While success isn’t always easily defined, it is measurable—at least when it comes to marketing. So, how do you measure the success of your marketing campaigns? Sales don’t tell the whole story, and leads aren’t always qualified. Smart analysis, using a wide range of key data, is critical to an accurate assessment.
Metrics abound, but some are more telling than others. Use analytics software to see how well your campaigns are performing in the following eight areas:
1. Conversions. Converting leads into sales is the objective of any marketing campaign. It’s a fact—increased sales means increased business and increased revenue. A sign of success any way you slice it.
2. Page views. Is your campaign bringing you more page views? Look for an increase in the number of visitors who land on your home page then navigate to other pages rather than leave immediately.
3. Bounce rate. Speaking of leaving your site, your bounce rate is a big indicator of how well your marketing campaign is doing its job. Keep people on your site longer, decrease your bounce rates, and you are heading in the right direction.
4. Referring sites. How many sites are referring to you? Links are important to your traffic, and when other authority sites are directing potential customers to your site it means that they see value in your company. So keep an eye on your number of links and referrals.
5. Return visitors. People who return to your site must like what they saw the first time. These people are not only more likely to buy from you, they are more likely to refer you to others.
6. Response rates. Are you running an email marketing campaign? Do you offer incentives on your site? The number of people who opt-in, via forms on your site, email marketing or social media, tells you how many people are interested in learning more about you.
7. Retention rates. Getting the customer is one thing. But can you keep him? Track repeat purchases to see how many people are using you as their go-to source rather than just a one-time supplier.
8. Customer feedback. The customer experience is a critical metric by which to measure the success of your marketing campaigns. Remember that many people will never tell you that they either enjoyed or did not enjoy their experience with you. Unless you invite feedback and act on it, this valuable data will be lost—and along with it the opportunity to identify weak points and improve.
These are a few of the most important metrics to consider when measuring your marketing campaigns. Remember, when it comes to increasing qualified leads and sales, it’s not the isolated bits and pieces of information that tell the true story. Put it all together to get an accurate picture of how well your campaigns are performing, and you will get more out of your marketing efforts.