Metrics You Need to Pay More Attention to in Marketing
Make your marketing work by paying attention to your metrics. Read this article to learn about key metrics to watch out for.
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Having a solid marketing approach can help you get your products out there quicker and more effectively. But it’s important to recognize that marketing your products well can take some trial and error. Be prepared to try multiple strategies before you land on the ones that work really well.
Conversions
If you’re analyzing your marketing effectiveness, one of the first places to start is with the conversion rate. If you aren’t seeing viewers convert to customers as a result of your marketing efforts, it’s time to change up your marketing. While it can be hard to rethink certain strategies, be willing to do it if necessary. Failing to change your approach could mean losing out on huge pools of potential customers.
Response Rates
You should also make sure you’re thinking carefully about your response rate. Analyze your different points of contact with your customers to get an idea of how interactive your material is.
You should also try to tailor your marketing to your target audience—some types of marketing won’t register as much for certain demographics. Focusing your marketing efforts on social media might not be the best approach if you’re targeting older crowds. And in fact, direct mail has a higher response rate than email, paid search, and social media. So even if you’re trying to target younger people, you still might want to integrate direct mail into your marketing.
Customer Loyalty
Another important metric to be aware of is your customer loyalty. There are a variety of ways to measure this, but one of the most effective ways is to measure how frequently the customer comes back to buy your product again.
As you look at this data, it’s important that you think about this metric in a way that is specific to your business. If the product you sell isn’t something that consumers have to buy over and over again, it might not actually be super important to focus on getting return customers—rather, you might measure customer loyalty by how frequently customers recommend their friends or leave positive reviews.
As you figure out your marketing strategies, it’s important that you put just as much effort into measuring how your different approaches are working as you do into executing the marketing itself. If you don’t take the time to carefully analyze specific metrics, you’re shooting yourself in the foot. Doing this work helps you be more deliberate.
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Posted In: Business, Business Reputation, Customer Reviews, Digital Marketing, Marketing