Marketing Campaign Based Reporting
Our reporting help you select campaigns which needs your love and filter unnecessary ones.
Many business owners have this misunderstanding that spending money on marketing is useless because customers will buy their product or service if it is valuable. Even though marketing can introduce their service or product to a much larger audience and increase the number of potential customers.
This is primarily due to the belief that a previously successful marketing campaign can be a complete failure the next time, resulting in a loss of time and resources. This belief is fairly accurate when taking into account the consumer environment and trends of the present day.
However, relevant tools and methods can also be used to streamline your marketing efforts and provide you with the assurance that your resources marketing expenses are being completely recouped in the form of valuable prospects and increased conversions.
It is essential to measure the performance of the various marketing strategies separately and also as a whole to obtain valuable insights and optimize your campaigns accordingly. This can give us a clear picture to measure the effectiveness of your marketing efforts. Key Marketing Metrics, on the other hand, are essential for measuring the effectiveness of various channels, resulting in improved outcomes. In order to effectively design better-targeted marketing campaigns in the future and verify the effectiveness of your marketing campaigns, the following marketing metrics are essential:
Total Site Visits
Start by counting the number of visitors to your website before and after the start of the marketing campaign in question to determine whether or not it was a success. The marketing campaign would be considered successful if it resulted in an increase in the number of visitors after the campaign started. On the other hand, if your site visitor ratio decreased or the rise ratio fell short of your expectations, this indicates that your marketing campaign was unsuccessful, and you should look into other marketing avenues to determine the actual reason for the drop in site visitors.
Click-Through Ratio
The click-through rate is a crucial indicator for any marketing campaign since it can be used both separately and in aggregate to measure the effectiveness of your marketing efforts. A greater click-through rate on emails would indicate that your email marketing campaign was successful. A similar method can also be used to determine the success rate of your content marketing, i.e., the proportion of site visitors who go on to complete an activity, such as signing up for a demo or newsletter, etc. Similarly, you may add the click-through rates (CTR) from the various marketing channels to estimate the effectiveness of your overall marketing activities.
New vs. Returning Visitors
Total visits will only tell you about the increase in the number of visitors when marketing campaign started. New versus Returning Visitors metric would tell you which one those guests are returning and the number of are new. There are numerous ways of utilizing these metrics to check your marketing campaign ratio proportion, for example, examining new vs returning guests proportion would tell you whether your prospects are coming back. Similarly, when you identify new visitors, it will tell you if your marketing efforts have been compelling enough to attract new prospects.
Channel Specific Traffic
Channel wise identification of traffic can tell us a great deal about the viability of a specific marketing campaign. This measurement fragment your site traffic into four significant parts: Direct, References, Organic, and Social.
Direct Referrals: Direct Referrals refers to the visitors that come to your site by typing your site address.
References: Visitors that come to your site through other reference links.
Organic & Social Traffic: This refers to visitors that entered your site from social media.
This tells us a great deal about the channels that have been more effective in bringing in visitors. For example, if you have a higher number of organic visitors, this means your SEO strategy has been strong. If more visitors are coming from social media then this means your social media presence has been successful.
Actions Taken
If you have engaging content, you have more visitors and there are no two there are no two ways about it. Strong online presence is not possible without engaging content. Content marketing strategy has the most ROI ratio. A blog promoting your products/services will greatly increase your site’s visitor, return ratio and lead conversion ratio. To check whether you have interacting visitors on your site, you should utilize Action Taken Metrics to make your content more interactive. For example, some people use short surveys to check if users take time to interact and thus measure the success of content marketing.
Visitors Bounce Ratio
Visitors Bounce Ratio means the visitors that move to other locations without doing out any expected activity after they have been effectively diverted to your site. Some site pages might have higher bounce ratio than others. For example sites with webpages which have not been optimized, which have broken links, badly optimized CTAs can have higher bounce ratio. By identifying bounce ratios on various site pages, you can recognize pages with higher bounce ratio and upgrade them likewise to accomplish improved results.
Visitors Exit Ratio
Visitor Exit Ratio is the percentage of visitors who leave your website after exploring several pages. Though comparable to Bounce Ratio, Visitors Exit Ratio provides a much broader perspective of your website visitors. Visitors Exit Ratio allows you to distinguish between visitor behavior patterns and the web pages that your site users typically see before leaving to visit another site. Bounce Ratio analysis allows you to find and optimize your landing pages. This indicator can help you evaluate your content by showing you how many articles visitors read before leaving your site or whether any particular articles cause them to leave early in their session.
Conversion Ratio
Your overall conversion ratio is determined by the percentage of visits that were converted into customers. This relates more explicitly to site visitors who take the actions such as completing a form, providing you with their contact information, downloading whitepapers or just subscribing to a newsletter. To determine the success of your marketing campaigns, one of the most crucial component is calculating your conversion rates. Simply put, if your conversion ratio is higher, your marketing plan is successful since it is producing results, and if it is not, you need to do optimization is to yield better outcomes.
Leads to Close Ratio
The number of prospects with whom your sales staff was able to close a deal and convert them into customers is known as the lead-to-close ratio. The marketing team can benefit from measurement of your leads to close ratio by learning answers to the questions like how many leads did the sales team actually close and which channel has the highest Lead Close Ratio and the lowest Lead Close Ratio.
Your marketing team can prioritize marketing channels with a higher lead to close ratio by leveraging the accumulated data from these findings. By prioritizing channels based on their effectiveness, you will not only achieve a higher lead to customer conversion ratio, but your resource spending on marketing channels with a poor lead to close ratio will also be reduced.
