35 Marketing Metrics to Watch in 2022 for Your Business
35 Marketing Metrics to Watch in 2022 for Your Business
There’s a lot of ways to analyze the performance of a business’s marketing campaigns. You can track marketing metrics with tools like Google Analytics, Hubspot, in-built analytics tools and so much more. At first glance, you may be overwhelmed with all the data being presented on your dashboards. In this article, we’ll go over 35 marketing metrics and how you can use them to implement effective, data-driven marketing campaigns in the future.
Marketing Campaign Metrics
Here are metrics you should consider for your marketing campaigns. In this section, you’ll find out what these data can be used for, depending on your campaign goals.
1.Net Promoter Score (NPS)
Net promoter score measures the likelihood of customers recommending a business’s services to their network. It’s calculated by subtracting the number of respondents not likely to recommend a service from those who are enthused to be advocates. Simply put, it’s
Net Promoter Score= # of Promoters - # of Detractors
NPS is usually gathered from a Likert-scale type of survey after purchase. Ask your customers if they’re likely to recommend your company to others. You can even ask why or why not so you can use the data to improve your quality of service.
2. Return on Ad Spend (ROAS)
Return on ad spend is the measurement of how effective a digital marketing campaign is. It’s calculated by dividing the revenue from a campaign by the total spending. The formula is as follows:
Return on Ad Spend (ROAS) = Total Ad Revenue / Total Ad Cost
This number shows marketers if a campaign is profitable or not. You can use it for campaigns such as Facebook Ads, Google Ads, and more. Combining this with other metrics can help with business decisions, especially in the direction and planning of future digital campaigns.
3. Customer Lifetime Value
There are multiple ways to compute customer lifetime value. Calculating CLV involves figuring out other metrics first. This could include average sales value, average transactions per customer, and your customer retention rate. Using these values, you can find out how much value a retained customer will give your company during the average amount of time they spend purchasing your products.
Customer Lifetime Value (CLV) = Average Purchase Value (APV) x Average Purchase Frequency x Average Customer Lifetime
Use CLV to improve your retention program. As marketers know, retaining customers is cheaper than acquiring new ones. Purchases from retained customers are also statistically higher than from new ones.
CLV matters because this could provide you insight as to how valuable your services are to your market, and how long you can be doing business with them.
4. Micro and Macro Conversions
Conversions are actions that prospects take towards your brand. Micro conversions are small actions they take, such as creating an account, clicking on a CTA link in a piece of content, or signing up to your mailing list.
Micro actions are those that lead up to macro conversions. Purchasing a product or signing up for your service or subscription are just some examples.
Understanding these metrics provides insight to marketers on which parts of their marketing campaigns are driving the highest ROI. You can assign monetary values to micro and macro conversions to bring more insight to your reporting.
Measuring conversions through pages, elements, links, and sign-ups can help businesses understand and improve a customer’s journey and their bottom line This can help create a focused strategy towards generating marketing qualified leads and revenue.
5. Number of Signups or Sales
You should get into the habit of tracking the number of signups or sales per channel. This lets you create a benchmark on what to expect from your future campaigns, aside from picking the most effective ones.
Compare the number of signups you get from a live expo versus a holiday ad. These can show you where your market is most likely to make purchases or commit to discovering more about your brand.
Make sure to track the total sign-ups, and compare this number to different time periods to analyze the growth and total revenue of your company.
6. Lead-to-Customer Ratio
This is a conversion rate that shows how effective your sales funnel is. Find out the percentage of marketing leads converted into actual customers by dividing the number of leads that result in sales by the total number of leads.
Lead to Customer Ratio = (# of Qualified Leads-Turned-Customers / # of Qualified Leads) x 100
We also recommend doing this by channel to observe which channels generate the best leads. That can help you decide on where to put most of your marketing and lead generation budget. Ineffective channels can also be put on investigation for future improvements.
