Marketing Metrics

Marketing Metrics

Marketing Metrics

Marketing is more than just sending out email blasts and running ads. It’s about creating a brand that stands out in the crowd, and one way to do that is by focusing more on your metrics than your customers. Your customers may be your number one priority, but your metrics to measure their satisfaction can be much more critical.

1. Email Open Rates

This is the most popular metric used to measure customer satisfaction. The higher your open rate is, the easier it is for you to reach your customers and get their attention, and the more likely they are to be interested in what you have to offer. According to Jordan Sudberg, a low open rate could mean that potential customers are not getting your emails or your messages are not being read.

2. Conversion Rate

This is the percentage of people who respond to an email. Most email marketing software will record this metric for you, and if you have multiple email lists, the conversion rate should be tracked for each list. The conversion rate is a key performance indicator (KPI) used to determine what works and what doesn’t in your marketing campaign. According to Sudberg, an average of 1% of people respond to an email. If your conversion rate is low, it may mean that you are sending out too many emails or that your message is not being read.

3. Click-through Rates

Another common metric used to measure customer satisfaction is the click-through rate (CTR). The higher your CTR, the more likely your customers will be interested in what you have to offer. Click-through rates are measured by the number of people who click on your advertisements and then visit your website. This helps you gauge how effective your ads are, and it can also be used to determine what is working and what isn’t.

4. Bounce Rate

When people don’t visit your website, you have a bounce rate. If your bounce rate is high, people aren’t interested in what you have to offer, and they are simply not clicking on your ads. A high bounce rate can be caused by the low quality of your website, poor design, or too many ads on your website. Too many pop-ups or annoying advertisements may also cause a bounce rate.

5. Conversion Rate Optimization

This is testing different ways to make a sale or a lead. You can figure out which methods work best and refine your marketing strategy by optimizing conversion rates. This process is known as conversion rate optimization (CRO), and it is a crucial part of the marketing process. You need to test different methods and track the results to optimize your conversion rates. You can do this by creating multiple website versions and testing which one converts better.

According to Jordan Sudberg, advertising is an excellent way to get the word out about your business and reach potential customers. However, if you use the wrong metrics to measure customer satisfaction, you could miss out on many sales opportunities.

Importance of Having a Planned Marketing Strategy

Importance of Having a Planned Marketing Strategy

Importance of Having a Planned Marketing Strategy

Introduction

Marketing strategy is usually defined as the overall plan for the business aimed at reaching the potential customers to be the consumers of goods or services offered. It carries the company’s name or brand and other important elements associated with the business. Planned marketing strategy requires an entrepreneur to have a well-defined approach which they use to achieve the outlined business objectives. It also involves having a well-defined timeframe to achieve the goals and stating the person responsible for them.

Importance of having a planned marketing strategy

There are several benefits associated with having a planned marketing strategy. Jonathan Osler uses business to a business approach which he states that the strategy can mean either a failure or a success of a business. Therefore, according to him, a well-laid business strategy would impact the business resilience in the competitive market. Therefore, in other words, a well-planned marketing strategy is key in determining the success of a business. Osler also insists on research and refers to it as a foundation of any business strategy. With research, the market trends are well analyzed and, as a result, help the business with a competitive advantage and incorporate the current advance in technology and operation methods.

Another importance of a planned marketing strategy is promoting the brand or creating a good name for the business or a company. He insists on using an online approach such as websites to promote the business. This not only informs potential and existing customers about the business but also creates a good image for the business.

Additionally, using social media in the marketing approach is also essential as it improves the flow of information between the clients and the business owners. Customer feedback is a very important tool, which is enhanced by incorporating this. Therefore laying a well-defined marketing strategy comes with the advantage of the interaction between these two parties and therefore analyzing the customer satisfaction level and identifying room for improvement. This, therefore, helps the business know what customers need and facilitates business growth through interaction and incorporating referral marketing techniques where those satisfied with the services recommend to others.

Another important aspect of planned marketing strategy, according to him, is the use of analytics. This gives the investor a clear picture of the business’s strengths from the data collected. Therefore, it becomes easy to channel most of the focus to the strengths to help the business have the upper hand in the competitive market.

Also, it is easy to avoid future uncertainties that may hit the business through market trends, customers feedback, a chain of the flow of referrals, and reaching out to new customers, and it becomes easy to make the business stand as firm as the owner is in control and most of the long term and short term risks can be predicted therefore protecting the business future.

Conclusion

Therefore, as per the approaches stated by Jonathan Osler, various approaches can be applied while planning for marketing strategies. These techniques usually are the backbone for achieving the short-term and long-term objectives of the business. As a result, various benefits can be noted, and the business can adapt to changes and stand out in the competitive business market.