Lead Quality
Depending on the marketing channel, Lead Quality can change significantly. For example, Lead Quality for a business firm may be greater on LinkedIn than on Content or Email Marketing, or it may be lower. Determining the Lead Quality Ratio of various marketing channels is therefore crucial so that you can evaluate channels based on their capacity to produce high quality leads, such as those that are simple to convert or have a higher lifetime value, etc. This will allow you to concentrate more on such channels for maximum output. Also, to ascertain whether or not you are focusing on the appropriate demographic, you can assess leads from all channels combined to determine the average lead quality. Finally, your marketing team must collaborate with the sales team to discover high-value prospects and then use that knowledge to identify the channels that provide those leads in order to assess the lead quality effectively. Also, based on your industry, differentiating Lead Quality may be more important than differentiating Lead Quantity.
Retention Ratio
The calculation of your customer retention rate is crucial in a number of ways, including the fact that it will inform you of the proportion of customers who are likely to do business with you again or who are likely to refer you to others in the near future. Yet, determining your retention ratio can be challenging for some firms. For example, e-commerce companies can quickly determine their customer retention ratio thanks to their short purchase cycle. The same would be challenging for a real estate business because their buying cycle is longer. Yet, it might be a useful indicator to gauge your progress because its advantages outweigh its drawbacks.
If you have a low customer retention rate, you are likely to have less loyal customers, which further suggests that are unable to give your consumers a seamless customer experiemce. Therefore, you must enhance their experience by taking steps like sending proper follow-ups, personalised emails after they have successfully completed a purchase, or by sending tailored promotional emails to reassure them that you care about them in order to increase their satisfaction and ultimately their retention rate.
Consumer Value
Customer Value varies based on the nature of your organization; for example, a hospital or legal enterprise typically values its clients more highly than an online retailer does. But at the same time, there aren’t many leads available in any of these sectors. Calculating customer retention rate is crucial to measure consumer value. This number isn’t specifically related to marketing, but it can help you understand the return on each customer’s investment. Every step of customer evolution during the course of their connection with your business can be taken into consideration when calculating customer value. The average transactions of your current clientele can also be taken into account while calculating it. You can define targets and allocate marketing expenditures on the outcomes that were obtained.
Brand Visibility
In this digital age, improving the visibility of your company, its website and online presence across search engines is incredibly important for your business. We all know that a single search on any search engine typically yields hundreds of thousands of results but only results on the first page are opened. This aspect alone demonstrates how crucial brand visibility is. In fact, it might not be totally incorrect to say that your brand’s visibility today can make or break your company. If you are not on Google, you do not exist. If you have a strong online presence, it means that your marketing efforts are having an impact since people are looking for you as a result; otherwise, you should adjust your marketing plan.
Per Lead Cost
Per Lead Cost is a somewhat focused marketing metric which informs you about the effectiveness of individual marketing channels. It also provides information on the efficiency of specific marketing channels. Generally, it enables you to determine the effectiveness of a certain campaign. The cost per lead may be computed by dividing the total cost of a single marketing channel by the quantity of leads it produced. Per Lead Cost would notify you of the precise cost of a lead rather than giving you a broad sense about the expense of getting prospects. You would have a comprehensive understanding of the marketing channels that generated leads in a cost effective way. You can make use of this information to adjust your focus on more cost effective and efficient marketing channels, thus saving resources.
Life of a Lead
Another important factor in determining the amount of work required to turn a prospect into a client is the Life of a Lead. These are the phases of the typical lead lifecycle: Subscriber, Lead, Marketing Qualified Lead, Sales Qualified Lead, Opportunity, and Customer. Contrary to the lead-to-close ratio, which will only provide information on the number of leads that were successfully closed, Life of the Lead may tell you how long it takes for a lead to convert i.e., become a customer on average. With this information, you can appropriately align your marketing strategy and channels to your goals. Before converting, prospects from various marketing channels may need to re-enter the Lead Nurturing Tunnel more frequently which will take additional time and resources.
By determining the average Life of a Lead, you may not only move your attention to marketing channels that produce better results in terms of lead generation, but you can also improve future marketing efforts.
Return on Investment (ROI) Ratio
Every business’s primary goal is increased revenue. Period.
Return on Investment (ROI) is ‘the one’ metric that can be used to determine whether or not your efforts are paying off. If the ROI is higher than the amount spent on a specific marketing campaign, then that campaign is a success. If the ROI generated is low, you should adjust your marketing expenditures. The best and the conclusive way to determine the success rate of a campaign is to calculate ROI, which is also a simple calculation. You may measure your marketing ROI by comparing your “Per-Lead-Cost” against your “Lead-to-Close” ratio. You may calculate your return on investment ratio by comparing your average “Customer Acquisition Cost” and average “Consumer Value” side by side.
Conclusion
To gauge the effectiveness of your marketing campaigns, you need to look at a bouquet of benchmarks, rather than just looking at one, or even a few. This is crucial since many different things might affect a single number. For example, an incorrect click on the prospect’s part may affect the Click-Through Ratio of Google PPC advertisements. A large conversion ratio, however, does not support continued business expansion, partly because it depends on the precise moment that a potential client takes the required action. Due to the fact that not all leads are really turned into customers, the intended action cannot merely explain that a lead will in fact be converted into a customer.
You may better understand your marketing activities and how effectively your clients and potential consumers are responding to them by employing a variety of benchmarks and doing a monthly review of the data acquired from these metrics. This is because it is possible to compare and contrast client data from different platforms and touch points, making the data analysis process reliable and producing credible findings for creating better marketing efforts. The secret to success is constant improvement in your efforts to plan and manage your marketing initiatives.