Digital marketing metrics are the key performance indicators that demonstrate the efficiency and effectiveness of your digital marketing activities. Your main objectives/goals, and therefore your key metrics, depending on many parameters such as your business, your industry, your main growth marketing goals, and KPIs.
Designating key marketing metrics should be according to your main objectives or goals, which can be:
There is a wide range of combinations of metrics you could track that will give you insight into your marketing efforts. However, the important point is that not every metric is relevant to your marketing plan and you should narrow down the key metrics you monitor.
In this article, we will go through how you can set marketing metrics through our online learning platform: the Growth Marketing Hub. And don’t worry if you don’t have an established brand. The Growth Marketing Hub is designed to give you the opportunity to exercise each module and process so that you can just practice and learn.
Goal Setting with the Growth Marketing Hub
You might need the data from your full brand check-up, personas, and positioning, etc. in order to set your key metrics. Before you start, please make sure you have completed the previous stages on the Growth Marketing Hub.
For those who don’t have an established brand, or if you haven’t completed the previous steps, you can use the Growth Marketing Hub to simply exercise each module and process.
We start with the “Goal Setting” menu at the Growth Marketing Hub panel. You can select the “Set New Goals” box from the menu to set a goal.
Set New Goals
Setting a time frame determines in which time period you will check your goal and KPIs.
At this step, you can either choose one of the brands/products you have created at the “Internal Analysis” phase- from the dropdown menu, or you can easily create a new brand.
Select an existing brand:
Or create a new brand:
Again, you can choose one of the personas you have created at the “Persona Creation” phase- from the dropdown menu, or create a new persona, or you can choose all personas.
Choose an existing (specific) persona:
Create a new persona:
Choose all personas:
As mentioned earlier, determining key marketing metrics will be according to your main objectives or goals, which can be: brand awareness and traffic generation, conversion, and retention. Therefore, the targeted key metrics in the next step will be automatically assigned by the Growth Marketing Hub according to your selection of main objectives.
You can select one or more targeted key metrics from the dropdown menu. Again, try to monitor only the very important metrics that are relevant to your digital marketing strategy.
Here you are the targeted key metrics you can select for each objective:
Metrics for Brand Awareness and Traffic Generation: Converting strangers into visitors
Metrics for Conversion (Lead & Customer Generation) – Converting visitors into leads (B2B) or into customers and increasing revenue per re-visited customer (B2C)
Conversion Quality (Lead Quality)
Conversion Value (Sales & Revenue)
Customer Acquisition Cost
ROI – ROAS
Landing Page Performance
B2B Lead Nurturing
Email Marketing Performance
Metrics for Retention- Keeping existing customers, expanding revenue through existing customers, and converting customers into promoters
Email Marketing Performance
Ready? Click SUBMIT!
You can see your created goals for each brand/product and persona on this screen.
When you click on a goal you will see that you can click on Brand/Product and Persona and reach the information there easily.