Creating KPIs and success metrics
No matter where you go, you always have a plan, and the same can be said from a marketing standpoint. A long business plan might be helpful, but what you do need for your business is actually a conversion optimization strategy that will enable you to drive your marketing plan towards success. Create a map of your firm’s sales funnel as shown below:
However, conversion models can be different based on the field of work of that particular business as well as other factors. You get multiple different conversion models and it’s up to you to select the one that suits your needs. Below is another infographic that explains the sales funnel related to a user’s action on a website:
Determine those goals that transform ROI into a priority
We all know that when you perform online marketing you have to deal with lots of data, but you need to be interested only in those things that influence the ROI, as this is the most important thing. The success metrics that influence your ROI fall into different categories.
First of all, you get engagement. In this particular category, you can see the amount of customers that comes to your site and how often they return to it. There are numerous important metrics here, such as return visits, average visit duration, pageviews and so on. You also need to take a close look at the bounce rate though, and to whatever it takes to improve it as well.
Virality is necessary in the marketing world, but most of the time you can’t create it manually. This brings a lot of attention towards your company and social media sharing plays a huge part of it. It’s a free form of marketing, and a very efficient one at that.
CONVERSIONS AND LEADS
Conversions and leads are essential for your team if you want your business to succeed. If you want to assess the ROI, you will actually need to measure the quality and amount of leads that you have, and this way you will figure out how much this will benefit your company.
Many marketers are afraid to tie revenues directly to marketing, but it’s an important thing to do. You will need to find out how many deals have been closed and, of course, the amount of revenues that have been received thanks to the marketing efforts.
LIFETIME CUSTOMER VALUE
Lastly, you will need to determine the lifetime customer value and maximize it. In order for your brand to be successful, you need to entice your users and make them come back. The main target here is to make sure that your company’s marketing costs are less than the revenue that the customer base generates. In fact, if the customer base provides an increased revenue stream in the long run, that’s even better.
Try to align the success metrics of your business with the sales funnel steps
There are lots of metrics that you need to take a look at all the time. Some marketers are more interested on the amount of sales that are made immediately, while others tend to look at the lifetime customer value.
If you want your conversion optimization strategy to succeed, you need to opt for something that connects you even more with the audience. This chart will help you align conversion goals to different customer actions:
Success is all about catering to the needs of the users and in case of the success metrics you need to custom tailor them to your particular model. No matter if you are performing online or offline marketing, all the information included here is relevant and it will allow you to get an even better result for your marketing efforts.