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B2B Marketing

Commonly Underused Marketing Metrics

Companies want consistency in their marketing metrics – they want to see standardized metrics that demonstrate what’s working best, and what needs to be put on the chopping block. It’s vital that a company is using consistent tracking and performance marketing metrics across all channels. This will simplify the process, make results easier to understand, and enhance communications among departments.

But there are key marketing metrics that some businesses are missing out on, and they really should be using as they are quite valuable to the overall growth and success of the company. Or, if they are using them, they are not getting a complete picture of their marketing metrics. The following is a checklist of important marketing metrics that may be underused by a company – and should be implemented consistently for best results.

#1 – Profitability Metrics

It’s true that every company checks their profitability (or at least, they should be) – but it should be more than just a P & L statement or report. A comprehensive measure should include at least seven elements: Net profit, ROMI (Return on Marketing Investment), Channel margins, ROS (Return on Sales), performance over targets (measured quarterly), ROI (Return on Investment), and NPV (Net Present Value). Including these seven values will increase understanding of what is working and what needs improvement or should be eliminated entirely.

#2 – Customer Loyalty and Buyer Metrics

Retention rates, frequency, and advocacy rates should all be measured uniformly across all channels. Be specific and ensure all terms are agreed upon prior to implementing these marketing metrics. Moreover, define demographics of customers clearly, their particular spending habits or AOV (Average Order Value), and what will be done with the results. Ultimately, measuring customer loyalty can assist in not just customer retention, but moving toward customer advocacy for a product or service, and can even be used to learn how to attract new customers.

#3 – Website Visit Metrics

Web tracking tools can be some of the best marketing metrics provided. By tracking site hits, click-throughs, and other important site statistics, a clear picture of what consumers find entertaining or off-putting can be obtained. When using these particular marketing metrics, it’s important to understand that integration of a variety of tracking and reporting tools will be required.

Another tool that can be used for website marketing metrics is a direct survey of the customer as he or she arrives at the website. Upon exit, the consumer is asked to fill out a brief survey that asks specific questions concerning the visit, and offers a space for improvement suggestions in the future. This is not just good for marketing metrics – it’s also very good for enhancing customer experience.

When it comes to marketing metrics, the keyword is “consistency.” Define all terms clearly, agree upon which metrics will be reported, and determine how they will be used across the board in order to make consumer-driven decisions for the company.

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