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If we were 1922, and own a business, most of the time spent at work would be trying to develop a perfect product. If that product made customers talk about it with their friends and family, that's the most marketing we could've done back then.
Today, the golden rule says that at least 20% of all profits should go into the marketing department if you want to see your business growing. Marketing is a big part of all industries, and not dedicating to it means your business may soon entirely fail. Hiring a marketing team is essential.
In 2022, trends are changing. Marketing is moving forward, and new models are valuable, while old ones are less significant. As a marketer, you need to know what works best for the business. Using the key metrics to follow your marketing strategies will provide more or less success to the company.
In this article, we're going through more valuable data about what marketing metrics today's marketers need to track if they want to be successful. If you're interested in the subject, follow up and find out what to mind when preparing your next marketing strategy.
Going through ideas, plans, and strategies is excellent before starting anything. Once the market team is ready, they'd set the agreed strategy and continue forward with their plans. Whether we are talking about traditional or digital marketing, we're thinking about creating a marketing campaign for a particular reason.
To be sure that you're leading successful campaigns, we need to track their progress. Several key performance indicators will show us whether a particular campaign is doing great or our marketing efforts didn't pay off, and we need to think about changes and make new plans.
With so many metrics available, it's easy for marketers to see where things are going wrong. However, these metrics change constantly, and marketers need to stay on track with global trends. Keep reading as we explain some of the most valuable marketing metrics below.
It's easy for the sales team to show their success because they measure everything in pure cash. In marketing, it's not that simple. Marketing campaigns can go on for months and sometimes even years before they are materialized.
Most marketers will show a timeline of events and expectations to their superiors and explain that true results will happen after a fixed period. Until the final moment, they'll set several milestones that the team will aim for.
To know that the work is going great, everyone needs to follow the metrics and the numbers behind them. For example, if the marketing team's goal is to generate a fixed number of leads, and they plan on doing this by a particular date in the future, the metrics will show whether they're moving in the right direction.
If the efforts are not successful, something somewhere is going wrong. Perhaps the entire campaign is set wrongfully, or some of the team's key members are not doing their jobs properly. Through the marketing metrics, it is easy to find the flaw and remove it.
Once the flaw is removed, the metrics in the future should show different results. Marketers will try to remove all errors until they reach their goals, but they'll only guess if things are going well for them without looking into the metrics.
Depending on the business, the product, the brand, and many other questions, a marketing strategy may differ tremendously from one business to another. The two main strategies, push and pull, will demand different marketing metrics, and the marketers, along with the managers, should choose the right ones. See more about the push and pull strategies on this link.
Every company has various goals set in front of them that they aim to achieve in a period. Some take longer, while others should happen sooner. Think about how long a particular strategy should take, and strive for it using the right marketing metrics to follow the progress.
As we mentioned, every business has different goals, but nearly all of them will have several that are the same. For example, all companies will want to see a rise in sales from one fiscal year to the next. All businesses will want to see more customers coming inside their physical stores than before.
These and many more metrics are easily measured using marketing metric tactics. Marketers will use various tools and data from all company sectors to measure how their efforts are going. Here are a couple of cases to show how companies use marketing metrics to measure their success:
This marketing metric is called engagement and is a relatively broad one, used by marketers to be sure they will use an analytics platform like the popular Google Analytics or its alternative for affiliate marketing campaigns – Vollum, which you can read about here.
If the charts show a constant rise in new visitors, the campaign is doing great, but if the projected numbers are higher than those visible, it means that the campaign lacks something and needs to be improved.
The investment is expected to generate new conversions for a particular product, and more new follows (leads) on the native social media profile. Still, neither the sales team nor the markers looking into the social media profile see a significant rise. The return on investment was not as successful and needs to be tweaked, making it more valuable the next time.
In 2022, when businesses are focused on their digital marketing campaigns, it's essential to track several marketing metrics. We chose the seven most significant ones, and present them shortly in the next part of the post.
If you had a major in the economy, going back to the basics of the economy in college will surely make you remember the Pareto principle. The Pareto principle has use cases across all industries, and marketing is not an exception.
According to the Pareto principle, 80% of a company's profits are made from 20% of the most satisfied customers. These numbers clearly show that paying more attention to how your customers are treated is critical. Additionally, customer acquisition costs are way higher than spending for existing ones.
Spend more resources on finding out whether your clients are happy with your products or services. If they are, they'll become retaining customers, and retaining customers means they are happy. The more satisfied they are, the more loyal to the brand they become, which eventually means spending more on your products and services.
Look into customer services working within the company and see if they do their jobs properly. Stats show that one of the biggest reasons clients abandon a particular brand and go to their main competitor is the poor treatment coming from employees.
Aside from retaining customers, a business always needs to make new clients. Lead generation is crucial for the growth of every company. Without lead generation, many companies will end up in a vicious circle of not doing any work, which eventually means shutting their doors.
