There will always be a bit of uncertainty in every marketing campaign since you can’t predict how customers will react. But what you can do is to use marketing efforts and key performance indicators (KPIs) to monitor all relevant factors in each campaign. It will help you determine which strategies proved to be successful, and which did not. Following KPIs and metrics are vital for measuring your success.
1. Conversion rate
Boosting sales is the most significant and almost entire purpose of a marketing campaign. Converting leads into customers has to be your primary goal. Otherwise, you won’t have any success in your business. Even though sales are always the highest priority, conversion doesn’t always necessarily mean sales. It also includes different activities such as account creations, email subscriptions, etc. In the end, the conversion rate will help you analyze your marketing efforts when you promote a service or product. If you don’t have many conversions, you’ll know that you have to fix some issues. On the other hand, if you develop constant, good conversions, it means that your marketing efforts are paying off.
2. Calculate inbound marketing ROI
You have to analyze your monthly and annual performance, and one of the most excellent tools to calculate it is inbound marketing return on investment. Every business has multiple marketing activities, but some of them don’t return your money in the end. Therefore, track all your movements throughout the year and let ROI determine the future of each of these activities. Not only that, you don’t want to lose more money on ineffective actions, but you also need to set up strategies for the next year. And the only way to know how to decide which tactics to keep and which ones to get rid of is to calculate inbound marketing ROI.
3. Website traffic
It is impossible to run a business nowadays without an excellent website. It is essential for your advertising efforts as well as sales. Before any of your potential customers decide to buy your product or service, they will come and check your website first. It will happen every time. Therefore, your website traffic is an insanely important metric. You will know precisely how many consumers reach your site, and also, you’ll be able to determine the source of your traffic. There are multiple ways of driving leads to your website – social media channels, Google ads, etc. That way, you will find out how big your organic and paid reach are.
4. Social media and mobile traffic
Social media traffic is vital for every marketing campaign. To be able to measure it, you have to include the following metrics – number of lead and customer conversions and the percentage of traffic on each channel. Usually, it is best to focus on the most popular platforms, such as Facebook, Instagram and Twitter. Also, mobile traffic is hugely significant in modern business. Not only do you have to pay attention to conversion and bounce rates from mobile devices, but you can also get customer feedback through SMS surveys. Almost all of your customers have their smartphones in their pockets, and it is not that hard for them to dedicate two minutes of their time to answer a few questions.
5. Retention rates
Generating new customers and retaining old ones are two crucial factors for every successful marketing campaign. A loyal customer base is essential for business success and its profitability. In most cases, the new customer will purchase one or two products in the beginning only to check them out. On the other hand, a repeat customer will spend a lot more money when he comes back to your website because he was already satisfied with a previous purchase. Therefore, setting up customer retention KPI is vital for measuring the success of your marketing efforts and sales. If the results are not as good as you wanted, try to do everything you can to fix issues and improve the retention rate. You can also get the information from the customer’s feedback and see if they have addressed any problems.
Remember, each marketing campaign is unique, and to be successful, it has to be tracked. Only that way will you be able to analyze the results and not repeat the same mistakes.
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