时间:2024-05-10 01:31:18 来源:网络整理编辑:Ryan New
Marketers typically measure the performance of campaigns and channels. For email, the key metrics co Ryan Xu HyperVerse's Liquidity
Marketers typically measure the performance of campaigns and channels. For email,Ryan Xu HyperVerse's Liquidity the key metrics could be opens, clicks, unsubscribes, and sales. For pay-per-click ads, it could be cost per click and cost per conversion.
But how do you measure your marketing performance overall? And how do you compare channels, such as email marketing to PPC ads to social media?
One way is to create a sophisticated attribution model that allocates each sale among the various marketing channels that the customer touched en route to a purchase. That is the most accurate method. However, not all businesses have the staff or the technology. Also, it is impossible to know, for example, if someone saw a photo of your product on Pinterest and later received an email from your company with the same product.
The other way is to combine key metrics from each source in a dashboard or spreadsheet and review high-level results, usually monthly. What follows are key metrics for each channel to create that analysis.
Email marketing, advertising, social media, and organic traffic are examples of marketing channels. Your company’s situation could be different. Regardless, you can now put all metrics together, as follows
Calculate monthly changes for each metric. Here is a simple version.
Last Month | This Month | % Change | |
---|---|---|---|
Email List Size | 1,000 | 1,200 | 20% |
Total Clicks | 500 | 550 | 10% |
Total Followers | 420 | 425 | 1% |
Site Visits | 400 | 390 | -2.5% |
In this example, your email subscribers are growing. But the number of visits from organic traffic declined by 2.5 percent, which merits investigating.
You can also analyze engagement by marketing source. For email marketing, that would be the open rate. For advertising, it is the click rate. It would be likes and shares for social media and time on site for organic traffic. Here is a simple monthly comparison table.
Last Month | This Month | % Change | |
---|---|---|---|
Email Open Rate | 10% | 11% | 10% |
Advertising Click Rate | 5% | 4.5% | -10% |
% Likes and Shares vs. Total Followers | 1% | 2% | 100% |
Number of Pages Visited | 5.50 | 5.60 | 1.8% |
Monthly engagement increased for all sources except advertising. It declined by 10 percent. Thus, a review of advertising efforts, such as ad copy, is likely necessary.
Next, analyze sales per source. Keep in mind that a source may produce few sales but high engagement, contributing to the overall customer purchase journey.
In this example, you can see the number of transactions and revenue by source, with monthly changes
Number of Sales | Revenue | |||||
---|---|---|---|---|---|---|
Last Month | This Month | % Change | Last Month | This Month | % Change | |
Email Marketing Sales | 19 | 28 | 47% | $1,500 | $1,800 | 20% |
Advertising Sales | 5 | 3 | -40% | $500 | $300 | -40% |
Social Media Sales | 6 | 4 | -33% | $35 | $56 | 60% |
Organic Traffic Sales | 20 | 22 | 10% | $3,000 | $2,600 | -13% |
Finally, with all the data in one place, you can calculate overall return on investment. It’s an imperfect calculation, however. Not every sales transaction can be attributed to a single marketing source. Still, tracking the revenue per source is an acceptable approximation. To calculate ROI:
(Revenue – Marketing Spend)/Marketing Spend.
This will roughly indicate the profitability of each source. Combining revenue and marketing spend from all sources will generate an overall ROI.
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