Table of Content
Introduction
1. The Evolution of Marketing Metrics
2. Why are Digital Marketing Metrics the New Trend
3. Marketers Role in Setting Marketing Metrics
3.1. Identify Marketer’s Goals
3.2. Stay More Focused on Niche
Conclusion
Introduction
For every B2B marketer, it is important to measure the success of each campaign to understand its performance and identify areas for improvement. However, with so many marketing metrics to track, it can be an overwhelming task to figure out the most and least important ones.
This Martech Cube article will provide information on the importance of marketing metrics and how to track your campaign successfully and optimize the marketing efforts for appropriate results.
1. The Evolution of Marketing Metrics
The marketing metrics are KPIs that marketers use to develop an effective marketing effort that will engage their audience and generate good value. The marketing metrics demand data collection and analysis from various channels to develop an established goal and form a robust campaign.
With the advent of digitization, marketers are looking for an innovative way to measure marketing metrics. This also implies that they need to adopt a wider range of metrics, such as social media goals and email marketing goals, to develop more niche metrics such as funnel performance and customer satisfaction.
According to Salesforce’s 7th State of Marketing report, it is observed that around 78% of marketing organizations have changed their traditional marketing metrics and functions and reestablished more KPI-conscious metrics such as customer referrals, acquisition costs, and engagement with content that can be tracked well.
The evolution of marketing metrics in the digital world has helped marketers prove the value of their efforts in the B2B marketing organization by aiding them in developing bigger budgets and better resources to create a great impact on campaigns.
2. Why are Digital Marketing Metrics the New Trend
As more consumers go online, it is becoming harder for marketers to understand the customer journey and create a positive impact by creating an impactful experience at every touch point.
By measuring the right digital marketing metrics, such as website traffic, conversion rate, customer acquisition cost (CAC), customer lifetime value (CLTV), and return on investment (ROI), marketers can get valuable insights into their customers.
For instance, website traffic is an essential marketing metric that provides insights into a business’s online presence, i.e., the number of visitors to the website over a specific period. To measure website traffic metrics, businesses can use analytical tools such as Google Analytics, which provide detailed information about the people who visited the site, including how long they stayed, what page they visited, and where they came from.
Email marketing is a digital marketing channel that is more effective than social media marketing, as everyone has an email account these days. Plus, email does not require marketers to communicate in real-time, making it a perfect way to reach the audience. To measure email marketing metrics, marketers can send emails via Customer Relationship Manager (CRM) tools, which help you manage the lists of email subscribers and analyze the results of the email campaigns.
3. Marketers Role in Setting Marketing Metrics
The marketing metrics marketers choose to measure need to be relevant to the B2B business, preferred channels, types of campaigns, and industry-specific. To determine the correct marketing metrics, marketers must follow two simple steps.
3.1. Identify Marketer’s Goals
To understand what you want to achieve from the campaign, it is essential to find high-quality leads, raise the CLV, and achieve more ROI. Following these marketing metrics, you will get direct results.
3.2. Stay More Focused on Niche
It is quite natural for marketers to get overwhelmed by various marketing channels, but selecting the right channel will help your business grow. Let’s understand this, if you want a specific outcome, you need to stick to the metrics that measure your marketing performance along those lines. Consider the following example: social media is a great platform for building customer relationships through exclusive content. However, to know whether you have hit the pain points of your target audience, you have key indicators such as shares/re-shares, likes, comments, pins, etc. that determine the rate of engagement and sentiments of the audience.
Conclusion
Although marketers can measure each metric, it is essential to understand “why and how,” as the whole process of writing and understanding the KPIs can be time-consuming. Therefore, niche marketing metrics act as a savior as they help you strategize your marketing activities on the right track, keeping in mind the budget and KPIs. To ease your work, there are numerous analytics dashboards and CRMs that not only track performance across all channels but also create a plan of action to visualize growth in the future.
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