subscriber growth rate is another way that marketers can measure the reach of their content. This metric enables them to find out how much their content has grown in a certain period and if they are on track with meeting goals or not. Marketing managers can use this data to decide whether marketing should be continued at its current pace or scaled back.
Paid Search Click-through rate
High CTR is a good sign for marketing campaigns. It means that you are reaching your target audience and persuading them to take the desired action, such as clicking on an email link or buying something from your website. Marketers can also use a high click-through rate to provide feedback about how successful different links in one campaign were. With that information, you can know what types of content worked better than others with specific audiences – the data can help guide future posts using previous outcomes, resulting in even higher and better click-through rates!