Gone are the days when marketers used to grab customers’ attention with vanity metrics. The new-age consumers are digitally informed and are not easy to impress.
In this article at Forbes, Aaron Raddon suggests some business metrics that are essential for the marketers to track marketing campaign results.
Track Customer Activities
Advanced technologies and tools have made the job of marketers easy as they can track customer responses by tracking campaign analytics. Still, to remain digitally upbeat, marketers need new metrics that drive customer engagement and improve sales. Here is a list of useful metrics for the marketers to try:
Customer Lifetime Value (CLV) Impact
Marketers must use CLV to assess the impact of their marketing campaigns on quarterly sales. The practice is also known as attribution analytics. Often attributions are considered as an essential element of advertising used by advertisers to resolve issues related to ad spend. However, marketers can use it to execute an identity strategy and force maximum users to log their experience.
Marketing Maturity Score
Out of comfort or fear of failure, marketers often choose not to experiment further. It is a big mistake they do. To improve their existing campaign, marketers completely ignore their successful campaigns. Thus, even the successful campaign starts losing track. The marketing maturity score can track activities and help marketers to focus on the successful operations.
The metric brings awareness towards marketing channel that drives maximum customer engagement. It helps the marketers understand the reason behind a campaign by analyzing the content affinities with the consumer needs.
The metric measures customer engagement level, churn rate, propensity to buy, etc., to analyze the customer relationship level. It is essential to drive customer engagement.
Click on the following link to read the original article: https://www.forbes.com/sites/forbestechcouncil/2020/03/27/four-new-business-metrics-that-will-matter-most-in-2020/#666cae1d47d8