Marketing Metrics that Matter: Insights from AAM High!
In today’s data-rich landscape, marketers are often overwhelmed with metrics, presenting an endless array of measurement possibilities, but not all data is created equal. With more data than ever before, understanding what metrics firm leaders care about vs. metrics that may only be important to marketers is critical.
The recent AAM High! Webinar: Marketing Metrics that Matter, presented by Katie Tolin, Founder of CPA Growth Guides, dives into the many metrics available to marketers and how to determine which are the best for your firm and team to measure.
Every firm is unique, but one essential metric stands out: Revenue Segmentation. Revenue segmentation will allow you to analyze market segments individually and focus your growth efforts strategically. Through this process, you can zero in on and identify whether your firm should focus on growth in a specific industry, service, or both.
Analyzing the effectiveness of your market segments will allow you to determine metrics such as:
- Top-selling industry and services
- Progress toward goal
- Period-over-period comparisons
- The growth rate for industry/services
- Segment penetration
- Segment share
- Segment retention
Marketing Department Metrics
Regarding important marketing department metrics, below are suggestions broken down by the type of marketing and what is available. Still, it depends on what’s important to you as a marketer and your specific campaigns.
Website Metrics for Performance Evaluation
Website metrics serve as vital indicators of online performance. Tracking metrics like traffic sources, SEO effectiveness, user engagement, and conversion rates provides valuable insights into the effectiveness of your digital presence.
Consider the following website metrics to track:
- Traffic analysis (visits, sources)
- SEO effectiveness (page speed, impressions)
- Engagement data (conversion rates, bounce rates)
- Conversions and revenue generated
New to analytics? Check out our recent blog, Beginner’s Guide to Data Analytics.
Social Media Insights for Awareness and Conversion
So much happens on social media, but marketers rarely measure qualified leads through social efforts. The real value of social media marketing is the impact it has on your firm from an awareness standpoint. Social media should be used to guide your audience to your website, event, etc. and convert from there.
Social media metrics contribute significantly to brand awareness and can give you insights into what your audience prefers from a content perspective. Here are the top metrics highlighted in the discussion:
- Impressions, reach, and engagement rates
- Audience growth and conversion metrics
- Cost per result in paid campaigns
Inbound Marketing Metrics for Campaign Management
Inbound marketing metrics will help you manage your campaigns through email marketing and inbound marketing means. These are metrics such as open rates, click-through rates, and campaign ROI, offering comprehensive insights into the success of your email and inbound marketing initiatives. These metrics are essential to track when considering implementing paid pieces to a campaign.
Content Metrics: The Backbone of Marketing
The saying rings true: content is king. Communicate this as frequently as possible to your partners and leadership team; without quality content, your marketing efforts will fall short across multiple areas (SEO, website metrics, social media, inbound, and more).
Content metrics are fundamental in understanding the performance and impact of your content. These metrics encompass lead and subscriber growth, production and distribution costs, engagement rates, and amplification metrics (i.e., journalists who subscribe and influencer relationships).
Leadership’s Key Data Focus
CEOs and CMOs often prioritize different metrics. What are the pieces of data that leadership cares about? And how do you communicate this to them?
Revenue and Growth Metrics reign supreme; firm trends, growth metrics by industry niche, pipeline win rate and opportunities sourced all paint a picture of how the firm is doing and the direction in which they are heading.
Include marketing-specific KPIs if you contributed to growth in any of those areas. Data such as sales revenue generated by campaign, client acquisition costs, and the percentage of new clients influenced by marketing efforts are an excellent place to start.
Client experience metrics are essential for leadership to understand how their clients perceive their time and interactions with the firm – net promoter scores, client satisfaction scores, and employee satisfaction are some examples of metrics to watch.
Reporting and Measuring Insights
Reporting is how you will communicate the data to leadership and your team. You can create your reports through spreadsheets, slides, or dashboards. Whichever system you choose, include charts and graphics as pictures will help with your overall analysis.
Consider dashboard software such as PowerBI or Tableau. Dashboards will put everything that matters into one place, give you faster access to the data, and ultimately allow you to make better, more informed decisions while keeping everyone on the same page.
In conclusion, focus on what matters most to your firm. Once you’ve identified those metrics, share KPIs highlighting marketing’s contribution to those efforts, and consider a KPI dashboard to help your leadership team visualize your story. There is no shortage of data to measure, but keeping focused on your firm’s strategic goals should help determine where to start.
To learn more, check out the on-demand recording, available to AAM Members.
About Danielle Ott
Danielle is a skilled marketer with years of experience helping organizations grow in the digital space. As the Marketing Manager at RLB Chartered Professional Accountants, Danielle is responsible for leveraging traditional and digital marketing techniques to enhance RLB's presence in the markets it serves. Danielle is currently a member of the AAM Blog Committee, and looks forward to sharing content that will benefit other marketers in the industry.
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