7. Cost Per Acquisition
This metric shows you how much you’ve spent to get one customer to make a purchase. Here’s the formula for a channel or campaign’s CPA:
CPA = ($) Total Spend / (#) Customers Acquired
You can use this to monitor specific channel or campaign CPAs and determine their efficacy.
This is also applied in digital marketing by tracking how a customer went into purchasing, attributing and summarizing the costs associated with their micro-conversions, and using that to find the cost of customer acquisition.
8. Cost Per Lead
The cost per lead is similar to CPA. Instead of measuring the cost of getting a customer to purchase, you’re just measuring how much it takes to get one lead into your funnel. Calculate it by dividing the number of leads you gathered from a campaign by the cost of running that campaign, like so:
CPL = ($) Total Spend / (#) Leads Acquired
This can show you how effective a campaign is, financially. Campaigns with higher leads should give you a low CPL, but if the campaign is expensive, it may have adverse effects.
9. Marketing Revenue Attribution
Revenue attribution lets you find out how much of your total revenue comes from marketing efforts. As a business owner, this can help you determine if your marketers are doing their jobs effectively. You can calculate this by figuring out which portion of your revenue came from marketing leads and attributing the revenue to that category.
Marketing Attributed Revenue (%) = (Revenue from Marketing Leads / Total Revenue) x 100
10. Return on Marketing Investment (ROMI)
Every campaign is an investment, and that’s why you should measure the returns from each one. Return on marketing investment lets you see which campaign generates the most profit and if another campaign is just costing you without returns. This metric shows you the direct impact of a campaign on your overall profit.
ROMI = [(Mktg Income - Production Cost - Mktg Expenditures) / Mktg Expenditures] x 100
11. Digital Marketing ROI
Here’s another marketing metric that measures a return on investment. You can pinpoint digital marketing ROI by comparing its budget to how much profit it produced over a period of time.
Compare ROI from other activities so you can find out just how effective digital marketing is for your business. For example, determine your total sign-ups or purchases from all the digital marketing expenses from digital ads, social media, webinars, search engine optimization (SEO), and other digital strategies.
An example of a digital marketing ROI calculation is as follows:
Digital Marketing ROI = (Revenue from Digital Marketing Efforts / Total Spend) x 100
12. MQL To SQL Rate
MQLs are qualified leads that are generated from marketing efforts. SQLs are classified as prospects ready for a follow-up after a trial, demo, or micro-conversion. They can also be qualified leads generated from sales prospecting alone.
When leads are qualified, that just means a prospect will submit their contact information like their email and phone number, allowing your company to contact and nurture them.
Divide the number of your Sales Qualified Leads by your Marketing Qualified Leads to get this conversion rate. It will show you how much of your marketing leads turn into sales leads:
Conversion Rate = SQL / MQL
This rate will also show you how effective your marketing team is at qualifying leads, and how good your sales team is at converting those leads. A low ratio could indicate that your marketing and sales teams need more alignment, or that your lead classification process needs improvement.
13. Traffic-To-Lead Ratio
Find the ratio between your page visitors and the qualified leads generated by those pages. This metric, also known as the new contact rate, can give you insight as to how effective your pages are at turning visitors into leads.
Traffic Lead Ratio = (Website Visitors / Website Leads) x 100
Webpages and social media profiles with steady traffic growth and a low ratio indicate that something is amiss. There should be a better CTA in those pages to turn visitors into leads, and that’s where your work starts.
14. Mobile Conversion
Analytics tools can tell you how much of your traffic comes from mobile users. It’s typically displayed in the acquisition or audience tabs. In Google Analytics, you can find this number under Audience > Mobile > Overview. Deeper insights can provide information about how much of that traffic is converted into leads or customers.
Determining your mobile conversion rate can help you decide whether to optimize your business for mobile users or not. It can be extra effort to redesign and rebuild pages for mobile, but a promising conversion rate can indicate bigger returns as soon as this is done.
Email Marketing Metrics
Here are email marketing metrics you can use to measure the efficacy of your email marketing efforts.
15. Open Rate
For email marketers, the open rate is a pretty important metric. It’s basically the conversion rate of a subscriber to an actual reader. Open rates indicate how many of the people on your mailing list opened your email. This is usually due to a compelling subject line.
A low open rate means that the subject line or topic of the email needs to be changed to make an email more interesting and relevant to subscribers. This can be done with A/B testing for different subject lines, the timing of sending, and other factors related to convincing people to open an email.
16. Click Rate
Click rates are also valuable metrics for email marketers. This is the best measure for engagement. People clicking on links and calls to action may indicate effective copy and design. It also shows topic relevance, that people are interested in the information in the email.
This is one metric that needs to be driven up as the goal of email marketing is to nurture a prospect by leading them into more information about a brand, product, or an ongoing promo.
17. Unsubscribe Rate
Unsubscribe rate is a metric that should always be put into the right context. If you’re emailing a massive list, a small unsubscribe rate may be a way to filter out uninterested people. But be cautious because a high rate can hurt your account’s reputation and increase the chances of your emails going into spam.
A high unsubscribe rate to a smaller list, however, could indicate that some work needs to be done to engage subscribers more.
18. Bounce Rate
Bounce rates above 2% are a cause for concern in email marketing. This means a lot of the emails aren’t being sent to the recipient. Such can be caused by many different factors. For example, the email the lead submitted might not be valid or might have a typo. A high bounce rate in email marketing suggests a negative quality of subscribers within a marketer’s list.
Social Media Metrics
Here are marketing metrics for your social media goals. Most of these metrics are readily available on the platforms that you use. You may opt to gather data from multiple platforms into one dashboard using tools like Hootsuite and Sprout Social.
19. Social Media Engagement Rate
Social media engagement metrics provide insight into how much of your followers or connections interact with your posts over a certain period of time. It’s a measurement of activity between your social media updates and your followers. This includes how many likes, comments, shares, link clicks, post taps, and more your followers make on your posts.
There’s a number of ways to calculate this, so use any of them depending on your objective. This can also be automated using social media management tools that provide analytics tools. According to marketers, upwards of a 1% engagement rate is good, so aim for that or higher.
20. Social Media ROI
Social media ROI lets you know if your social media marketing expenses are returning profits. Basically, divide your total revenue through social media by the budget you’ve allocated for this channel. You can compare it to your ROI from other channels and see which one works best for your business so you can nurture that one in the future.
Social Media ROI (%) = (SocMed Revenue / SocMed Spend) x 100
Reach refers to the number of times your content was viewed by users. It means they read a post, looked at an image, or watched a video. Reach is important as it is one step closer to getting a new follower or lead on social media.
Impressions indicate the number of people who were exposed to your content. This is typically higher than reach, as impressions simply mean your content appeared on someone’s feed, without actually getting examined or viewed thoroughly. Nevertheless, it’s an important metric to consider, especially with social media algorithms prioritizing exposure for high-performing, high-quality content.
Follows are an obvious metric to track, especially if your goal is to grow your community of prospects and advocates. Audiences seeing a high follower count on businesses also perceive brand trustworthiness, credibility, and authority. This is a number you may immediately want to work on by pushing out content that is valuable and visually compelling to your audience.
Tracking likes on social media is a pretty great way to start monitoring engagement with your audience. It’s easy to double-tap or hit like for a lot of users so consider how generous your current audience is with likes. You can even compare it with reach and impressions to get a feel of how all your audiences respond to your posts.
Comments are also great to monitor. Not only do they provide you with engagement, but comments with tags to other users also increase your content’s reach. There are also insightful comments where people provide feedback generously. Even better, some people reach out and express interest in your services through comments.
Open up your comments section and start conversations with your audiences. This helps build on your brand’s community ethos and can help with generating leads.
Shares are available on almost every social media platform. This means your content is highly valuable for your audience and their network. Having a high organic share count means your content resonates with your audience. You can also run promotions that ask your followers to share your content to improve reach.
A high share count is free marketing. It indicates that your content is something your audiences are easily willing to advocate for. This also means the quality of your content production is at a great level and you should keep up the good work.
If you have a website, here are some marketing metrics to consider. The common goal is to have people converted into leads or customers, but there are metrics that can help you better direct them to macro-converting pages and understand their behavior. They’re typically readily available on tools like Google Analytics and SEMrush.
27. Total Website Traffic
Measuring total website traffic can show you if your brand is growing. This metric can also guide you on what to expect in the coming days or months for most areas of your business. This can also reflect on your SEO campaign efforts. Low website traffic from an otherwise steadily growing graph could mean something is wrong with your marketing and sales efforts, or it’s just that season for your industry.
28. Website Bounce Rate
The bounce rate on a page indicates single-page sessions. This means people visited one page and left after that. Depending on the purpose of the page, this can be impactful. If your call to action is to have them visit more pages, it can be detrimental to have a high bounce rate.
If your website content, however, is helpful as a standalone web page and doesn’t have the primary goal of having a visitor explore your site, a high bounce rate should be okay. This goes for blog posts or informative material where people will get the information they’re looking for and leave right away.
Bounce rate can indicate if your entire website is effective at generating leads. You’ll want a generally low (26-40%) ratio for important pages like your services, products, FAQs, etc.
29. Average Session Duration
Average session duration tells marketers how long people stay on your website in a session. This metric can be highly valuable for certain pages, especially if your goal is to have a high average duration for it. You may want more than two to three minutes for your FAQs page, content pillar blogs, and other informative pages.
30. Top 5 Entry Pages
Your top five entry pages will show you the pages that get the most traffic. Using your analytics tool, check where this traffic is coming from and nurture that as a channel. If it’s organic, keep working on your search engine optimization, and if it’s from social media, commend your team and maybe expand it to grow your traffic.
31. Landing Page Conversion Rate
In marketing, a landing page is one specially created for a specific campaign or promotion. It’s pretty much a standalone page that immediately has a macro call to action. Your landing page conversion rate tells you how effective a promotional campaign is at capturing new leads or customers.
32. Organic Traffic and Conversion Rate
Organic traffic is caused by your website having the right keywords that people search for. They’ll find your page on the results of a search engine and visit it from there. That’s the main point of search engine optimization.
Check out your organic traffic and how much of it is converted into leads and customers. This rate will be very important in discovering your audience’s journey into conversion.
33. Paid Traffic and Conversion Rate
Traffic from paid ads should definitely be tracked or else you’d be wasting your money. What’s more important is that you track how much of the traffic is being converted from paid search ads. This will tell you if your ad strategy is working, or if you should put your budget elsewhere.
34. Social Media Traffic and Conversion Rate
Your website will have visitors from your social media accounts if you link them to it. They will then go on their journey around your website. Your goal is usually to have them sign up to a mailing list or purchase a product or service.
Measuring traffic and conversion from social media channels provide insight into the efficacy of your social media marketing efforts. As such, you’ll want a high rate of conversion from your social media channels, especially if you’re investing a lot in building your brand through social media.
35. Website Conversion Rate
Your total website conversion rate shows you how effective your website is. Using analytics tools, you can track the behavior of your visitors and how they turn into leads. You’ll see which pages they go to before clicking on your CTA.
Tracking your website conversion rate along with visitor behavior will let you in on how you should optimize your website’s design and mapping to increase conversions over time.
Tracking Marketing Metrics
With the digitization of marketing, it has become easier to collect and aggregate data. What’s important is that you know how to interpret them and leverage your numbers for business decisions.
You may start with one goal first, but it’s always good to sustain the supervision of your conversion rates and audience growth. If this is another heavy task you’d prefer to delegate instead, you can outsource the work to a marketing virtual assistant. There are also IT virtual assistants who can help you optimize your website for a better user experience.
If you’re interested in boosting your marketing activities and growing your numbers with a virtual assistant, we can help. Just fill out this form and one of our consultants will get in touch with you.
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