Beyond ROI: 9 Metrics for Marketers That Reveal Real Success
Table of Contents
In today’s hyper-competitive digital world, marketers are always under pressure to prove the worth of their marketing efforts. While ROI (return on investment) is still an important metric, it’s not the only one that matters. Marketers also need to track and measure a variety of other metrics to get a holistic view of their campaigns’ success.
In this blog post, we’ll discuss key metrics that marketers should track beyond ROI, along with examples of how successful companies are using them to achieve their marketing goals.
So, let’s get started.
1. Customer Lifetime Value (CLV)
Customer lifetime value (CLV) is the total amount of money that a customer is expected to spend with a company over the course of their relationship. It is an important metric for businesses to track because it helps them identify their most valuable customers and allocate resources accordingly. A study by Harvard Business Review found that a 5% increase in customer retention can lead to a 25% to 95% increase in profits.
For example: Uber uses customer lifetime value (CLV) to figure out how much money each rider is expected to spend with them over time. This helps them to decide where to put their money and how to keep their best customers.
2. Brand Awareness
Brand awareness is about how well people know and remember your brand. It is important because people are more likely to buy from brands they know and trust. According to the study conducted by Nielsen, 7 out of 10 consumers are more likely to purchase a product from a brand they are familiar with.
For example: Coca-Cola is one of the most recognizable brands in the world, with 94% of the world’s population recognizing its logo. People buy over a billion bottles of Coca-Cola every day, and they prefer it over its main competitor, Pepsi.
3. Website Traffic Quality
Website traffic is the number of people who visit a website. Quality traffic is traffic that is more likely to convert into leads or customers. This means that people who stay on your website for longer periods of time, visit multiple pages, and take actions like signing up for your email list or making a purchase are considered to be quality traffic. A recent survey by HubSpot found that 93% of companies that generate leads from their website consider it to be a very effective marketing channel. This means that website traffic is an important metric for businesses to track and measure.
For example: Shopify publishes high-quality content on its blog and uses paid advertising platforms like Google Ads and Facebook Ads to reach a wider audience and drive more traffic to its website. Its website traffic conversion rate is 1.4%.
4. Bounce rate
Bounce rate is the percentage of people who visit a website and then leave without clicking on any other pages. Businesses can track their bounce rate to see how well their website is engaging visitors. If the bounce rate is high, it means that people are not finding what they are looking for on the website or that the website is not easy to use. Businesses can use this information to improve their marketing strategies and website content.
Research by Neil Patel found that the bounce rate for websites on mobile devices is 52.11%, which is higher than the bounce rate for websites on desktops and tablets. This suggests that businesses should pay special attention to the mobile experience of their website.
5. Search Visibility
Search visibility is how well a company’s website and other online properties show up in search engine results pages (SERPs) when people search for general terms. It is an important metric for businesses to track because it can lead to more website traffic, conversions, and revenue.
A recent study by BrightEdge found that 68% of online interactions start with a search engine query. This means that most people start their online journey by using a search engine.
Therefore, businesses should focus on improving their search visibility to increase their chances of being found by potential customers. Some ways to improve search visibility include creating high-quality content, optimizing your website for search engines, and building backlinks from other websites.
For example: Google My Business is a free tool from Google that businesses can use to add their information to Google Search and Maps. This info consists of the business’s name, address, phone number, and website.
Innovation is an important way to measure how successful a marketing campaign is. It also shows how well a brand can adapt to change and be effective in attracting and keeping customers. McKinsey research shows that innovation can lead to economic profits that are 2.4 times greater than those of other companies in the same market.
For example: Apple is a company that is known for its innovation. It has made many successful products, such as the iPhone, iPad, and Mac. In 2022, Apple sold over 225.3 million iPhones, which is more than any other smartphone company in the world.
7. NPS (Net Promoter Score)
Net Promoter Score (NPS) is a way to measure how loyal and happy your customers are. It’s calculated by asking the customers how likely they are to recommend you to others. A high NPS score indicates that your customers are satisfied and likely to promote your business to others.
Adobe’s research verifies that businesses prioritizing customer-centric marketing experienced faster growth, with revenue increasing 1.4 times faster.
For example: Tesla, an American car manufacturer, and an industry leader in the domain of electric cars, has an NPS of 97. This shows the customer loyalty that Tesla has garnered over the years.
8. Conversion Rate
Conversion rate is the percentage of people who visit your website and do what you want them to do. These could be simple actions such as signing up for your email list or buying something. A high conversion rate means that your website is good at turning visitors into customers. This is why it is recommended to follow conversion rate optimization tips to grow your business.
This is one of the most important metrics for any marketers to take a look at beyond ROI. The average web conversion rate across all industries is 2.35%.
For example: The best B2B conversion rates are boasted by those providing financial services at 5%.
9. Customer Churn Rate
The churn rate measures the percentage of customers who stop using your product or service within a specified time frame. Reducing churn is often more cost-effective than acquiring new customers, making it a critical metric for long-term success. According to HubSpot, there is a chance of more than 60% of selling to an existing customer.
For example: With loyalty programs such as referrals, Uber cash, and reward programs, Uber is one of the brands having the best customer churn rates. With them leading their industry, it shows the importance of taking note of customer churn rate as a metric and looking beyond ROI.
Tracking and measuring a variety of metrics beyond ROI is essential for marketers to understand their campaign’s success. This way they can make necessary adjustments to improve their performance. This can lead to increased customer satisfaction, brand loyalty, and revenue growth.
The metrics discussed in this blog post are just a few examples of the many metrics that marketers can track beyond ROI. The specific metrics that are most important for a business will depend on its specific goals and objectives.
One of the best ways to provide engagement to your customers is by interactive content.
Outgrow is a powerful tool that lets its users create interactive content. With the no-code functionality for interactive content like surveys, polls, quizzes, calculators, and much more, you are literally spoilt for choice. Also, with the help of powerful analytics that Outgrow provides, you get to analyze and track your progress in real time!
And the best part is, there is a free 7-day trial and no credit card info is required!
So, what are you waiting for, create your first piece of Interactive content today and start tracking your progress today!
Prajwal is a full-time content marketer at Outgrow. With strong expertise in thorough research, he loves to stay up-to-date with the latest marketing trends and technological developments. Outside of work, you’ll find him embracing the great outdoors; from grilling to thrilling physical activities, he’s always up for a good time.