Entrepreneur Glossary: Understand key marketing metrics
Entrepreneur Glossary: Understand key marketing metrics
Why are marketing metrics important for your business? With businesses and customers going digital, tons of data are available to define and measure marketing metrics. It is data that helps you turn attention into measurable value.
Therefore, the use of marketing metrics is essential for your business. The marketing metrics you measure should differ based on your campaigns’ channels, goals, and formats. After all, they show whether the strategies are working, guide possible adjustments and generate data for improvements.
Also, whether your business is a massive company with a worldwide reach or a small company doesn’t matter. In any case, marketing metrics contribute to the growth of all sizes and all types of businesses as well, as long as they are used correctly.
Got confused? Don’t worry!
In this post, we’ve put together an entrepreneur glossary for you to understand key marketing metrics.
Entrepreneur Glossary: What do marketing metrics represent?
We can say that marketing metrics are the first steps for any company to develop its plans, actions and strategies. In short, metrics fill you with ammunition to see what works in your business and is not. The significance of specific metrics and their benchmarks differ from industry to industry. But there are a few marketing metrics that marketers across industries keep a close eye on To help you, we’ve gathered metrics into categories:
- Email Marketing
- User Experience
- Sales Funnel
- Sponsored links
- Content Marketing
- Search engine optimization (SEO)
- Social networks
Email marketing is a marketing channel. It is a form of sending direct messages to promote your business’s products or services; you can also use this channel to communicate directly with your leads, keep them updated about your business, and grow your database.
Here are some of its key metrics of email marketing:
- Database Size – how many leads do you have in your email base;
- Delivered Rate – the percentage of the number of emails delivered divided by the number of emails sent;
- Open Rate Email – shows us the number of email recipients who opened the email;
- Email Opt-Out Rate – the number of unsubscribes divided by the number of emails delivered;
- Number of Clicks – the number of individuals who clicked any link in your email.
User experience describes how people feel when navigating a website, and interacting with a company’s digital products or services. There are many elements that contribute to designing great user experiences when they are navigating your website. Some indicative metrics for user UX are:
- Button clicks (Whenever you promote a CTA, i.e. a call to action);
- Return rate (when the lead returns to the page visited);
- Loading speed (how long it takes for a page to load and open).
During the buying journey, that is, in the sales funnel, metrics are essential for us to identify where the potential customer is. It is a powerful way of mapping the steps (automated), using the data obtained by the metrics as a basis. See below:
- Subscription growth (conversion rate of visitors who came to your site);
- Development of qualified leads;
- Sales growth (when the leader turned a customer).
Sponsored links, also known as PPC or Paid Ads, is an advertisement which is displayed on the search engine results page after a user searches for certain keywords. In this case, your key metrics are:
- Backlinks (inserted in online content);
- Ad clicks (number of people who clicked on the ad);
- Cost per click (CPC);
- Conversion rate (number of visitors);
- Average bid (the amount paid per day)
Is a strategy of marketing that involves the creation and sharing of online material, such as whitepapers, blogs, videos, webinars, social media posts etc that does not explicitly promote a brand but educate and stimulate interest in its products or services.
Some of its most important metrics are:
- Cost per lead;
- Acquired leads;
- Return on investment (ROI);
- Download rate;
- Bounce rate;
- Time spent on the page.
Search Engine Optimization (SEO)
SEO, also known as search engine optimization, is the process of getting traffic organically, in search engines. It aims to improve your website’s position in search results pages
Here are key SEO metrics:
- Traffic sources;
- New visitors ;
- Conversion rate;
- Organic traffic;
- Search volume.
Social media marketing is a form that uses social media apps as a marketing tool. These platforms enable brands to connect with their audience to help them increase sales; drive traffic to a website, connect to their customers, etc. To measure the results obtained from social media, you should consider the following KPIs:
- Scope of publication;
- Clicks on the link;
- Follower growth;
- Days and times with the highest engagement;
- Social mentions (both positive and negative).
To assist in your analysis of your company’s metrics, it is very important that you master your point of sale, and collect data from your sales, customers, and stock; for example, this is the first step for you to have full control of your business metrics both online and online and offline. For this, you must use a good point of sales system where you can extract all the information to make accurate decisions about your business.
About our Company
Retail Solutions is a market-leading EPOS provider with over 25 years of business experience. Our leading sectors are convenience stores, supermarkets, forecourts, pharmacies and coffee shops.
We are dedicated to providing your store with the most up-to-date and reliable point-of-sale hardware and software management tools to help you manage your business effectively.
About the author:
Juliane Camozzato is the Head of Marketing at Retail Solutions. You can follow her on LinkedIn!