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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

Influencing Consumer Decisions: Five Principles

An individual or organization’s consumer behavior is based on buying certain products and supporting certain brands. Behavioral, motivational, and psychological issues are the primary focus of this study area.

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Influencing Consumer Decisions Five Principles

An individual or organization’s consumer behavior is based on buying certain products and supporting certain brands. Behavioral, motivational, and psychological issues are the primary focus of this study area.

-Several psychological factors influence how a person responds to advertising, including perceptions, attitudes, and a general view of life.

-The demographics of the audience, including age, culture, profession, age, and background, largely determine consumers’ interests and opinions.

-A person’s social group influences how they shop. Education, income, and social class all play a role in purchasing decisions.

When conducting virtual product testing, you can influence consumer behavior more effectively by knowing consumer trends. Consumer habits and priorities change as businesses do. Today’s tastes are different from 10 years ago, and they will be different ten years later. It is important to keep consumer behavior trends in mind when designing and improving your marketing strategy.

5 Principles of influence

In his study of social influence, the researcher formulated six universal principles to understand behavior change. The principles can be used by businesses and consumers to understand purchasing behavior better and determine what strategies are most successful.

1. Reciprocity

Humans are often compelled to repay favors or reciprocate kind gestures. For example, the consumer might get a free product sample or a substantial discount.

2. Commitment

Engaged people are more likely to stick with something. The idea here is to cultivate brand loyalty; once someone has used a product or service, they are more likely to repurchase it in the future.

3. Consensus

The more people who do something, the more likely others will do it. Consumers are likely to buy into brands to demonstrate their popularity or satisfaction among a large customer base.

4. Authority

Experts tend to have listened to more than the average person. To convert new consumers, a relevant expert talking about the effectiveness of the brand’s product or service is more important.

5. Liking

Persuading a consumer to buy is more likely when the person is similar to the target consumer. It is far easier to convince consumers with similar characteristics – whether ethnicity, socioeconomic status, religious inclination, or common interests.

Conclusion

When companies are equipped with these five principles of influence, they can better navigate potential consumers and convert more sales. However, the long-run consequences of manipulation could spell disaster for the researcher as he warned against crossing the line between influence and manipulation.

Whether the principle of influence exists in a given situation should be an issue that people, companies, and marketers consider – that is, do they have to manufacture it, or can they discover it? Nobody wants to be a smuggler of influence and using the power and claiming to be an expert when they’re not will ultimately lead to negative results.

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