Starting your own company from the ground up is a challenging affair.
There are a lot of gray areas and unexplored territories and it is easy to get lost in a barrage of ‘must dos’ with no clear bull’s eye insight.
That’s where we come in. We have scoured the internet and brought you the 8 commandments of growth marketing metrics in a completely distilled form.
Here’s our high-value easily digestible insights:
1. Web traffic – your basic foundation
If you want to know how your business and content is performing online, then tracking your traffic is a must.
Traffic on your website can come from multiple sources like organic searches, ads, social media shares, and hyperlinks. Noting down how much of your traffic comes from what source will give you better insight into how you should promote your company.
Other things related to web traffic:
- Bounce rate: How many users divert from your webpage immediately upon landing.
- Keyword ranking: Which keywords bring you the most traffic.
- Returning visitors: How many of your visitors revisit your website later.
2. Cost of leads and lead generation
Starting a new company means that you have to make sure you work well within financial constraints.
Cost of leads evaluates the price your company needs to invest to obtain 1 targeted lead. For companies running on a tight budget, a more organic approach to lead generation could reduce this cost.
Comparing ROI from paid leads and organic leads will give you a sense of direction on what kind of campaigns to follow.
3. Return on Investment
Whether it is your ads, lead generation campaigns, or overall marketing budget, you should make more money than you are investing.
Also, try setting up value-driven content on your website and social media channels – once these start building up, your ROI will increase as more leads come organically.
However, if you are going to invest in paid campaigns, then ensure they bring more in sales than your initial investment!
4. Customer acquisition cost
There’s only one way to run a business – GET MORE CUSTOMERS!
As a Founder, you need to track how much you are spending every time you acquire a new customer. This cost differs substantially if you are a B2B company because targeting businesses needs more paid campaigns.
Also, don’t forget that if you have a product that resells, then focusing more on retaining customers than acquiring new ones could cut your CAC significantly.
5. Conversion rates on your channels
You might be running a million campaigns, but are they converting to sales?
Every growing company needs to focus on whether their email marketing campaigns, paid search engine ads, and landing pages among other things are converting into sales.
That’s the only reason for you to integrate these campaigns in the first place!
6. All Marketing Metrics
To make this quick and easy, here’s every marketing metric and why they need your attention.
- M%-CAC – The marketing percentage of CAC indicates how much of marketing spending goes into acquiring customers.
- LTV to CAC – The ratio between the lifetime value of an existing customer and the CAC of a new one.
- CAC payback – The time it takes you to earn back the CAC you have invested on a new customer.
7. Marketing Originated/ Influenced Customer
Your marketing campaigns bring in two types of new customers:
- Original customers: Ones that were introduced to the product and converted solely from your marketing initiatives.
- Influenced customers: Ones that at some point in the sales cycle were influenced by your marketing.
Keeping a track of these metrics will help you determine the efficiency of your campaigns.
8. Social media and blog feedback
Is your online content adding value to your visitors?
When it comes to content on blogs and social media, quality ranks way above quantity. If you see your posts performing well and converting into leads/ sales, then your content marketing is on point, otherwise it may be time to reconsider.
That’s it from our comprehensive list of growth marketing metrics you should know. If you want to get a more detailed insight into growing your sales and turning profit, then get in touch with us and find out how!