Evaluating Your Marketing Success in 2020: Focus on These 8 Key Metrics

As we move into 2020, it's essential for businesses to track their marketing efforts to ensure they are meeting their goals and objectives. This article will explore the top 8 marketing metrics that every marketer should focus on to evaluate marketing success and optimize their strategies.

1. Leads

Generating leads is a fundamental step towards achieving sales and revenue growth. Leads represent potential customers who show interest in your products or services. However, not all leads are created equal. To increase the efficiency of your marketing efforts, it's crucial to track and differentiate between qualified and credible leads.

2. Return on Marketing Investment (ROMI)

ROMI allows you to assess the financial return generated from your marketing investments. By analyzing this metric, you can determine whether your marketing campaigns are leading to a positive return on investment. If your ROMI is negative, it may indicate that you need to optimize your marketing budget or adjust your campaign strategies to improve results.

3. Referrals

Referrals are powerful drivers of customer acquisition. They involve satisfied customers recommending your products or services to their friends and family. Tracking the number and quality of referral-driven leads can provide valuable insights into customer satisfaction and your overall market position. Encourage your existing customers to become advocates, and make it easy for them to refer their contacts to your business.

4. Creating Brand Awareness

An effective marketing strategy should not only focus on immediate sales, but also on building long-term brand recognition. Tracking your brand awareness metrics can help you understand the effectiveness of your branding efforts. This can include monitoring the growth of your social media followers, website traffic, and recognition in industry publications and forums. A strong brand is more likely to attract loyal customers.

5. Feedbacks and Reviews

Feedback and reviews provide valuable insights into customer satisfaction and perceived value. Collecting and analyzing customer feedback can help you identify areas for improvement and maintain a positive reputation. Encourage customers to share their experiences by providing feedback forms, social media channels, or review platforms. Use their feedback to refine your marketing messages and offerings.

6. Cost of Customer Acquisition (COCA)

COCA is a critical metric that helps you understand the cost associated with acquiring new customers through your marketing efforts. By tracking this metric, you can optimize your marketing spend, ensure you are not overspending on less effective campaigns, and ensure a return on marketing investments. A lower COCA indicates a more efficient marketing strategy.

7. Customer Lifetime Value (CLV)

CLV measures the total value a customer brings to your business over their lifetime. Maximizing CLV is crucial for long-term profitability and growth. By understanding the lifetime value of your customers, you can focus your marketing efforts on retaining them and increasing their spending. Strategies such as loyalty programs and personalized customer experiences can help increase CLV.

Conclusion

Tracking these 8 marketing metrics can significantly improve your marketing success and ROI in 2020. By monitoring these key performance indicators, you can identify areas for improvement, optimize your marketing strategies, and ultimately drive growth for your business.