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Marketing performance measures are necessary for all businesses, no matter their size or area of operations. The purpose of marketing is to spread the word about your business and its products. But in order to create successful marketing strategies that actually generate a buzz about your business, you need to be able to tell how existing marketing campaigns are performing. That way, you can optimize marketing campaigns in the future using the performance data from previous ad campaigns and marketing tactics to figure out what worked and what did not. If you want to start managing marketing performance to improve marketing outcomes for your business, keep reading. Below, you will find the five key marketing performance metrics you need to measure, track and analyze in order to make the most of performance marketing tactics.
Website Traffic
Website traffic data is a fundamental data set used in marketing performance management practices. In order to know how your business marketing strategies are performing, you need to know what your business website traffic is like. Establish a baseline now to see how much traffic your Magento or Woocommerce website averages. Then, you can re-evaluate business website traffic data after your next marketing campaign to compare the difference. Getting business website traffic is one of the best indicators that your marketing efforts are working. Make sure you track website traffic for business if you hope to employ effective marketing performance measurements.
Predictive Revenue
Predictive revenue calculations are a must-include portion of any effective performance marketing management processes. These figures help business owners evaluate ad spend dollars required to convert consumers and retain or win back existing customers. To use predictive revenue projections in your business, you need to be tracking revenue generated by conversions. Then, that data is combined with customer lifetime value measures to forecast the financial impact of future marketing strategies and specific advertising strategies. Obviously, this will help business owners make better marketing decisions every single time. That is why it is a fundamental component for measuring marketing performance.
Brand Awareness
Businesses must track levels of brand awareness among consumers in order to effectively implement marketing performance management strategies. Brand awareness is considered one of the Key Performance Indicators, or KPIs, that should be used by all marketers after you complete the LLC publishing requirements. When you know what percentage of consumers are aware of your business brand, you can use that as your baseline. Then, you can use those marketing benchmarks to determine the success and ROI of future marketing campaigns. That is why brand recognition data is one of the must-track KPIs for all businesses to be able to optimize future marketing tactics. Be sure to consistently track brand recognition for your business. Future ad campaigns will be made all the better for it.
Return On Investment
Track the return on investment for all business marketing expenses. Your return on investment, or ROI, is the amount of money brought into your business from a particular ad campaign or marketing material. You may also see it referred to as return on marketing investment, or ROMI. Regardless of what you choose to call it, you need to track how much revenue each marketing tactics brings your business. This way, you can tell which marketing strategies were most effective and productive for your business’ bottom line. Then, you can use data analytics measures to determine why the marketing campaigns with highest ROI were the most successful and how they differed from less successful campaigns. If you do not track ROI for marketing, you will not be able to effectively manage marketing performance. Do not make that mistake.
Click Through Rates
Click-through rates, or CTR for short, are another must-track metric for measuring marketing performance to get response. CTR is the method of measuring how many page visitors are clicking on your digital ad or email link. This obviously helps to determine the effectiveness of your existing digital marketing strategies and other online marketing tactics. There are many different technology solutions available to help business owners track CTR for marketing performance measurements. Those tools are typically included in whatever marketing platform you use to host your digital ads. Now, you just need to be sure to use them. This data will help you determine the digital marketing tactics that produce the highest CTR for your business, which will ultimately make your overall online advertising and marketing plans much more effective. That is why you will definitely want to include these measurements in your marketing performance management.
If you are hoping to improve future marketing campaigns, measuring marketing performance is a must. This way, you can determine the strengths and weaknesses of existing marketing tactics and strategies your business uses. You can do this using marketing performance management processes. You just need to know what metrics to track to best benefit future campaigns. Use the marketing performance metrics detailed above to help you employ performance marketing tactics at your business. Your bottom line is sure to benefit.
