89% of all marketers use metrics to improve and increase the efficiency of the marketing campaigns they employ on company channels. There are several marketing metrics you need to keep an eye on, but we’ve taken the time to choose the 3 most important ones to focus on.
As you focus on these metrics, you’ll begin to see changes in your marketing that are best for your company.
1. Acquisition Cost
The first metric your company needs to think about is the cost of acquisition. The cost of customer acquisition is the amount of money your company will spend convincing people they need to buy from you whether it’s your products or services.
When it comes to CAC your company will spend time and resources attracting the customer’s attention and continuing to hold it until they’ve made a purchase. You can use CAC as you expand into varying business markets.
As well as a way to prove to investors the reasons they need to take their funds and invest in your company. Investors like numbers because it proves to them that your company is successful.
2. Conversion Rates
Your company’s conversion rate is the number of people that visit your page and end up turning into paying customers. The thing to think about as you study conversion rates is how many people visit your site and stay on the site.
If you find that you’ve got a high bounce rate the chances that your conversion rate is satisfactory is low. If you’re seeing an increase in your bounce rate it’s worth working with a company on your web design.
Often it takes changes to things like the font used throughout your site or color theme chosen that make the difference. If you’re not sure how to improve the design of your page, it’s worth sitting down with a company that knows how to do these things to get and retain customers.
3. Return on Investment
ROI or return on investment is the revenue returned to your company after you’ve put in the resources marketing to customers. ROI gives you an understanding of which tactics you’re using are working.
As you study this metric, you’ll determine which tactics are working the best and refocus company efforts and resources on backing those tactics. Before you rework your strategy think about adjustments that can be made.
If there’s a way to improve a strategy currently being used do so. You should also keep in mind that one strategy doesn’t work for all.
Just because a strategy you’ve used has worked for the last five years doesn’t mean it will continue to do so.
Marketing Metrics to Watch
Marketing metrics lets you know if your company is doing the right thing as you continue to launch various campaigns. Metrics help to monitor marketing performance and some of the ones to focus on are the return on investment and the conversion rates.
Are you in need of help with social media or graphic design, contact Pencil & Coffee. Let us help you improve your metrics on all marketing fronts.