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A wise man once said that fifty percent of marketing spend it wasted; the only problem is that nobody knows which fifty percent. In this video we will cover key metrics you should measure to understand how successful your marketing is.
Most people aim at nothing and they hit it with surprising accuracy. What we have observed in some of our more successful clients is that they not only aim at something, but they do so with a structure. Specifically when undertaking marketing activities, they put together a campaign, or a plan, to understand what they are looking to achieve.
In these marketing campaigns, they establish clear goals of the desired outcome of these activities. Campaign goals can include
- How many new customers we want to attract
- How much these new customers will cost to attract
- How much sales revenue you want to generate from this campaign
Once you put the campaign together, it’s important to get focused on the metrics and measurement of these activities. Key metrics to measure in your next marketing campaign can include
- Time to convert a lead into a new customer
- Cost of acquisition per customer
- Proportion to the time does a lead turning to a customer
- Profitability of new customers
Where we can help you here is by helping you to put a system in place to track those key metrics and find out the effectiveness of your marketing campaigns. With this valuable information, you will be able to make better decisions on your marketing and future campaigns.
If this seems sensible to you, let’s talk. We’d be delighted to help you understand how you can determine the key metrics to measure that will lead to improved ways of attracting new customers and growing your business.