Cost per acquisition (CPA) · 2.Cost per lead (CPL) · 3.Customer Life Value (CLV) · 4.Use these 15 advanced marketing metrics to strengthen your campaigns, convert more customers, and get a higher marketing ROI. According to Capterra, conversion rates for B2B software websites average 7%, for example, while hardware stands at 5% and retail at 3%. It's also important to consider the conversion rates at each stage of the funnel, since, in theory, the average and lower rates of the funnel should be higher than those at the top of the funnel. Making a little effort to increase conversion rates can have a big impact on your business.
Imagine the difference a 1% or 2% increase in the number of new customers could make to your bottom line. What is a good reference point? After analyzing hundreds of companies, Implicit found that the average conversion rate was 13% and it took an average of 84 days to convert. But keep in mind that this number varies greatly depending on the source of the lead. For example, lead customer conversions to websites averaged 31.3%, referrals 24.7% and webinars 17.8%.
Email campaigns generate only 0.9% of conversions, lead lists 2.5% and events 4.2%. This is the most basic and fundamental of the four types, and one that most marketers will already be familiar with. Consumption metrics, or what content was most frequently consumed, analyze how many people consumed your content and how often. This can be measured as page views, videos, downloads, or other similar statistics.
If you've ever explored Google Analytics, then you've analyzed consumption metrics. Consumption metric data is critical, but it's only part of a larger story. Remember that your ultimate goal is action, not just your eyes. Sharing metrics analyze how often your content has been shared, usually on social networks.
It helps you understand how your content impacts your audience, which gives you an idea of how your content affects your brand awareness and audience participation. Sharing metrics can include statistics such as “likes”, number of shares, retweets, pins, reposts, or inbound links, all depending on the social platform on which they are shared. Sharing metrics is important, but sometimes they are given more importance than they deserve because social networks tend to make the data public (for example, YouTube views appear in a prominent place below the video). Assign internal business value to your sharing metrics to help provide some clarity, rather than being obsessed with optics.
%3D ROI: customer lifetime value (CLV) — customer acquisition cost (CAC). If you have an online lead form on your site, you can measure it by determining how many people came to the lead form immediately after consuming your content. You can also set a browser cookie and track when someone fills out that lead form after viewing your content, even if there's an interval of 30 or 60 days between those events. If your potential customers are managed by phone, you can install a simple script that shows a different (trackable) phone number when people have seen a video for the first time, downloaded a presentation, etc.
We then determined that the most effective way to influence this objective would be to start a content marketing blog (based on observing the success of other similar companies). Therefore, marketing metrics not only help you and your team improve, but they also communicate the value that your department provides to the company as a whole in terms that stakeholders can appreciate. Marketing strategy starts with clear objectives, and tracking progress toward objectives requires selecting intelligent marketing metrics as key performance indicators. There are many marketing tools that can help you monitor CTRs, some even in real time, so you can optimize campaigns wherever you are.
However, both of these things are important, and you should never run a marketing campaign without tracking your progress along the way. The actual metric of an MQL will vary from organization to organization because the marketing and sales funnels will be unique. You can calculate the overall CPA for all your marketing efforts or for individual channels to report budget allocations. The marketing metrics you measure should differ depending on the channels, objectives and formats of your campaigns.
It's important to measure how much you spend relative to the value you create to justify all marketing activities. Remember that much of your marketing professional's time and effort can be spent measuring and monitoring marketing metrics. MQLs are usually one of the main metrics of potential customer activity that your marketing efforts directly influence. Once you've familiarized yourself with the most common marketing metrics, it's time to determine which ones your marketers can start measuring.
Business-focused marketing metrics help measure and evaluate how much of the company's new or repeat customers, business opportunities, revenues, and profits can be attributed to marketing initiatives. As more consumers connect to the Internet and follow complex journeys, it's becoming more difficult for marketers to know how they can positively influence their experiences at every touchpoint. These engagement metrics are located at the bottom of the marketing funnel and indicate the intention to purchase the product. .