Marketing Metrics Explained – Part 2 of 2
There is so much available data now for measuring marketing data, it can be overwhelming. Knowing what to focus on (as well as what not to) will save you time and headaches. If you are a B2B marketer, this understanding has the power to provide granular information to your boss and steer larger decisions. Marketing is about putting something out there, testing responses, tweaking/improving and testing again. You need to know where to spend resources improving your website performance, digital ad messaging, creating new content or better landing pages.
First – Know what type of metric is required for which tactic.
Is this a revenue-focused metric, a decision-making metric or something that is attributed or derived by a formula?
Top of Funnel Metrics
Since top of funnel metrics are measuring tactics such as website traffic, you want to look at ways of understanding where people are entering and exiting. These are key to knowing if your website is healthy and if there are pages that need attention. It’s difficult to see any bottom line impact from here, however.
Pay attention to metrics that include:
- bounce rate by page
- unique visitors
- social shares
- subscriber count
- cost per clic
Middle of funnel Metrics
Mid-funnel tactics focus around engaging people that have not yet decided to do business with you, as they continue to learn about your product through newsletter, ads, social media, webinars, and live events.
People interacting in the middle of the customer journey show up as ad open rates, click-through rates, attendance.
As fewer people will move to this level, they are worth a bit more at this stage, and you should be paying attention to metrics such as:
- prospect-to-lead conversion rate
End of funnel Metrics
Bottom of funnel metrics are centered around things such as:
- conversions to sale
- new contracts
- repeat sales
You should be comparing the results from the above sections to understand which tactics gave the best results. The end of the funnel is where you pay attention for spending decisions and to know what were the most successful things.
If you are seeing all or most of this data on a monthly basis, but are struggling to figure out how or why the data impacts your revenue, then working with a marketing specialist like Full Gallop will give you the insight to make smarter decisions and more accurate forecasts.
Contact us for a conversation around improving your metrics and decision making power.
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ABOUT THE AUTHOR
Amanda MacDonald is the founder of Full Gallop Communications, an equestrian marketing consultancy in the US, and an occasional dressage rider. With almost 20 years of corporate marketing experience, she loves to help problem-solve for equestrian businesses that need to improve marketing, branding, marketing planning or strategy. Amanda usually works with her greyhound, Flynn, and lurking two office cats. Follow her popular equestrian marketing blog at FullGallopComm.com.