The discussion about the evolutions and changes in digital marketing is recurring here on the blog. We also provide tips on marketing strategies to help your company.
We have already stated that the marketing investment typesl is critical to maintain competitiveness of your business.
However, although there is a wide variety of strategies in which you can invest, a type of analysis or monitoring of results is indispensable.
Metrics exist to assist in this process. In order to be successful in your marketing campaigns, it is essential to use and monitor the main metrics for performance monitoring.
For that reason, today our conversation will be about metrics.
What are metrics?
We’ve already talked about metric styles in texts like, What are CAC and CDM and how they affect your business? e What is customer churn?
But, what are metrics?
Basically, metrics are tools that make it possible to measure, monitor and evaluate your strategic processes, in a simple, clear and objective way. It is important that your company sees metrics as the starting point for initiating its strategic plans and actions.
There are a few types of metrics:
ROI or Return on Investment
This is one of the simplest and most direct tools to measure your company's profits and indicate where and how to invest. With it, it is possible to trace the strategies that presented a significant result, and thus determine how to invest with greater profitability.
Customer Retention Rate
We know that keeping old customers is much cheaper than getting new ones. Thus, when using this indicator, you will be able to measure the percentage and performance of customers loyal to your product or service, in addition to highlighting their purchasing behavior and loyalty rates.
If the retention rate is high, you will have a high rate of satisfied and consequently loyal customers. However, if you have a low retention rate, it’s best to review your engagement strategies.
Ranking In Search Engines
This indicator here is essential to measure traffic to your website or blog, in the same way to analyze the efficiency of your conversion strategies.
All content on your website or blog, should be optimized in SEO to ensure a good position on the first pages of the main search engines. Remember, the higher the rate of visits to your site, the higher the conversion rate, and as a result, the greater popularity of your brand.
Site sessions
Here we have a very common behavioral metric, with which you can analyze the visits that your site received.
Exit Rate
The exit rate is a metric that points out on which page of the website the user abandons the visit to your website.
In addition to the metrics you have the KPI to help with your strategies
KPI or Key Performance Indicators, are indicators created from the metrics, but which measure conversion results. The metrics themselves can also be KPIs. Among the most well-known KPIs are:
Conversion rate:
The Conversion Rate is a KPI that makes it possible to measure the conversion of goals, that is, the number of people who performed that important action on the site, such as making a purchase, signing up to receive a newsletter, downloading a file, among others.
Average Session Duration:
The average session length is extremely important for content sites and e-commerce. Think that you need to know the minimum time the user takes to make a purchase or read an article.
ROI
The return on investment, or better ROI, is the return that your marketing action has obtained. ROI = (Return - Investment) / Investment. This KPI helps us to correctly measure marketing actions and where to improve performance or reallocate funds.
What are the advantages of using metrics?
It is extremely important to analyze metrics and make decisions using KPIS. In summary, with a constant analysis of these numbers, you will identify problems on the site. In this way, it will optimize the conversion of sales and newsletter subscriptions, analyze which media channel has the best return on sales, which channel has the lowest cost.
To analyze the results of your metrics you can use Google Analytics. Google Analytics is one of the most used tools for consulting Web Analytics. With it it is possible to analyze both metrics and KPIs.
For more texts and tips, visit our blog!
See you later!
