Do you shy away from analytics? You are not alone, even the best data driven organizations have marketing employees who are great at event planning, writing creative campaigns and website design but when it comes to analytical data they rely on the analytical team to provide them with the answers.
But numbers don’t have to be afraid of numbers. Today, we decided to review the basics. Below are the most common the marketing metrics that anyone can use in their daily job.
A conversion rate is the ratio of a desirable action/outcome that a group of contacts/visitors took. This allows marketers to see how effective marketing initiatives. Below are some examples:
Return on Investment (ROI)
Return on investment is a key metric that shows the success of an initiative in actually growing the business. To calculate it you will need to look at the total money that was spent versus what revenue you plan to generate from this activity.
Velocity is the rate of change. Generally it is used to monitor sales cycles, however, marketers can use velocity to see how fast a contact is moving through the campaign as well as how fast a contact can be transferred to sales.
Reach refers to the universe of your database, who are you able to reach if you were to email everyone. This is used to monitor the health of your database. It can also be used to monitor the frequency of marketing communications.
In order to make sense of these numbers, you’ll mostly likely use benchmarking or trending. Benchmarking is when you are comparing one campaign/activity to another.
For example, did Campaign A do better than Campaign B? Are reps in Region A closing deals faster than in Region B?
If you know these analytics and can get started in benchmarking, you’ll be ready to take on the world. To see some actual benchmarks, check out our 40 Must-See Charts for Modern Marketers!