Good marketers know that getting feedback on their marketing campaigns helps them immensely. Without performance metrics there's no clear way to judge how effective a campaign is, nor is there any way to begin formulating different approaches designed to tweak marketing efforts to increase that performance even higher.
Great marketers, though, know exactly which metrics to track and why. Not every statistic or key performance indicator is going to give you the same level of actionable feedback, and it's crucial to concentrate on the metrics that are going to be the most instrumental in the success of a marketing campaign. Here are just a few of the marketing metrics that, going into 2023 and beyond, are likely to deliver the valuable data you need.
To be sure, picking the right metrics to pay attention to can be an uphill battle. There are dozens of different types of statistics you can track, all of which will give you a closer look at certain aspects of your marketing efforts. From paid marketing, SEO efforts, social media marketing, email marketing, and even productivity, customer satisfaction, and return on investment, there's no lack of key performance indicators you might feel compelled to keep a close eye on.
Yet keeping track of all these metrics is more than just a time-consuming process; you're also likely to miss the forest for the trees. Data and information is great to have, but when you're inundated by so many different metrics it can become difficult to design strategies in response that will address every aspect. This is why it's a better idea to choose the most important metrics that are relevant to your marketing efforts and focus on them.
So which metrics should you focus your efforts on? This isn't a complete list - there's simply too many different metrics out there - but this should serve as a solid place to start.
· Conversion: Perhaps the most no-nonsense types of metrics on this list, ones dealing with conversion are straightforward, as they can show you how efficient your sales funnel is. Statistics like your conversion rate, your click-through rate, and the total number of conversions over a period of time can reveal not only conversion volume but effectiveness as well.
· Return on Ad Spend: This metric is especially relevant for marketers running paid ads. You may have to make money to spend money, but as you want to maximize the effectiveness of your marketing budget, it's helpful to only invest in paid marketing that results in growth. Combined with other metrics like cost per lead or overall marketing spend, return on ad spend can be quite revelatory.
· Search Traffic: On the other side of the coin from paid marketing, Search engine optimization is an ideal strategy for building organic reach. This slow-burn method takes time to show results, so keeping an eye on how visitors interact with your site through metrics like session duration, the performance of your landing page, page views, number of visitors, and bounce rate are all going to paint a clearer picture of which parts of your site are engaging visitors and which aren't. Proper keyword use is another major component of SEO, so tracking metrics like keyword position and top queries by click will also help.
· Social Media Engagement: Today, so much online marketing takes place over social media that ignoring this sector means operating at a distinct disadvantage. With social media being such a complex beast, it's practically a requirement to measure how engaged your audience is with the content you post to social media platforms. Metrics for engagement rates, the number of likes, comments, and shares, and number of subscribers or followers is all clear feedback on whether your social media marketing efforts are paying off.
· Email Marketing: Still a highly valuable marketing strategy indeed, email marketing can deliver results - but only if you're sending the kind of emails that people open and read. Therefore, tracking not just the number of emails you send out but the open rate on those emails can reveal a lot about what works and what doesn't. Combining these metrics with methods like A/B testing can help you fine-tune your approach and craft an email marketing campaign that prioritizes engagement.
As mentioned above, these are just a handful of some of the most helpful metrics for marketers to keep in mind going forward through 2023 and beyond. If you feel there are metrics that are specifically suited to your circumstances, be sure to track those as well so you can build effective responses that drive the growth of your brand even further.