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Important KPIs and Marketing Metrics You Need to Be Tracking

Important KPIs and Marketing Metrics You Need to Be Tracking. marketing efforts & key performance indicators (KPIs) to monitor all relevant factors in each campaign. It will help you determine which strategies proved to be successful.

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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.

Important KPIs and Marketing Metrics You Need to Be Tracking

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.

Website Social media and mobile traffic

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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Business

4 Supply Chain Strategies for Digital Growth

Organizations generally model their supply chain strategies on their business model and customer demands. Supply Chain Strategies for Digital Growth.

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Run a Better Business With These Key Tips

Business models continue to adapt to today’s digital economy and consumer demand. For new and established companies to succeed, they have to be equipped with suitable supply chain strategies to meet the standards.

Consumers now tend to want and buy products and services quickly with websites and smartphone apps. Setting up and implementing the ideal strategies to control the supply chain will help businesses grow and increase their profit margin.

A comprehensive and effective plan will ensure that a business can smoothly move products through the supply chain. In addition, operations will efficiently function, costs will reduce, and profitability will increase.

Organizations generally model their supply chain strategies on their business model and customer demands. The following are some of the techniques that can help your business grow.

1. Customer-Centricity

This strategy streamlines its focus on the needs and preferences of customers. To ensure a customer-centric strategy, a business owner will have to improve the demand forecasting accuracy. It will enable the said company to prepare the inventory products to meet projected demands.

Businesses can pinpoint in-demand trends and products by using inventory management software that has forecasting abilities. The tool will record data concerning sales and stock. It will then provide real-time reports.

By using this strategy, organizations will be able to improve their financial performance while providing excellent customer service. Regular monitoring of demand will allow business owners to enhance their collaboration with suppliers, which will help in the efficient handling of new inventory.

7 Solid Tips to Strengthen Your Online Business Brand

2. Predictive Business

Setbacks like delayed shipment and machine malfunction will happen at times. However, businesses will be able to prevent most of these issues by quickly attending to them with the help of predictive technology.

By using predictive maintenance, a business can obtain a clear and concise view of its entire operation – including assets, products, and equipment. Insight can also be gained regarding product improvements and cost minimization methods.

3. Intelligent Automation

There’s no denying that businesses, regardless of industry, have embraced the integration of automation. This has been a very effective supply chain management strategy. Automation includes delivery drones, autonomous forklift trucks, and software solutions to streamline warehouse management.

Manufacturing companies maximize their supply chain’s potential by using intelligent automation. This solution utilizes robotic processes, AI, and software engineering practices to automate complex business operations. Manufacturers use this tool to mass-produce consumer-friendly products.

This will undoubtedly boost the revenue and sales of a business. Also, the flexibility automation provides allows companies to manufacture products when they’re needed – instead of manufacturing large quantities at once.

4. Total Visibility

For the supply chain to be managed appropriately, business owners will need complete visibility into every process and its role. Executives will have to monitor the production and delivery of the products. They will also have to regularly assess sales data to determine any future disruption in the supply chain.

With real-time supply chain visibility, management will be able to identify anomalies in the supply chain. They can also make quick adjustments to the production process or inventory to rectify the anomaly. This will go a long way in minimizing risks and spending.

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