Marketing Metrics

What marketing metrics are you tracking to determine success for your business?

Are you tracking your marketing metrics?

Check out the post below to see our list of key metrics you should consider tracking for your business this upcoming year!

Why & How To Define Your Marketing Metrics?

Defining your marketing metrics can help your company clearly link marketing activities and strategies to outcomes.

In order to do this you must define your goals and decide how to measure them.

Don’t forget to assign multiple measures to each goal to capture an accurate determination of success. Goals are a slippery slope!

Lastly, make sure your goals are S.M.A.R.T. goals. This stands for:

• Specific
• Measurable
• Acheivable
• Relevant
• Time-bound

You have to be clear on what you are changing and why you are changing it. This way you measure only what you can influence.

Frequently Used Marketing Metrics

Keep reading to learn about 12 different metrics that you can consider using to track your brands success!

1. Advertising Effectiveness

This refers to the sales or revenue generated by a specific advertisement or advertising campaign.

2. Brand Awareness

Awareness refers to how many people generally, or in your target audience, know about your brand. What is your presence in the marketplace?

3. Brand Recognition

Recognition is one step deeper than awareness. This is the percent of your target audience that recognizes you brand.

4. Customer Acquisition Cost

Acquisition cost is the average marketing ans sales costs associated with acquiring a new customer. A general way to measure this is by dividing your overall marketing cost by the number of new customers acquired in a given period of time.

5. Customer Advocacy

Advocacy is what we put at the end of the sales funnel because this is where the real gold is. This is measured by tracking how many of your new customers were acquired through referrals. The big takeaway from this is that your current customers lovee and trust your brand enough to send family, friends and peers.

Click the link below to read our article on sales funnels!

6. Customer Base

Your customer base metrics can be a wide variety, so it is best to choose the one(s) most relevant to your business. A few examples include: 

• Total number of customers
• Number of customers per segment
• Number of new customers
• Number of lost customers

7. Customer Defection

Defection is another term for “lost customers”. This is the percent of number of customers who stopped doing business with your company during a given time period.

8. Customer Lifetime Value

Lifetime Value is the average number of years your customers do business with you calculated with the average annual sales per customer. This is calculated at the end of every fiscal year. 

9. Customer Retention

This refers to the number of customers to keep doing business with you. The retetion rate is calculated at the end of a defined period, for example we could track annually, by quarter, or monthly.

10. Customer Satisfaction

The level of satisfaction your customer feels when using your product of service. This is typically tracked on a nominal scale and used to track above average satisfaction, disatisfaction, number of complaints and more.

11. Marketshare

What do your company’s sales look like compared to your competitors? This can oftentimes be difficult to track, but is always valuable to be aware of.

12. Sales Transations

Transactions can refer to the average order size, average product price, or anything regarding how your customers make purchases from you.

Which Metrics Should You Use?

There are so many options to choose from, so how do you know which marketing metrics are right for you?

That depends on your goals and marketing activities. Choose marketing metrics that are tightly linked to your strategy.

Do you want help deciding what marketing metrics are relevant to your business? Building your strategy?

Fill out our contact form below to chat with a member of our team or browse through our services to see how we can work together!