Metrics are crucial tools in any marketing agency’s toolkit. Launching an innovative, fresh marketing campaign can be exciting, but without the means to measure your success, how can you know your marketing is working?
That’s where metrics come in to save the day!
Like a faithful sidekick, metrics are there to keep you grounded and provide a method to your creative marketing madness. Not only do metrics allow you to monitor the performance of your marketing campaigns, but they also help to inform your future marketing plans.
With COVID-19 having a profound impact on the business world, it is now more important than ever to clearly communicate the value of your marketing efforts. Here are three major metrics that our marketing agency uses to communicate value to our clients.
Cost per Conversion / Cost per Lead
For most businesses, sales and leads are the keys to growth. While the number of leads or sales being generated can often steal the spotlight, it is actually more important to keep your eyes on the cost per conversion.
Why is this metric important? Well, if you are spending $12 in ad budget to sell a $10 cup, your ads might need a revamp!
Cost per conversion refers to the average amount of budget being spent to generate a lead or sale. Finding the right cost per conversion to target depends on what the value of a lead is to your business. If a lead could be worth thousands of dollars to your business, the targeted cost per conversion can be much higher than a low-priced e-commerce store.
Cost per conversion can also be affected by numerous other factors. Competitive industries can see a higher cost per conversion due to so many businesses competing in the same space. This leads directly to our next important metric!
Cost per Click
Every click on your ad is a chance for a lead or a sale—it’s also when you get charged by most marketing platforms.
In the world of digital marketing, you have to pay to play!
Cost per click refers to the average amount of ad budget each click is costing you. This metric is important to keep an eye on because it can help you organize your budgets and tells you how much each chance at a potential conversion is costing you.
There are several factors that play a role in determining your cost per click. On Google Ads, highly competitive industries and keywords can see much higher costs compared to slower industries. The quality score of your ads also plays a role in determining your cost per click. Everything from consistent messaging in your ads and landing pages to your landing page experience helps Google determine how much you pay for each click.
Moving away from PPC metrics, SERP rankings are the most important metric for measuring the success of your SEO efforts.
SERP stands for the Search Engine Results Page—this is the page that pops up every time you enter a search on Google or any other search engine. The lower the SERP ranking position number, the higher on the search results page you will be.
You definitely want to be as high in the search results as possible—up to 90% of users don’t make it past the first page!
On-page optimization is one of the best ways to raise your site’s visibility. Finding relevant keywords and consistently writing engaging content that features those keywords is a great way to bring your site one step closer to the coveted first page.
Staying Connected with Cucumber Marketing
At Cucumber, not only do we handle your marketing for you, but we also provide consistent updates to keep you in touch with your marketing’s performance. Contact our marketing agency in Vancouver today to learn more about how we can help your business grow.