9 Omnichannel Metrics Your Business Should Be Measuring to Gauge Success
By Susan Linney
There’s no one right way to measure marketing campaign success. But there is a way to make your metrics work for you by identifying your goals and setting precise objectives at the outset of every campaign. This helps ensure your KPIs demonstrate growth and can be leveraged to provide compelling evidence of success to leadership.
Metrics matter in today’s data-centric marketing world. Obviously, they’re needed to analyze and optimize in-flight campaigns, and inform key decisions about future launches and strategies. But they’re also essential for communicating with leadership, as marketing KPIs can provide quantifiable evidence of a business’s success — something stakeholders and investors always want to see.
Unfortunately, there’s no universal punch list of metrics marketers can rely on to steer their businesses in the right direction. It’s not a one-size-fits-all exercise. As the rules of modern marketing and capabilities of new platforms continue to grow, flexibility has become the name of the game. Today’s marketers must be prepared to pivot their measurement tactics whenever necessary to support their specific(and often evolving) goals and prove their success.
That said, there are some metrics all businesses can count on for measuring the effectiveness of their omnichannel marketing efforts. In this post, our data experts weigh in on essential marketing KPIs you should be using and how they can help you reach your business goals.
1. Website Traffic Metrics
Overall Growth. Examining how your web traffic has grown over time can help you measure a number of KPIs, including brand and thought leadership growth, month over month and year over year growth, and growth across pages that can be attributed back to copy or design elements that have changed or been optimized.
Content Page Growth & Engagement. Tracking engagement across content pages will help measure thought leadership success and reveal which topics resonate with your audience. This data can also be used to justify omnichannel strategies to leadership by demonstrating key engagements, such as social promotions, programmatic ads, and email campaigns that successfully drive customer traffic back to your website. You can also utilize pageview numbers to gauge growth and UTM tracking links to measure the success of individual campaigns.
Website Engagement. Understanding which areas of your website get the most traffic and engagement is critical for strategic planning.
At a minimum, you should be examining:
Time on page
If you’re a retailer, you should also review:
Trending product pages
Trending pre-sell landing pages
Heat mapping can also help you optimize your website’s layout by tracking customer movement throughout your site.
2. Social Media Metrics
Industry Benchmarks & Automation. When it comes to social media metrics, context is key. Organizing your data so it can be easily compared with industry benchmarks is one of the easiest and most efficient ways to measure success. It can be helpful to use a smart reporting platform or implement another automated tool to lessen your manual workload.
Team Objectives & Goals. Determine essential areas for KPI measurement and align those KPIs with your team’s big-picture objectives and goals. For example, if you’re looking to raise brand awareness, you should be examining growth-related metrics. Or if you’re hoping to collect or convert leads, you can use engagement-related metrics to help you optimize content that interests potential leads.
Growth. Gauge audience growth by tracking how many followers you’re gaining by day, week, month, and year on each platform. It’s also important to compare the number of audience members you have now with the number you had at the same time last year, as well as the rate at which you are gaining followers month to month.
3. Lead Generation Metrics
Click–Through Rate(CTR).CTR measures the performance of your call-to-actions(CTAs) on any given ad, link, landing page, or email by showing you the percentage of viewers who actually click through. From this, you can extract other essential insights, such as how many landing page clicks converted and how many people opened an email and clicked on one or more of the links. Given the fact that recent iOS 15 changes have killed open rates as a KPI, CTR really has become the most accurate measurement for success when it comes to email marketing.
MQLs vs. SQLs. Marketing qualified leads(MQLs) are prospects willing to interact with brand content to get something return. For example, they might provide their contact information to get access to a whitepaper. This indicates that they’ve moved past the awareness stageatthe top of the funnel and now have purchasing potential. Sales qualified leads(SQLs) are even further into the buyer journey and show an interest in making a purchase. MQLs become SQLs when they’re ready to talk to a sales team. When it comes to analyzing this lead gen data, you should measure:
How many MQLs in each nurturing program hit the scoring threshold and became SQLs that were passed along to sales.
How many of the SQLs became qualified opportunities.
How many of the qualified opportunities became actual sales, and how much revenue that sale contributed back to the business.
Conversion Rate & ROI. Conversion rate tracks the percentage of your leads that perform a specific action on an ad, email, or landing page. That“specific action” is something that you define when setting up your campaign. ROI is a percentage value calculated to give you a fast answer to very important question: Are you making enough money to justify your business venture? It’s important to attribute your ROI back to your conversion rates by tracking the number of MQLs that converted to a closed sale — an essential metric for executive teams to see.
Leveraging Metrics for Leadership
As we mentioned at the outset, marketing teams can and should be leveraging metrics and KPIs to create evidence-based narratives of success to show to leadership. But doing so takes a bit of forethought and planning, as executives use and view metrics differently than marketers do. For both teams’ KPIs to align, they must tie back to ROI in some way to demonstrate success. It’s also important to give your metrics context by comparing them to industry benchmarks.
Keep in mind that metrics are interrelated and can boost the performance of complementary channels. This is why consistently collecting and interpreting data across channels allows for such a robust and aligned omnichannel approach. For example, website conversion goals are often achieved with the help of social media engagement. Reaching social media engagement objectives is frequently facilitated by quality website content. Analyzing website data can help you determine which content is engaging your audiences and which content is falling flat — a decision that can end up making an impact on all three channels.
Using the Metrics That Matter
At the end of the day, there’s no one right way to measure campaign success and determine the most effective strategies for driving revenue and generating qualified leads. These rules are ever-changing and often dependent on a number of factors, including timeline, budget, and specific business goals and objectives. What’s most important, then, is making sure you identify your goals and set precise and aligned objectives at the outset, so that the metrics you do use demonstrate success and tell a compelling story about your business’s growth.