3 New Metrics You Should Be Focusing On
Whether you run an online business or you are marketing an app or a web service as a product, there are many ways you can monitor the growth of your brand and business. Marketers tend to use common metrics such as exposure and reach to determine the effectiveness of a digital marketing campaign. Business owners, on the other hand, focus more on conversion and sales for obvious reasons.
While the common metrics are effective and useful, there are still more dimensions to explore to fully understand how the product performs on the market. That is why we are going to take a look at three more metrics you can use to track growth.
User engagement is an important metric to track, even more so than exposure. There is no point in reaching thousands of users when those users aren’t really interacting with the brand. In recent years, digital marketers have started to use user engagement as their go-to metric to measure the success of a digital campaign. Unfortunately, many businesses aren’t utilizing this metric effectively.
The next time you set Key Performance Indexes (KPIs) for a digital campaign, make sure you put user engagement front and center. The value of engaged users is so much higher than that of exposure, so you can gain a much higher return on investment on your campaign by tailoring it for higher engagement.
User Lifetime Value
User lifetime value or customer lifetime value, also known as CLV, is a metric that measures the amount of money a user spends over a longer period of time. Businesses are starting to use this as a key performance index and a way to measure the effectiveness of a marketing campaign for one particular reason: its long-term reach.
With the market being as competitive as today, it is difficult for new businesses to acquire users without investing time and money into effective campaigns. Unfortunately, the approach makes user acquisition costs higher than before. According to top sources such as prmarketer.com, companies spend more to attract and convert users today than they did a few years ago.
The higher user acquisition cost doesn’t always translate into profit after the users’ first purchases. Fortunately, companies can now track those users’ lifetime value to determine if the marketing campaign had been effective in the long run.
We can’t talk about new digital marketing metrics without talking about channel-specific traffic. With the rise of video marketing, tracking the effective channels to use becomes even more important. Not only can marketers now fine-tune the contents of a campaign; they can also take advantage of the right platforms to reach a suitable audience group.
Channel-specific traffic is also a great metric to use in budgeting. Instead of wasting money on social media ads that don’t really reach your target audience, you can now invest more on generic content shared through the right platforms for a better overall result.
Digital marketing is complex, but the right metrics will provide you with the insights you need to stay ahead of the market. The next time you run a digital marketing campaign, be sure to include these new key metrics as a way to track effectiveness and progress.
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