To evaluate any marketing strategy- you need to look at data-driven marketing metrics and associate them with revenue goals. There are many examples of organizations that do not have a target for their marketing metrics. These companies often find themselves in a situation where they aren’t quite sure if they are marketing is effective or not.
So, when you evaluate your marketing strategy; associations with these metrics will provide a high return on investments and management support. A marketing strategy should include some very specific objectives that will lead to future growth and revenues for the company.
An important aspect to keep in mind is that there are many types of objectives that may be set for specific businesses.
The top four objectives are as follows:
1. Revenue Generation
This is the most important objective and should be part of your marketing strategy. This should be a part of every business, no matter what kind, big or small it is. It is often the case that you will see a lot of businesses having different rates and prices, meaning they have different revenue goals (profit margins)
2. Reducing Costs
This can also be considered as a type of objective or metric that should be monitored alongside profit margins and return on investment metrics. If the marketing strategy is working, it should also reduce costs.
3. Increasing Brand Awareness
This is a very important aspect of any marketing strategy, and companies often measure branding by using their logo presence and social media share rates. Most companies use Google Analytics to see how many times their logo or branded image appears on search engines and social media networks.
4. Improving Reputation
This is an element of the marketing strategy that can be very hard to measure, however, there are a lot of ways in which it can be done, for example; consumer surveys, internal studies, and employee feedback. Companies like Google put a lot of effort into choosing which products to develop and release, in order to improve their reputation.
Top 10 marketing metrics that every marketeer should look for while evaluating their strategy are:
Traffic is the number of visitors to your site or blog or the number of requests your server receives. If you have 100,000 requests for a month and only 2% conversion rate, that means 2000 customers. We measure this in sessions per day, uniques per day/month (cross-traffic included), and page views per day/mont
2. Conversion Rate
This is how many visitors are converting to sales or leads for your business. It usually could be an average of 50% -60% for a business. If your conversion rate is lower or better, you can find out how to increase it by analyzing Google Analytics data and optimizing your website accordingly.
This is also known as “Click-through rate”. It measures the number of clicks on a banner/ad, or other content, that leads to a phone call being made to a business or service. If an ad is seen 20 times and there are 4 calls, that’s a click-through rate of 10%. Obviously, this is an imperfect metric.
4. Email open rate
This is how many people open most of your mails, or visits your website after being sent a mail by you. This can be tracked by using “Follow up with visitors” tools which will send you a mail when your website visitor returns to the site.
5. Email subscribers
This is how many people subscribe to your newsletter or mailing list. You can use “Follow up with visitors” tools to gather email addresses automatically, and then send a mail asking them to subscribe
6. Email click-rate
This is how many people click on your links that are within the email. You will have to send a mail and ask your subscribers if they have received it, in order to measure this.
7. Click-To-Call rate
This is the percentage of clicks on a banner/ad, or other content, that leads to a phone call being made to a business or service. If an ad is viewed 10 times and there are 3 calls that’s a click-through rate of 30%. It’s the same as the click-through rate, except calls are included.
This is the percentage of clicks on a banner/ad, or other content, that leads to a file being downloaded (for example an application). It is also known as download rate or download through rate.
9. View-through conversion rate
This is the percentage of times your banner ad has been viewed that has resulted in a sales lead or request for further information.
This is the average number of times each user visits your website in a single session.
Marketing is a very important aspect for a business to have, and it can be extremely difficult to measure its effectiveness without the right metrics. Most companies leverage analytics tools to gather data about their audience surrounding visitors, conversion rates, and goal achievements. These metrics are key indicators that your marketing strategy is working or not.