by Charlotte Holland
Find out all about our top 8 marketing metrics and what they do to help your businesses growth!
These metrics are what marketers use to monitor, record, and measure progress over time. Marketers need to find their goals then choose the metrics that will track their successes but also their failures. Each campaign is different so make sure you find out which metrics matter for your campaign.
Here are our 8 top marketing metrics! Find out further down in this blog to find out what each of these metrics do and why they are so important for your business.
1. ROAS- Return on ad spend
2. ROI- Return on investment
3. CTR- Click through Rate
4. Conversion Rate- Conversions/ Clicks x 100
5. CPC- Cost Per Click
6. CPA - cost per acquisition
7. KPI - key performance indicator
8. CLV - customer lifetime value
ROAS is calculated by dividing conversion value by advertising cost. You may also see ROAS named Conversion Value/ Cost on Google Ads.
ROAS is crucial when you are measuring your paid advertising campaigns, it gives you a definitive value on how much revenue your marketing campaign is generating.
ROI- Return on investment is a KPI- Key performance indicator that's used by a businesses to determine profitability of an expenditure. You can calculate this by dividing profit earned on an investment by the cost of the investment.
ROI is an important tool for marketing, here is a number of reasons why:
The percentage of times your website has been clicked on when shown in search results. This is calculated by using the following formula- (clicks ➗ impressions) x 100.
Average click through rate indicates how many people are interested in your products, this is shown by seeing how many people have interacted with your ads, and how often these ads lead to sales.
The percentage of sessions which resulted in a conversion (number of conversions ➗ number of sessions). Conversion rate is a key performance indicator. Your conversion rate is an indicator of your campaigns success.
Your conversion success is not just about sales, its various things like downloading a brochure.
Average Cost Per Click is total ad cost, divided by the number of clicks. Average CPC can differ depending on who you're targeting, what keywords and the platform used.
Average CPC indicates how relevant your ad, content and webpages are to searchers. CTR impacts your ranking by organic and paid searches.
KPI is a metric that your company tracks to help determine the effectiveness of your company's sales and marketing. You will use key performance indicators in most situations as you will need to track your success, for all your short and long term campaigns.
CLV is a metric that will indicate the overall revenue you could expect from a single customer account.
If you can increase the customer lifetime value, it will also boost customer loyalty and hopefully retain them for a longer period of time. Which will intern increase your overall revenue
Now you know iocea's top 5 marketing metrics, and why these play a crucial part in measuring your campaigns. If you would like to know how our Lincolnshire based digital agency can help your growth further, contact us here today!