In the ever-changing marketing industry, it has become very easy to find marketing materials for your business. With the increasing marketing technology and modern ways to market your business, there are several new marketing platforms.
As we appreciate the increase in marketing opportunities around the world, we also need to recognize that these new technologies are bringing a lot of fuss to the table. The marketing industry thrives on customer data and customer insight. Currently, there is so much customer data available that marketers and business owners don’t know what to do with it.
While most businesses implement useful and familiar marketing techniques, there is also a lot of mystery.
At the same time, some aspects of the marketing industry remain consistent. One of them is looking at the metrics of your marketing campaign. In order to observe the effectiveness and result of your marketing campaigns or before embarking on a marketing campaign for your technology company, here are some of the metrics that you should watch out for.
Observing these metrics will help you control your marketing plans and, therefore, help you implement meaningful changes.
Return on marketing investment
The marketing ROI helps generate the revenue for your technology business compared to the costs you spend on running its marketing campaign.
Return on marketing investment can be a bit difficult to monitor and measure. On the contrary, measuring marketing investments is much easier.
First, let’s see how you can measure marketing investment. First, you measure the number of hours that have been spent developing and building a marketing strategy. Then you add the dollars spent on it to the dollars spent on implementing the entire marketing strategy.
After you add in the full planning and add costs, you can calculate your individual marketing investments for each campaign and add them all up. Now it was a simple process.
But, measuring marketing ROI can become a difficult task for several reasons.
Here are some reasons why measuring marketing ROI can be a difficult task:
- There are many campaigns in play, as marketers and marketers today like to run multiple campaigns simultaneously. Social media campaign, email marketing campaign and even SMS campaign can be run at the same time, and evaluating prospects and then customers for each of these tasks can be a difficult task.
- Since there are external forces at play when using the digital marketing medium, there can be a serious lack of control.
- Connecting the dots between marketing campaigns and generated sales can be a difficult task. You can’t always know how a specific customer came to buy from you. This is also why many companies have a question that asks, “How do you know about us?”
Qualified Marketing Leads
Marketing qualified prospect generally refers to a prospect who is more likely to become a customer than other prospects.
This type of lead is typically generated using marketing campaigns, and a marketing skilled lead is typically conveyed through closed-loop reporting. When you have genuine metrics of qualified marketing prospects, you can observe their patterns and make changes accordingly.
Qualified leads for sales
The qualified sales lead, on the other hand, is the type of lead that is declared a potential customer by the sales team itself. This type of metric helps nurture your potential prospects and open all possible avenues for them to convert them into a permanent customer.
You need to watch how people find your tech business on social media. At Joseph Studios, we believe that a brand should have a full idea of how people find information about them on social media and search engines. That’s why our marketing campaigns provide comprehensive metrics on how well your website and posts are performing with your target audience.
This type of metric is typically designed for people who need to capture changes in online brand identity over time.
Average time on page
The average time on page metric can be calculated as part of website analytics. This type of information helps you identify the parts and sections of your website and business that are most appealing to your audience.
If you can observe one thing that people are paying more attention to, you can use that information for your leverage and make that part of your business stand out even more.
You should be in control of your tech company’s traffic analysis. You need to know how many people are coming to your store, how many of them leave without showing interest, and how many are your potential prospects.
Customer / customer ratio
Likewise, you need to have practical information about prospects. You need to watch the patterns of your prospects turning into customers.
As a business owner, you should also observe the number of prospects and customers and the number of prospects that end up becoming customers.
Marketing spend per customer
At the end of the month, you need to calculate how much of your total marketing spend you recoup as customers.
This will help you decide if your business marketing plan is on the right track or if it needs changes. You can calculate this by dividing your total marketing spend by the total amount of customers and ways to use marketing to increase customer lifetime value who spent on your products.
Lifetime customer value
Personalization in marketing goes a long way. Assessing a customer’s lifetime value not only gives you an idea of a customer’s spending but also allows you to repeatedly connect with that customer. It also allows you to run remarketing campaigns for existing customers.
The loyalty of the clientele
Keep track of the number of clients you have brought in. But what matters most is that you keep those customers coming for more. Customer retention measurement helps you measure the quality, quantity, facts and figures behind being the repeat choice for a customer.