Posted: 27 Sep 2022 Contributor: Ghia Marnewick
20 Marketing Campaign Performance Metrics: Why Measuring Marketing Performance is Important
Marketing metrics measure the success of marketing campaigns and show how well campaigns are tracking key performance indicators (KPIs). They are one of the most important elements of any campaign, and without them, marketing teams will not have a clear idea of whether their marketing strategy is successful.
Simply put, metrics are a quantified way of tracking performance and are an important marketing measurement tool for measuring campaign effectiveness. The most appropriate marketing metrics vary widely from campaign to campaign but generally measure the effects of your campaign on audience actions. The sad reality is that only 23% of marketing leaders know what metrics they should be tracking.
The right marketing metrics to measure are the ones that will ultimately have the biggest impact on your business goals, which might be the revenue generated for one campaign but more reach for another. This insightful tool will help you understand how effective your campaigns are, optimize current campaigns and plan for the future.
The Importance of Marketing Metrics
Marketing metrics are very important because they help brands determine if campaigns are successful and provide information on how to adjust future campaigns accordingly. They help marketers understand how their campaigns are achieving their business goals and inform how to optimize their campaigns and marketing channels.
These insights help the marketing team understand if they are achieving their goals in terms of reaching new customers, awareness, engagement, sales, lead generation, etc. These analytics also serve as an early warning system when marketing campaigns are not performing as expected, helping in campaign performance analysis to enable effective real-time campaign adjustment decisions.
But what is campaign performance?
Ultimately, marketing metrics are the primary way marketers can demonstrate the impact that marketing and advertising are creating for their business or organization through their marketing campaigns, indicating the performance thereof. This can provide insight into annual budgets and personas, making these statistics more valuable than ongoing measurement and campaign planning and an important part of universal app campaigns.
20 Key Marketing Campaign Performance Metrics
Let's take a look at several marketing campaign metrics examples relating to different digital platforms and media channels.
Web & SEO Metrics
Most of the time when individuals are looking for products, 87 percent will start by looking online. This is why you need to track your web performance.
1. Total Number of Visits: Total visits metrics help marketers measure how many users have visited their web services. You can check the entire website or just one page. This metric will help you gain insight into the popularity of the selected web asset.
2. Unique Visits: Unique visits work just like general visits, but each visitor is only counted once. So, if a user visits your website on five different occasions in a given period, it will be considered a unique visit.
3. Returning Visitors: Repeat visits help you see how many users returned to your site after your first visit. This metric helps you see how effective your web content is at building an audience and is essential for tracking brand health.
4. Views: This metric tracks the total number of views of a particular page. It can be used to measure the success of your assets for customers, especially if they are repeated in a metric like conversion rate.
5. Conversion Rate: The conversion rate describes the percentage of users who take a specific action after entering your website.
6. Session Duration: This metric looks at how long a user spends on your site during a single browsing session. Whenever they change pages or interact with them, you can estimate how long they spent doing so.
7. Keyword Evaluation: Marketers should pay close attention to how well key pages rank for certain keywords in their preferred search engine. Many people don't make it past the first page of a Google search, so maintaining a gap in the rankings is critical to maintaining traffic.
Regardless of whether your marketing team has brand optimization technology, it's important to keep a close eye on the following metrics to track your brand value.
8. Brand Awareness: By conducting surveys and extrapolating from information such as social media engagement, marketers can track overall brand awareness. Understanding and maximizing your brand awareness is critical to growing long-term marketing value.
9. Repurchase Rate: This rate answers two important questions: How many customers buy from you once and how many customers return? Customer retention is more important than sporadic sales, which is why marketers should try to keep this ratio as high as possible.
10. Brand Salience: Brand salience is a qualitative way to measure if customers remember your brand. For instance, a makeup company would ask customers to name as many brands as possible, then see if their name is on the list – and how long it took a customer to mention them.
11. Brand Sentiment: This will help you understand whether your brand has a positive, negative, or neutral reputation in the digital space. If customers like and trust your brand, they’re more likely to support you.
12. Share of Voice: This shows how much of the market your brand controls when compared to your competitors. It adds another element to your brand awareness and can identify your biggest competitors.
13. Branded Keywords: Keywords help you determine how many people are directly searching for your business or products.
Research shows that the best email campaigns generate $38 in revenue for every dollar spent, making them an excellent channel for generating sales. However, getting one of these great email campaigns off the ground can be a challenge.
14. Open Rates: When you send an email to a specific audience, the open rate explains how many subscribers open the email. This will help you determine if your subject line is persuasive and can be compared to metrics such as click-through rate to measure the effectiveness of the email.
15. Click-through Rate: Click-through rate (CTR) measures how many people clicked on a link in your email message after receiving the email. This will help you determine how persuasive your overall email copy and strategy are.
16. Hard Bounces: If you send an email to an invalid address, an error message will appear. These emails should be removed from your list as soon as possible, as many hard bounces will negatively affect your reputation and overall deliverability rate with email providers.
17. Opt-out Rate: This metric allows you to measure the number of users who no longer wish to receive email communications from your company. Some unsubscribes are inevitable, but a large increase in unsubscribe rates could indicate a problem with your overall email strategy.
18. Email ROI: The return on investment in email is the same as the return on investment in marketing. This will help you determine how effective your email strategy is by tracking the effectiveness and revenue of one of several campaigns.
Social Media Metrics
The idea of brands having a social media presence was unheard of 20 years ago – but today, social media engagement is almost a must for brands. They provide a great vehicle for improving brand awareness, connecting with customers, and even direct sales support.
19. Reach: Social media reach allows you to find how many people have seen your advertisement, regardless of whether they chose to engage. This is then used to calculate engagement rates, conversion rates, and a whole lot more.
20. Engagement Rate: Your post’s engagement rate details how many users interacted with a post after seeing it in their feed.
The Bottom Line
At the end of the day, we want our marketing efforts to pay off, and the only way to effectively measure this is through the use of metrics and KPIs. These goals provide a finish line for the campaign and identify what it is that needed to be achieved. Without it, your efforts will be wasted.