By Estela Viñarás, on 30 September 2021
Analysis is what makes marketing a science rather than a game of chance. For some entrepreneurs, online marketing can seem like an unnecessary expense, something to dedicate a budget to only when all other areas are covered. This is because the results of an online marketing campaign are uncertain. I could be a success and result in new customers or it could fail, costing you time and money.
A regular and comprehensive analysis of the most relevant metrics of online marketing will help you overcome this unpredictability and ensure the success of your campaigns.
Key Marketing Metrics
1. Total Visits
Visits can be measured on your website or on any other relevant site for the strategy like a blog. Total views help provide information on how well the actions aimed at driving traffic and detecting problems work if this value changes drastically in a short period of time.
2. New Sessions
This metric can be found on Google Analytics and lets you know how many visitors are new and how many are recurring. You can find out if your site has sufficient engagement and measure the impact and effectiveness of any changes you make.
3. Specific Traffic Channel
Ideal for large campaigns, this metric on Google Analytics lets you know which channels bring more traffic to your site (direct, through referrals, organic or social). Once you know this, you can devote more resources to the most relevant channels.
4. Bounce Rate
This tells you what percentage of users left your site after visiting only the home page, (i.e. without interacting with the site). It is desirable for this percentage to be low, so if you find that you have a high bounce rate you should analyze what improvements need to be made to retain visitors.
5. Total Conversions
This is one of the most important metrics to measure the return on marketing investment. There are different definitions of what makes a conversion, so first, choose the one that fits best with your goals. Do you want the user to fill out a form? Make a final purchase? This part is up to you. Pay close attention to this data–low conversion could be the result of a weak strategy, poor design, or not attracting the right buyer persona.
6. Cost Per Lead
The CPL is different depending on the type of strategy chosen for each of the channels, so it is a much more specific metric than those mentioned so far. To calculate it, compare the monthly cost of a campaign with the number of leads generated in the same period. Be sure to take into account the "invisible" costs, such as time and other associated expenses.
7. Return on Investment
Without a doubt, the ROI is the most important metric for any marketing campaign, since it directly affects your bottom line. This facilitates budget optimization and helps improve decision-making. To calculate this, use the following equation:
ROI = (Profit-Investment) / Investment
8. Percentage of Marketing in Customer Acquisition Cost (% M-CAC)
Typically, marketing professionals know the cost of acquiring a new customer. However, knowing the percentage of those costs that belong to marketing can take a project to the next level. If you notice that there is an increase in the % M-CAC (Percentage of Marketing in the Customer Acquisition Cost), it means that sales have declined or that you're simply spending too much on marketing. In this case, you should focus your efforts on contacting qualified sales leads.
9. Negative Feedback on Facebook
Negative feedback on Facebook is a key marketing metric. In fact, disregarding it may lead to continuous errors that could result in a decline in followers. To measure this, look at any negative actions that a user has taken on your page. For example, hiding messages and posts, unfollowing the page or even reporting posts as spam. This will help you locate posts that are causing negative feedback. With this information, you can reorient your content creation strategy.
10. Value Objective and Objective Completed
These are some of the least used yet most recommended metrics by online marketing professionals. Google Analytics can help you measure if you are meeting these objectives.
- Objective Completed: The total number of conversions.
- Objective Value: It helps to assign a dollar value to a goal to provide a way to compare conversions, measure changes and identify improvements to your site, app, etc.
11. Domain Authority (DA) and Page Authority (PA)
Page authority and domain authority are two marketing metrics created by Moz, a website that provides SEO insights.
- Domain Authority predicts the possibility of positioning in search results for an entire domain or subdomain.
- Page Authority measures the possibility of positioning or ranking of a particular page in the search results.
12. Dropout Rate or Churn Rate
The dropout rate measures the number of customers or subscribers who cancel their accounts. It is a useful tool to understand which elements of your website or business strategy are working, and which ones need improvement.
The data obtained allows you to directly focus your marketing efforts on the detected weaknesses. A few examples of solutions could be:
Improving the user experience
Making the content of your blog or site more attractive and providing valuable information for your users
Put together experiences or offers that will increase the likelihood that new users adopt your product or service.
13. Individual Attribution (First and Last Contact)
This marketing metric attributes value to either the first or last touchpoint (or channel) that a user interacted with before the sale took place. For example, if the consumer entered you site through your blog, read two articles one after another, and then made a purchase, the first blog post the user read would get recognition for the sale. On the other hand, last contact attribution means the end element that the user interacted with just before purchasing would be recognized.
14. Twitter Engagement Rate
Twitter engagement rate calculates what percentage of your fans have tweeted about you. You can calculate this by dividing the number of social interactions (engagement) by the number of current followers. Then, multiply the result by 100 to get the percentage.
Social interactions include:
- Clicks on links
- Shares via email
- Clicks on user profiles
- Clicks on videos or photographs
This metric can help you find out which tweets work and provide insight into how to best engage with followers.
15. Marketing Qualified Lead (MQL)
This is marketing metric is based on the number of visitors who have shown interest in the products or services of a company and performed an action that defines them as qualified marketing leads. Usually, they have provided information to a brand in return for:
- Downloading a white paper
- Attending a webinar
- Downloading an ebook
- Subscribing to the newsletter
- Subscribing to a blog
16. Sales Qualified Lead (SQL)
The key to success here is aligning the sales and marketing teams. Both must work toward the same goal. A common approach to identify leads that are ready for a sale is BANT (Budget, Authority, Need, and Timeframe). With this system, you can learn more about the Lead, what their pain points are, and how you could solve those for them.
17. Share of Voice
This is a marketing metric that compares your brand's with those of your competitors in the same market. It is important to monitor online conversations and what users are saying about you. Maybe people are talking about your brand on Facebook and Twitter, but not mentioning you in online forums like Reddit or Quora. by knowing that, you can strengthen your presence on those sites.
To calculate this metric, to divide the number of conversations or mentions of your brand by the total number of conversations or mentions of your competitors.
Key Metrics on Social Networks
A global marketing strategy includes actions on social networks. Select the networks or channels you want to have a presence on and closely follow the evolution of the popularity of your pages (likes, followers, etc.). This will help you determine what actions bring more traffic to your pages and profiles.
The scope lets you know how many people your message can reach. Some networks, like Facebook, incorporate this in their statistics. However, when one of your posts is shared or re-tweeted, the scope is much higher. To get an idea of the potential scope use the following formula:
Number of followers + Number of followers of each user who shares your materials
Interaction includes all the ways in which users engage with you on social networks. Keep track of your “likes” (applause rate) and “shares” (amplification rate). Both will provide valuable information about the interests of your followers so you can optimize your actions.
This refers to the rate at which users interact with your content. Some may share videos, display images, or simply click on embedded links. Engagement rate helps you to get a deeper understanding of user behavior on your pages.
First define what a conversion is then compare the number of actions performed with the conversions they produced.
Regularly reviewing these metrics will help your campaign be much more effective and give you the opportunity to refine your actions!
Which of these metrics did you know? What metric, known or unknown, do you consider essential to implement?