Top 8 Marketing Metrics Every Small Business should be Tracking

Measuring the success of an ad campaign is vital for a small business. For this, monitoring the top marketing metrics is important. Their measurement can show whether a venture is making the right use of its resources and time while working on online campaigns. Moreover, it can determine how impactful its efforts have been. As many as 8 marketing metrics are crucial in this regard, inclusive of lead generation, impression share, and more. They can help marketers measure the success of every advertising campaign. In addition, they can give insights into components that affect or influence their success. Accordingly, marketers can focus on the effects of these components for better outcomes in the future.

An Overview of Marketing Metrics

A marketing metric is a quantifiable measurement or way for tracking the effectiveness of an online campaign. In other words, it works as a tool to check how impactful a campaign is. Note that these ways are useful for marketers to monitor such campaigns and measure their progress over a time period.

Why are Marketing Metrics Important to Track for Small Businesses?

It is important for small businesses to track marketing metrics as they clarify whether their campaigns have been successful. Their success results in generating insights to create more such campaigns in the future. Besides, by using these insights, their success can be broadened as well.

By tracking the top marketing metrics, marketers can identify whether the campaigns have helped achieve their goals. These goals can comprise broadening the customer base, increasing engagement, generating leads, etc. Accordingly, they can make sound decisions for campaign optimization.

Top Marketing Metrics a Small Business should Track

A small business should track marketing metrics like the bounce rate, impression share, lead generation, etc. Among all, 8 metrics are the most important. They show how successful ad campaigns are. Besides, they can unfold the areas of improvement that can make these campaigns better.

Lead Generation

One of the top marketing metrics small businesses should track is lead generation from ad campaigns. As part of this, it is vital to identify the number of new leads that have been generated. In addition, they should determine the conversion rate. A significant increase in both is an overall positive outcome.

Impression Share

Small-size businesses should keep track of marketing metrics like impression share. They are significant in revealing how impactful their performance is across specific channels when compared to the audience's total potential. This metric tells the number of times a user viewed an ad in terms of the percentage of the sum of eligible impressions potentially.

• A rise in the impression share denotes that a small business frequently appears on the channel.

• Thus, it comprises the potential to increase its sales.

ROI or Return on Investment

In order to assess how effective an advertising campaign is, a small business should measure top marketing metrics like ROI. For measuring the return on investment, it should compare CLV or customer lifetime value with CAC or customer acquisition cost.

• CLV indicates the sum of revenue generated by an average customer within a time period.

• CAC is the amount needed by a brand to acquire a new customer.

• When CAC is higher than CLV, it is an indication that the audience being targeted currently needs to be changed.

• Positive results are signalled when CLV is more than CAC.

CPA or Cost per Acquisition

When small businesses measure top marketing metrics such as CPA, they get to identify the amount they spend to acquire a new customer. Note that the sum can differ by a channel, campaign, as well as the time of the year.

• This is a crucial metric as it denotes the aggregate sum incurred to get one paying customer.

• Businesses can calculate their CPA to know the overall success of their budget for marketing.

• Routinely, they can check for CPA for a channel for budget allocation and optimization.

CPL or Cost per Lead

Cost per lead is a vital marketing metric for emerging businesses. Prior to getting new consumers, they need to generate new leads. Through CPL, they can estimate the dollar amount per new prospect by marketing channel, spending, or campaign.

• Note that this is a crucial metric for marketing and sales.

• It enables businesses to plan better objectives.

• Besides, it can assist in tracking ROI for adjusting the budget.

CTR or Click-through Rate

Among the top marketing metrics for small businesses, CTR essentially demands attention. It hints at how many times a website, ad, or link is clicked, in comparison to the sum of its impressions. When the click-through rate is high, approximately 4%, it means that the content is persuasive.

Bounce Rate

When small businesses launch advertising campaigns, they should monitor the bounce rate. This metric indicates the percentage of site visitors who go through a specific page but exit right after.

• In case this rate is high, it denotes that the information on the website is lacking or not engaging.

• On the other hand, when the rate is low, it means that the users find the content to be relevant and persuasive.

Completion of Goals

The completion of goals is a valuable marketing metric that shows how successful an online campaign is. In relation to this, a goal can involve clicking on the CTA or call-to-action button on the sales page. It can also include a user adding his/her email to a particular form to receive information.

Top marketing metrics like goal completion signify whether conversions are taking place. Hence, for a small business, it becomes crucial to keep track of these.

Measuring the Success of Marketing Campaigns via Call Tracking

In addition to bounce rates, CTR, lead generation, and other metrics, call tracking can also help in measuring the success of marketing campaigns. It is a solution that introduces a smart way to check for their effectiveness.

• Mainly, call tracking involves the use of unique phone numbers attached to marketing campaigns.

• As calls are generated through these, small businesses can measure the impact of their efforts.

In Conclusion

Every small business should keep track of certain marketing metrics when completing its goals through ad campaigns. By tracking the best metrics such as ROI, CPA, and CTR, it can estimate the success of every campaign. Besides, when a campaign is not performing well, these quantifiable measures can help identify the areas in which it lacks.