It's important to know that not all leads a marketing team will acquire also turn into customers. Also, not all leads are equally valuable, and that's something that differentiates great marketers from ordinary ones – finding excellent leads.
The sales department and the marketing teams should work together to convert the leads. However, for the sales team to have something to convert, the marketers need to do their job and find them. A key marketing metric for both sales and marketers is lead generation, which makes both works together for the company's greater good.
Dedicate yourself to always finding better leads. The work is never done when your goal is lead generation. The more leads you gather, the more successful your company will be. Always track the success and keep in touch with the sales team. If the leads are not converting well, find better leads.
As we just mentioned, lead generation is essential but leads without conversion means nothing. Depending on the industry, the company, the brand, and the product, conversion numbers may be different. A great marketing team will set metrics according to their expectations and follow the progress.
The average conversion rate differs among industries tremendously. For example, the average conversion rate in the automotive industry is 2%, but in healthcare is 5.6%. Real estate is at 1.7%, but professional services are at 9.3%. That means the average number may not mean much in a broad sense.
Additionally, new and already established companies on the market will set different metrics for particular marketing campaigns. A new coffee shop on the corner can't compete with a 10-year-old Starbucks coffee shop in the same neighborhood. Marketers for both will need to set different expectations and aim to achieve them.
Let's say you have an auto dealership company and run no marketing campaigns at all. Your shop is flawless – made by all modern standards, it looks amazingly good, the workers are polite and professional, and the cars you're selling are from a top brand. Everything is set for success, but no customers ever walk inside.
The reason for this is no marketing. A dozen other dealerships are on the same street, and marketers worked tirelessly to put them on the map for clients to walk inside. They make sales, but you don't because you didn't invest a dime in marketing.
Now, investing $100,000 in ads and selling three cars for an entire year means you have a poor return on marketing investment. Where did the money go, who did marketers target, and how to improve the ROI is a metric everyone in 2022 should follow?
Depending on the industry, there are many tools to use for targeting your ads and gathering the right leads that will convert and make more sales. Track where the company's money is spent, and see how to improve it – that's ROI, a crucial metric for every business.
As we talked about ROI, we should mention that in 2022, one of the best marketing strategies providing the best ROI is Search Engine Optimization. SEO means tweaking your website to be more visible in search engines. Search engine bots constantly scan your websites, ranking them higher or lower depending on how valuable they are to the users.
The SEO metric means following the progress of your optimization. It's essential to be higher in the SERPs (Search Engine Results Pages) because this is a great way to get organic traffic. Organic traffic means new leads, which means conversions, and sales.
There are many different traffic sources to get visitors, but there's nothing like SEO. Being higher in the results pages for some keywords may lead to thousands of visitors every day. This marketing metric is highly valuable and continuously tracking your progress in search engines is essential for the business.
Growing on social media means growing your business. People will want to see what you post on social media if you have amazing products and constantly add value to the brand. Offering discounts, giveaways, airdrops, and using other tactics may significantly raise the number of followers.
But why is this important, and why is it one of the most important marketing metrics in 2022? Facebook is a social media platform with over four billion people. That means an unlimited market. Growing a network of millions means easily promoting any new product to these fans.
With millions of followers on social media, you'll always have success no matter how low the click-through rate is. This is why social media metrics are highly significant today. Combining other social networks gives you a fantastic target audience and potential leads.
Reviews come from customers who have already had the chance to try our services or products. They will go online and write a review about it and with it directly affect future engagement rates and generate or repulse potential customers.
Following closely what people write about the brand online is crucial these days. Stats say that consumers will trust the opinion of ordinary people online more than experts in a particular field. That means it's about time to start following this metric if you haven't so far.
Among the many digital marketing channels available, reviews have proven to be highly significant for companies and their success. This is why many of them will invest in review management and control.
Employees will monitor what customers post as reviews and try to make them change their minds if the reviews are bad. Although a kind of black hat tactic, it's still not illegal to do it; it provides significant ROI for the company.
Who knows what next year will bring as a trend. The internet is highly unpredictable, and no one knows how next year's marketing funnel will best be done. What we do know is how to do marketing this year. People not following trends and being stuck in 2015 will only lack success for their clients.
Since then, everything's changed. The technology is changed, the customer lifetime value is changed, the social media is changed, and marketing metrics are changed. As a business owner, you need to know how much of your profits can be turned into marketing budgets.
The budget will determine how dedicated you'll be toward building a successful brand. The marketing metrics we talked about above are key factors to be sure that the brand is headed in the right direction.
Use the seven we talked about to be sure that you're making great choices. If there's something not currently working out, don't hesitate to make changes along the way. No one is almighty, and no one can set up a perfect marketing campaign, which is why metrics are created. Thoroughly monitor how your efforts develop and make changes where they need to be made.
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