Are conversions the only marketing metric that matter?

The true measure of the effectiveness of any marketing team should be what it set out to do in the first place. Be it to increase impressions, social reach, or even page views but brands want more than that. They demand long term loyal customers, or maintain their current ones at minimum. The most coveted demand though are quality leads with a high conversion rate. But what does that even mean?

Marketing tools have large amounts of data about them, it has given marketers more to measure and often times far more than required, in fact enough to bring about more confusion than a real solution.

Not all aspects of marketing are measurable nor should they be, simply for the fact that the thought of analyzing all the ‘trackable’ data available today implies that we would spend all our time doing just that, analyzing and not executing on anything.

The foundation of a great marketing campaign is the what and the how or as agencies like to call objectives and strategy, you need to know what you’re trying to hit and what you have to hit it with. Starting with what success looks like gives you an edge because nothing is measured without a goal and vague metrics produce vague results.

The analytics of the result of your marketing efforts should be much more than a checkpoint, they should be a driver of the right behaviors to set the right culture. It’s very noticeable when a brand’s marketing performance is solely driven by sales slash conversions, the brand just lacks depth in the sense that they don’t communicate the value of their offer. Their customers are not the hero’s in their dreams at night.

Every brand has an identity of their own, much like us humans, hence you may track very similar metrics to your competitor but your ‘scorecard’ should always be as unique as your brand. A critical analysis of the market you operate in combined with a good understanding of where your brand is in the business lifecycle (intro, growth, maturity, or decline) should give you a good sense of what to track.

Good metrics take time to create and aren’t always discovered from the start, a good way to take that anxious first step is to stick to basics but with a sprinkle of your brand’s identity. A balance between the orthodox, which we discuss below, and metrics that adjust as their brands industry may drive consistency.

The next factor to consider is the effectiveness of each marketing channel, thus placing a bigger onus on selected metrics for specific channels. If anything a great campaign targets each channel differently or even more specifically. Some honorable metrics that we cherish and felt worth mentioning are:

General Marketing:
Tracking the cost of all activities that result in the attainment of a single customer shows the overall cost of getting a new customer, formally known as Customer Acquisition Cost. Is a great metric to have especially if viewed across each lead generating tool.

The revenue each customer generates for a brand over their entire customer lifetime, also known as Customer Lifetime Value can also be assessed by channel or as an average across all customers. Call it an MVP ranking at the end of the season in terms of customer value over the time they are likely to be a customer for.

Website & Blogging:
Total visitors to your website is a great way to judge the impact of any new thing you have going on in the site or even redirection of traffic from another platform.

Any referral or redirection of traffic from one platform to another can be tracked through Traffic sources. This metric tells us which platform is redirecting the most traffic to your blog/website thus showing the biggest traffic generator. This metric serves as a gauge to reroute resources to the platforms that generate the most traffic.

Email Marketing:
The number of subscribers opted into a mailing list per campaign or Newsletter Signups shows how many readers the newsletter gained. Tracking its growth, or lack thereof, is a great way to determine if the strength of your content marketing strategy.

The number of undelivered emails shows the number of ineffective email addresses on your mailing list. This is called the Email Bounce Rate.

Search Ads (PPC):
The Quality Score is Google’s way to determine an ad’s popularity based on the quality of the landing page, search intent, and keywords. It is also used to calculate the cost per click.

The number of times an advert is actually clicked based on the number of times the advert appeared, Click-Through Rate (CTR), is a great way to determine the success or failure of a landing page.

Search Optimization (SEO):
The ranking of a page on a search engine for any given word, Keyword Ranking, shows your brand’s current position for the search word in question compared to everyone else.

Search Traffic is generated from search engines and is a great way to track the amount of traffic generated directly from search and is a check on how effective your SEO strategy is working.

Social Media:
The engagement between a social media profile and its congregation is known as the Engagement Rate, it consists of a sum of all likes, comments, and shares derived from a social media profile. The thought of measuring these in conventional marketing campaigns is simply far fetched.

A breakdown of a profile’s follower’s based on sex, age and location depicts the Page Demographics and tells who the audience are. This is a great marketing metric to tell you if you’re attracting the attention of your target market.

Avoid pretentious and self-centered metrics regardless of the method you use to come with them. Resist the temptation to create metrics that look appealing to the eye, reasserting to your ego yet are extremely vague because these metrics are often ignored and deviate focus from the metrics that truly matter as they become noise.

Marketing metrics must provide a vivid picture of ongoing efforts in a way that identifies the progress towards an objective.

When assessing marketing performance don’t overlook the impact of the collective efforts across all platforms because even though most people have one main platform, they have profiles on several. Remember the unmeasurable aspects at the beginning?

If results are what you seek remember that vague metrics drive vague performance and results because having the right metrics from the start sets a true essence and individuality for a brand with flavor.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *