If you were asked about your favourite marketing campaign, which campaign springs to mind? Is it Dove tugging on your heartstrings, reminding you that you’re beautiful in your own unique way with their ‘You’re more beautiful than you think’ campaign? Is it Nike pushing you to Just Do it? Or maybe it’s Old Spice, having you fantasise about the man your man could smell like.
These campaigns are successful in their own right, but how do you measure the success of your own campaigns? We know that measuring your success is crucial to your business's growth, but with so many metrics and KPIs (Key Performance Indicators) available, it can be tough to know which ones to focus on.
Marketing KPIs and metrics are measurements that help you understand how well your marketing efforts are working. Ranging from website traffic to social media engagement, such metrics can be used to measure different aspects of your marketing campaigns, such as lead generation, customer acquisition, and brand awareness.
By tracking these metrics, you can track your progress towards your marketing goals and identify areas where you need to improve, such that you can make data-driven decisions to optimise your marketing strategy.
Why Measuring Marketing KPIs is Important
Measuring marketing KPIs is important because it allows you to evaluate your marketing efforts' effectiveness.
This also helps you identify areas where you need to make improvements, such that you can avoid wasting time and money on strategies which might be ineffective. For example, if you're not getting enough website traffic, you can focus on creating more engaging content, optimising your website for search engines, or running targeted ads.
Common Marketing KPIs and Metrics
In our experience, we have encountered many clients that get caught up in looking at vanity metrics when measuring their marketing efforts, such as the number of likes on their Facebook page. This isn’t necessarily bad in itself, but there are actually many marketing KPIs and metrics you can track which may make more sense for you to track. Some of the most common KPIs include:
Website traffic: This metric measures how many people visit your website over a given period.
Conversion rate: This metric measures the percentage of website visitors who take a desired action, such as filling out a form or making a purchase.
Cost per acquisition (CPA): This metric measures the cost of acquiring a new customer.
Social media engagement: This metric measures how many people interact with your social media posts, such as liking, commenting, or sharing.
Email open rate: This metric measures how many people open your marketing emails.
Customer lifetime value (CLTV): This metric measures the total value of a customer's business over their lifetime.
Tracking and analysing your marketing metrics is crucial to understanding how well your marketing efforts are working. By regularly reviewing your KPI data, you can identify areas where you need to make improvements and optimise your marketing strategy.
To track our marketing metrics, we use an array of tools like Google Analytics, Ahrefs, or Semrush. These tools allow us to view KPI data in real-time, so we can make data-driven decisions to improve our marketing strategies.
How to Use Marketing KPI Data to Improve Your Strategy
Once you’ve collected and analysed the marketing KPI data, it's time to put that data to work. Here are some ways you can use your KPI data to improve your marketing strategy:
- Identify areas where you need to make improvements and optimise your marketing campaigns.
- Create more targeted and effective marketing campaigns.
- Demonstrate the value of your marketing efforts to your organisation.
- Make data-driven decisions about your marketing budget and resource allocation.
Measuring your marketing KPIs is crucial to understanding how well your marketing efforts are working and identifying areas where you need to make improvements. By regularly tracking and analysing your KPI data, you can optimise your marketing strategy and achieve your business objectives.
It's important to remember that there is no one size fits all approach. Be ready to adapt your approach according to your business’ needs and you could create some campaign magic of your own. And of course, if you need help to plan and launch your campaign, feel free to get in touch with us.