Learn about key marketing metrics.
Marketing metrics is a growing area of marketing. With many analytical tools available, it is hard to see what really matters. This post talks about marketing metrics for beginners and explains some of the different metrics and the advantages and disadvantages.
Marketing metric #1 – Page views
Page views are often quoted as one of the most basic and crucial metrics to monitor when assessing the success of your campaign. You may be sharing a URL on your social channels, in email newsletters and elsewhere within your website, and in monitoring your page views you’ll be able to understand how successful you are in raising awareness of your campaign. However, simply because a page has lots of views doesn’t mean to say that your campaign is totally successful. So it’s popular with the directors, but does not mean you are gaining sales or winning customers.
- Advantages – to test a campaign and see if you are getting visitors to a specific page
- Disadvantages – it does not mean the campaign has worked, so it is a vanity metric
Marketing metric #2 – Bounce rate
Bounce rate refers to the rate at which users land on your web page before immediately leaving. A user is said to have ‘bounced’ when they stay for less than 3 seconds before clicking away from the page. This means that they’re unlikely to have consumed your content. You need to get people to spend time on your website if they’re to understand what it is you have to offer them.
Have you ever searched for something, clicked o a link to discover it was not what you were looking for? If the company data is shared with Google (likely if you’re using Google Analytics), then Google tracks that as an ‘erroneous page visit. In basic terms, the higher the bounce rate, the lower the quality score.
- Advantages – Bounce rate is an indication of good and relevant content
- Disadvantages – A high bounce rate may also occur as the visitor has gained what they needed (such as a phone number or a link to an external help page)
Marketing metric #3 – Conversions
Conversions are possibly the most important metric in marketing. Do be aware that conversions can be different events for different companies.
For e-commerce sites, conversions are usually sales, where items are added to the basket and the checkout takes place.
For B2B conversions could be users who
- complete a contact form
- or request a quote
- download a document
Plus you may have unique conversions for each marketing campaign, for example if you’re driving for new email newsletter subscriptions, users will convert when they subscribe.
- Advantages – It’s a clear metric that’s easy to understand and for B2B it’s a good idea to set ‘conversion goals’ so the team are clear about what a conversion means to them
- Disadvantages – The cost of conversion needs to be considered. Read more about conversion costs here and be aware that conversion rate optimisation is a specialist field of marketing.
Marketing metric tools
Whilst there are range of tools available, the main tool tends to be Google Analytics. At a basic level it is free and provides more than enough information to monitor progress. Other tools include Clicky which, like Google, has a free version and the paid option starts at £10 per month.
Whatever tools are being used, the critical factor is to define what success looks like from the start. It’s easier to measure when you understand the issues!