Top 10 Marketing Metrics to Track in 2023
As a marketer, you understand the importance of tracking marketing metrics and key performance indicators (KPIs) in order to gauge the success of your marketing campaigns and make adjustments as needed. However, with so many KPIs to choose from, it can be challenging to know which metrics are the most important to track. In this article, we'll provide a guide to the top 10 marketing metrics to track in 2023.
- Conversion Metrics
Conversion metrics are vital for tracking the effectiveness of your marketing campaigns, as they show the number of customers who have clicked on your ads and converted into clients, trial users, or achieved any other campaign goal you have set. Key conversion metrics to track include:
- Conversion rate
- Total number of conversions
- Click-through rate (CTR)
- Return on Ad Spend (ROAS)
ROAS measures the revenue your business generates for each dollar spent on advertising. It's a crucial metric to track in order to determine the value of your ad spend. In addition to ROAS, you may also want to track:
- Customer acquisition cost (CAC)
- Cost per lead (CPL)
- Marketing spend
- Customer lifetime value (CLV)
- Search Traffic Metrics
Search traffic metrics provide insight into how your website is performing in terms of visitors, time spent on your site, and pageviews. Key metrics to track include:
- Website visitors
- Bounce rate
- Page views
- Landing page performance
- Session duration
- Keyword Rankings Metrics
Keyword rankings metrics are important for tracking the success of your SEO strategies. These metrics provide insight into your current rankings for different keywords, and which keywords you need to work on. You can track keyword rankings using tools such as Google Search Console, SEMrush, or Keyword.com. Key metrics to track include:
- Keyword position
- Top queries by click
- Keyword position change
- Engagement Metrics
Engagement metrics are essential for tracking your brand's organic social media performance and measuring the success of your content. These metrics provide insight into the level of engagement your audience has with your brand and include:
- Top posts by engagement
- Engagement rate
- Likes & Comments
- Shares
- Number of subscribers
- Conversions & Clicks
Conversions and clicks metrics provide insight into the effectiveness of your social media strategies, specifically whether your target audience is engaging with your content and clicking on links and calls-to-action (CTAs). Key metrics to track include:
- Number of clicks
- Click-through rate
- Conversion rate
- Email Marketing Metrics
- Email marketing metrics are crucial for tracking the success of your email campaigns, regardless of whether they are part of your marketing funnel or just a newsletter. Key metrics to track include:
- Open rate
- Click-through rate (CTR)
- Conversion rate
- Unsubscribe rate
- Bounce rate
- Lead Generation Metrics
- Lead generation metrics are important for tracking the effectiveness of your lead generation efforts, including the sources of your leads, the conversion rate of leads into customers, and the cost per lead. Key metrics to track include:
- Number of leads generated
- Lead source
- Lead conversion rate
- Cost per lead
- Return on investment (ROI) Return on investment is a simple yet powerful metric that measures the amount of money you earn compared to the amount of money you spend. This is one of the most important metrics to track for all your marketing campaigns, as it helps you determine if you're getting a good return on your investment. You can calculate ROI by subtracting the cost of a marketing campaign from the revenue generated and then dividing the result by the cost of the campaign.
- Customer lifetime value (CLV) Finally, customer lifetime value is a key metric that measures the total value a customer brings to your business over their entire lifespan. This metric helps you understand the long-term value of a customer and how much you can afford to spend on acquiring new customers. CLV is calculated by multiplying the average purchase value by the number of purchases a customer makes over their lifetime and subtracting the cost of acquiring and retaining the customer.
In conclusion, these are the top 10 marketing metrics to track in 2023. By monitoring these metrics, you can make data-driven decisions, understand the impact of your marketing campaigns, and make the necessary optimizations to improve your results. Remember, the key to success in marketing is to always be testing, measuring, and optimizing.
