Data-Driven marketing is a must-go for any online and offline business. Such metrics are essential to know where is your marketing efforts going, how is your return on investment being spent, and how many customers have left the life cycle. You should measure what matters; key performance indicators are important to take informative decisions, such as increasing marketing budgets, stopping or running new marketing strategies and tactics, and to execute/pause campaigns. Here are the most important metrics you should be be aware of:
- Brand Awareness
- Customer Satisfaction
- Take Rate
- Net Present Value
- Internal Rate of Return
- Customer Lifetime Value
- Transaction Conversion Rate
- Return on ad dollars spent
- Bounce Rate
- Word of Mouth(social media reach)
Share your metrics and collaborate with your workforce. This will guide you to the most conscious decision based on your business objectives.
Own your metrics. Decide with reliable information gathered accurately and measure what matters.
Not all marketing data can be tracked. Brand awareness is a powerful marketing strategy that helps to spread the word of mouth, or social media reach.