Nothing is more irritating than investing time, energy, money, and capital into marketing that does not yield results. As a result, having a solid content plan is critical.
Although there are several components to a content strategy e.g., priorities, content ideas, and an editorial calendar, the most significant is a way to know whether what you’re doing is successful. This is why selecting the appropriate content marketing metrics can greatly affect your company.
Fortunately, we’ve helped a lot of companies set up their marketing plans, and we’ve experimented a lot on our own (which has helped us increase our leads tremendously).
In that time, we’ve learned that selecting the right marketing metrics is a process that is special too and brand, but there are a few easy steps you can take to do it correctly.
WHY ARE MARKETING METRICS SO IMPORTANT?
In a nutshell, metrics are important for working smarter and more efficiently across the board.
Benchmarks are given by metrics. To monitor your progress, you must first understand where you are now and where you want to go. Data is the key to figuring out what works and what doesn’t, as well as how to adjust your content plan to keep on schedule.
Metrics aid in the justification of creative decisions. Getting your team’s buy-in, especially from your more analytical or risk-averse stakeholders, can be difficult. You can still justify your artistic choices when you have data on your side.
Note that this does not always imply that your decisions must be perfectly justified; you should always leave space for experiment.
However, you must be able to distinguish between going out on a limb and playing it safe in order to balance your cost.
Statistics assist you in demonstrating return on investment. That is what it’s all about for any marketer. Getting the figures on hand will help you make your case, whether you need to show your performance or justify further funding.
In case you need additional funds, here are seven options.
So, how would you get those figures, and how will you use that to create a solid but adaptable strategic plan? Let’s get started.
1) SELECT YOUR OBJECTIVES
It isn’t your duty to “do marketing.” It is your responsibility to conduct marketing that promotes your company’s objectives. So, when it comes to marketing statistics, the real question is, “What are really looking to achieve?”
It’s critical to align your targets with your goals from the outset. That way, you’ll both be on the same page. A young, trendy food store, for example, would prioritize social interaction and sales, while a B2B software sales firm would keep track of product demos and subscriptions.
It’s critical to align your metrics with your goals from the outset. That way, you’ll both be on the same page. A young, trendy food store, for example, would prioritize social interaction and sales, while a B2B software sales firm would keep track of product demos and subscriptions.
when you don’t know what you want to achieve and have never created a posting schedule before, follow our simple step-by-step guide.
2) DETERMINE THE Factors THAT BACK UP YOUR OBJECTIVES
There are a plethora of choices available. You’ll drown in data if you watch anything. As a result, it’s a good idea to limit the statistics for and stage of the buyer’s journey to just those that have the most information and value.
Again, this will be determined by your objectives, market, and unique product/service, among other factors.
Take priority 3-5 that are closely associated with your business goals as a general rule, and use the others as situational indicators. Only keep in mind that the following parameters should be used:
Related: They correspond to your objectives.
You can actually track them if they are available.
We’ve summarised the most popular marketing statistics below to help you pin them down. However, there is some overlap. Depending on your needs, you can categorize these in various ways.
- Brand perception indexes/surveys
- Public opinion
- Conversions Analysis: Leads
- Leads that are eligible
- Deals closed
Referrals: Loyalty Satisfaction and Advocacy
Loyalty is a virtue.
- Use of the product
- Ratings from customers
- Registrations for products
- Renewals of accounts
- The return rate of products
- Customer testimonials
You can put the team to work once you’ve narrowed it down and received their approval.
3) THINK ABOUT YOUR FORMULAS
After you’ve decided on your metrics, you may want to go a little further to extract even more significance. When you combine two metrics, you can answer questions like:
How much would it cost to obtain a lead? (total leads/campaign expenses)
What is a customer’s estimated average value? a complete number of customer’s/average opportunity
These can be extremely beneficial.
4) MAKE SURE The INFRASTRUCTURE IS IN PLACE.
Make sure you have all monitoring software and analytics set up, depending on the marketing objectives you want. Make sure they’re functioning properly by checking them twice and three times.
5) EXPERIMENT AND Evaluate
It’s important to test and experiment, iterate, and test again in order to enhance the performance. So now is the time to develop your theories and put them to the test.
What do you think will happen, and why do you think it will happen? A technique is never full proof; at just the end of the day, the solution is the product of humans collaborating with robots to make the best assumptions on how to achieve those objectives.
You’ll learn a lot more once your plan is implemented in the market if you follow the appropriate methodology and record your theory, supporting data, and underlying assumptions. You can’t claim to be correct all of the time, but a theory can help you figure out what went right, what went so wrong, and that you can change over time.
You might also discover that as your approach evolves, there are new factors to keep track of. It’s all part of the fun. In fact, we suggest that you review your statistics every 60 days or so to ensure that they are still effective.
That being said, there are a few things you can do to make the most of your statistics in the future.
Set up a system for daily reporting
Allowing the data to perish in excel is a bad idea. Create daily reports to delve deeper into the results, glean insightful insights, and discuss them with your team. A good place to start is with monthly reports. Many teams can profit from more casual weekly monitoring check-ins, but remember to keep the big vision in mind.
Identify flaws and come up with solutions
It’s fine if you’re having trouble in one place. Again, the aim is to figure out what works and what doesn’t. You will come up with better strategies or propose new things if you post on a regular basis.
Work to your strengths and test theories on why things are working the way they are.
Propositions are useful for making big, business choices, and they’re also a good way to add specificity to your judgments. If you think a Marketing campaign was effective since you used the color blue, try it with a different topic with your next advertisement.
Examine the effectiveness of the marketing strategies.
Consider how certain strategies can benefit you in other areas, as well as what may be harming you. What is your return on investment for paying social versus event participation or sponsorship, for example? Be open to the possibility that the problem isn’t with the channel, but with how you’re doing anything.
Participate in discussions about prices vs. quantities.
For a specific strategy, a low cost per lead can’t last indefinitely. Continue to test the limits of your conclusions by putting more money into what’s working and keeping an eye out for diminishing returns. The findings could provide you with an estimate of your total market size, which is a useful business intelligence by-product of marketing strategy.
Look for ways to increase your investment.
Consider doubling down if you’re making significant progress in one region. One of the most significant benefits of reporting and, in general, targeted marketing is the opportunity to see the whole marketing environment and make informed economic decisions. Your strategies will become more successful as you gain more popularity. These techniques may be used in your plan.