7 Marketing Metrics Every Manufacturer Should be Tracking
Don’t waste time on meaningless metrics. Learn how your company can measure goals and track performance with these KPIs.
How to Use Data to Run More Effective Campaigns
What gets measured gets not only managed, but improved.
Of the dozens of marketing metrics that you can track, we’ve identified seven lead generation metrics that will ensure your organization runs more effective campaigns. In order to set the right goals and prove returns on your marketing spend, you must have a handle on these metrics.
The best part is that most of these can be easily tracked using Google Analytics or similar tracking tools. Sure, there are more advanced tools available, but you won’t need to spend a lot of money to obtain insight on these basic data points.
#1 Website Visits/Traffic Sources
Site visits are a basic but very important metric. Every campaign should have a “visits” goal because traffic is often the early indicator of how effective your message is — or if it’s time to update a campaign’s creative. If clicks to a landing page are lower than expected, then the message, graphics and/or the call to action needs tweaking.
A closely related metric is traffic sources. Within Google Analytics, there are several primary “sources” you need to be aware of:
Direct Traffic: Visits that comes from those who directly typed or copied the URL of your website into their browser, clicked on a bookmark or clicked a link in an email/SMS chat.
Search/Organic Traffic: Visits to your website from an unpaid search result on Google, Bing or Yahoo.
Referral Traffic: Traffic that comes from a third-party website rather than a search engine. This could include links from press releases, guest articles, business directories or social media websites.
Paid Website Traffic: These are visits to your website from people who have clicked on a Google paid search ad or display ad. This only applies to businesses running advertising campaigns, and you’ll need proper tracking set-up within Analytics.
All four of these are equally important in that search engines like to see traffic coming from each source. There aren’t any hard and fast rules about the ideal breakdown in traffic, but direct traffic and organic traffic are still highly coveted. Take steps to improve traffic from all sources and you’ll be moving in the right direction.
Pro Tip: Use your existing data in Google Analytics to create a baseline. Understanding your baseline is critical to developing an effective marketing strategy.
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#2 Time Spent on Site
Do visitors to your website leave after quickly scanning your home page? Or do they spend time digging into the content and your services? Most website visitors spend less than 15 seconds on any given website, and that’s not enough time to demonstrate your thought-leadership.
The first step to increasing time spent on your website is making sure your strategy includes a client persona that focuses on pain points as well as content that addresses their challenges.
Publishing original content such as blog articles, case studies, podcasts, videos or white papers gives visitors a reason to explore your website. Plus, when you create thought-leadership content, you demonstrate to search engines why your website is relevant.
Tools like Crazy Egg and Lucky Orange offer more advanced insight into what your visitors are doing with heatmaps and recordings.
#3 Bounce Rate
Related to time spent on a website is something called Bounce Rate.
A “Bounce” refers to the act of a visitor getting to the website and then leaving said website without any further interaction.
Ideally this rate should never rise above 60%. You need to make some serious adjustments to your message, homepage design, and some of your CTAs if your bounce rate is this high.
If your campaign message aligns with your landing page and you give visitors the information they want, you’ll begin to see your bounce rate fall. This is an iterative process that takes time. Systematic tweaks over time can yield results. Use your existing data as a baseline and start tracking your progress.
#4 Number of Pages Ranked
Website success will always be related to search rankings, and the number of pages you rank for represents the number of chances for your potential customers to discover your content as well as your website.
Ideally you want this number to be the majority of pages that you have on your site. You can use a free tool like Google Search Console to track ranked pages. If you are ready to invest in a paid tool, you’ll get a little more insight on your ranking pages as well as those of your competitors.
Blogs, case studies or podcasts with specific key phrases are opportunities for your website to rank. These individual pages will begin to rank over time in searches, generating more visits and leads.
#5 Number of Leads Generated
Determining how many leads a given CTA in your content generates is one of the most useful marketing metrics you can track. Optimizing for leads (and quite often the goal is better qualified leads) is also an iterative process, involving incremental tweaks over time.
If you are running several campaigns and testing multiple CTAs, then you’ll be well on your way to understanding what is most appealing to your target customers.
#6 Lead Conversion Rate
A high conversion rate is ideal. Traffic doesn’t mean much if it doesn’t convert into leads who could possibly benefit from your services.
Think of conversion rate as a journey that a buyer takes that leads them to pursuing your product or service. You can segment this journey into three phases and track your conversion rate for each phase: The awareness phase, the consideration phase, and the decision phase.
By tracking your conversion rate through this journey, you’ll understand how far your visitors get into the conversion cycle. You can then alter your strategies and campaigns to improve conversions.
#7 Return on Investment (ROI)
ROI is best expressed in a percentage. For example, a $1000 investment that generated $1200 in revenue would have an ROI of 20% since 1200 is 20% greater than 1000.
Determine your target ROI during planning and strategy conversions. Then work backward to further define the resources required to achieve this goal. Consider all of the resources you have at your disposal when doing this with the understanding that successful marketing campaigns don’t come together over night!
Next Steps for Your Marketing Team
Digital marketing strategies are a marathon, not a sprint. And as the world becomes more and more digital in its communication, it’s necessary to have an understanding of these unique metrics. You’ll find that your internet visibility is stronger, and your expertise is in much higher demand, especially in the world of manufacturing where there is a lot of competition.
The same principles of traditional marketing apply to web-based marketing campaigns. You need to build trust and authority with your digital audience, using these metrics as indicators of your progress.
Hopefully the tips above will help improve your digital marketing. Have more questions about running successful marketing campaigns? Reach out to us directly.
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