Many companies hesitate to increase their marketing budgets because they need metrics to justify every expense. In today’s environment, you can be overwhelmed with data and numbers. So, what metrics are the right metrics?
Below are four Key Performance Indicators (KPIs) you should consider measuring and tracking. Using these metrics, you can listen to the market and adjust your campaigns based on customer responses.
Customer Acquisition Costs: Ideally, you want to reach a point where most new customers come to you rather than you having to reach out to them. But if you’re a new company, you’ll likely need to invest considerable money to engage customers. You’ll notice when your marketing campaigns take off when customer acquisition costs start to decrease. If you are still paying a substantial amount per customer after a campaign has been in effect for some time, it may be wise to reconsider your strategies.
Increase ROI: You don’t just want to measure the ROI; you want to compare it over time. The cost to acquire each customer should steadily decrease. Even if you feel good about your ROI, it should continue to improve—and if it’s not, you might need to reconsider your tactics. Each quarter, you should isolate each marketing expense and review its data.
Engagement: You can find various online and traditional media statistics, but engagement is the holy grail. People who share, comment on, link to, and review your content are actively engaged with your brand and are among your greatest assets for brand awareness. Measuring engagement complements qualitative data and other marketing metrics.
Organic Traffic: The best marketing strategies are those you don’t have to spend money on or time on. If someone comes searching for you rather than reaching out, you’ve done something exceptional. Maintaining this organic traffic, whether it’s to your website or storefront, is crucial to success.
Tucker/Hall helps clients track and grow critical metrics and constantly uses that feedback to improve communications. If you’re interested in learning more, click here.
