Why is Marketing Metrics so important?More and more B2B buyers do online research before they decide to make a purchase. They do their homework before spending money on buying your product. Your prospective customers will visit your website and social media pages to read reviews about your products before they make a final decision. Companies have to track each click, bounce, and figure out how customers engage with their content. Marketing teams use Key Performance Indicators (KPI’s) and marketing metrics to measure each campaign’s success across various marketing channels. The metrics for each of the marketing channels are different, and it is vital to choose the right metric.
Here are the 5 Crucial Marketing Metrics Manufacturing Companies Should Track
- Website – Website traffic, new & returning visitors, organic landing pages, visitor demographics, landing & exit pages, traffic. Channels, traffic sources, pages visited, search trends, bounce rate, referrals, conversions, site speed, site search, back-links.
- Email Marketing – Open rate, bounce rate, unsubscribed rate, clicks, click-through-rate.
- Social Media – Reach, engagements, comments, post shares, link clicks.
- Content Marketing Return on Investment (ROI) – This is the amount of money you make from the content compared to how much you spend in creating and distributing that content.
- Customer Acquisition Cost – This is the cost of acquiring a new customer. The total expenditure incurred for Sales and Marketing/ Total number of new customers.
Driving analytics into actionMost B2B companies collect these marketing metrics. Yet, they don’t use this vital information for tweaking or testing their digital marketing. Due to this, they are not able to make an iota of difference in sales and assume that digital marketing does not work for their business. The reason is that you are not driving these analytics into action.
Dig Deeper to get better insightsThe analytics provide you with information on
- Who is your customer?
- Do you understand your customer’s journey, from a prospect to a customer?
- What have been the high points in your customer’s journey?
- What are his pain points?
- Why does your prospect not buy from you, or why does he buy from you?