As customers navigate and interact with your website, they create an opportunity for you to measure and improve your marketing metrics with data. As a marketer, you can gain deep user insights from that data to optimize customer lifetime value, conversion, engagement, and retention.
These insights also allow you to observe how marketing campaigns are performing and reveal possible bottlenecks. Knowing what marketing metrics to track and fully understanding that data can feel like a daunting task. Not to mention, once you do figure out which marketing metrics to track, you have to then extract insights and KPIs to make it actionable.
We’ve compiled a list of the top 6 marketing metrics to track and how they can help you adopt a data-driven mindset to optimize your marketing campaigns.
Marketing Dashboard in Indicative
1. Bounce Rate
Bounce rate – which calculates how many times a user visits your website and leaves without any other interaction – can be tricky to evaluate. If your bounce rate is high on certain pages that are critical for conversions, like your homepage, product pages or social media traffic, then that may suggest something is not right and needs review.
A high bounce rate may signal that something’s awry, but that isn’t always the case. For an article or blog-based website, a high bounce rate could indicate that users found what they were looking for on that first page.
Either way, it’s critical to keep an eye on your bounce rate to monitor your conversion and ensure that your site is functioning properly.
Bounce Rate in Google Analytics
2. Click-through Rate
Click-through rate (CTR) is the ratio of clicks on calls-to-action (CTA) to the number of qualified leads who only view the page, email, or social media advertisement. Unlike shares, likes, or comments, CTAs are created to move qualified leads deeper into your conversion funnel and to other pages on your website.
CTR in Indicative
Tracking your CTR is especially important when assessing the effectiveness of your CTAs. If your CTAs aren’t effective, it will show through tracking your CTR. Once a low CTR is identified, you can begin to reveal problems such as CTA placement and copy.
3. Session Time
Session time is the amount of time a user spends on your site. A user who spends a lot of time on your site, even if they never leave the initial landing page, can serve as a better estimate of site and digital marketing success than CTR alone.
Session time is a simple metric that offers a lot of insight into customer interest in your site or social media accounts and can help you identify user trends in your data.
If users aren’t spending enough time on your site to understand your product or make a purchase, that may be an indication of a confusing layout, lack of relevant content, or inaccurate marketing of the target audience.
Ultimately, session time can help you determine your content marketing strategy moving forward, identify potential issues and opportunities, and where to invest your budget.
Engagement is about creating interesting and relevant content that keeps customers engaged in meaningful ways to your business over time.
Tracking engagement gives you an opportunity to examine when and why customers drop out of your funnel, which initiatives are retaining customers as well as boosting referrals, and the overall success of your site or app.
Engagement in Indicative
Engagement metrics can be as specific as how many premium articles customers read to as general as to how many times they open the app. Both are important in gauging your content and overall customer approval.
5. Multi-Channel Attribution
Multi-channel attribution is examining which of your marketing channels lead to and generate the most sales and then giving those channels the correct amount of credit based on its results within the given sales cycle.
Tracking your multi-channel attribution can give you insight into where your traffic is coming from, returning from, and converting from, across the multiple marketing metrics.
Multi-Channel Attribution in Indicative
By tracking this information, your business can also have a better idea of how much money to allocate to each marketing channel, making your budget more efficient and allowing you to understand where you should be optimizing your content.
6. Conversion Rate
Conversion rate represents how many customers complete a goal on your site, like create an account or make a purchase, out of the total number of customers who visit your site.
This is an important marketing metric to track because it gives insight into the overall success of your site, social media account and/or app.
By improving your conversion, you can directly increase your sales, whether it’s a subscription or product purchase.
CVR in Indicative
Conversion Rate Optimization (CRO) refers to optimizing and calculating conversion rate and identifying goals. CRO includes identifying areas that can be changed, adding new features and enhancing current features. Improving your CRO can directly impact the success of your site, social media account and app.
Tracking These Metrics
As a marketer, these are the 6 marketing metrics to track, but you might be wondering where to start… Going through Google Analytics, each ad platform, and all of the other platforms you use to find the metrics you need can seem overwhelming and tedious.
The analytics space is rapidly growing and the number of tools and products that can help produce actionable insights and share KPIs is endless. An easy to use customer analytics interface that was built with marketers in mind is Indicative. You’ll have access to all of the analysis tools that you need to understand and optimize your customer conversion, engagement, and retention.
Indicative connects all of your user actions and data to create a complete view of your customer and your customer journey.
Tracking every metric can be overwhelming and counterproductive, which is why it’s important to identify which of those metrics is significant in growing your business and marketing strategy.
Comprehending each of these marketing metrics and how they affect your business allows you to better evaluate and understand your customers’ actions in order to make smarter, data-driven decisions and drive revenue.