Digital marketing is extremely fast-paced, so it’s important to keep up with the best metrics to ensure continued growth in 2023. There are several marketing strategies and metrics to work with, so it’s easy to get lost in a sea of numbers without making much progress. That’s why marketers and business owners need to know which metrics are the best for measuring business growth.
This guide will share 20 marketing metrics to focus on to measure success in 2023.
Marketing Metrics for Success in 2023
Measuring success in 2023 is easy when you have the right metrics for the job. Let’s take a closer look into five categories of metrics: lead metrics, social media metrics, brand awareness, micro conversions, and metrics that measure customer satisfaction.
Leads by Source
Organizing leads by the source they originated from can lead to more in-depth insights about your audience. Keep track of where your leads are coming from to determine which channels are most effective and which ones need attention.
Average Lead Value by Source
This metric measures the success of each unique marketing channel. To calculate the average lead value by source:
Average Lead Value = (Total Revenue / Number of Leads) X Percent Profit
Measuring the quality of leads is helpful, as is gathering and organizing this information. The easiest way to track lead quality is with CRM software. Most modern CRMs can automatically analyze your leads and measure their quality for you.
Lead Velocity Rate
This metric measures the growth of qualified leads each month and will tell you if you are nailing your customer personas or if you need to do some retargeting.
Lead Velocity Rate = (This month’s qualified leads – Last month’s qualified leads) ÷ last month’s qualified leads x 100
Social Media Metrics
The engagement rate measures the number of engagements your content gets compared to your audience size, highlighting how well your brand is getting its followers to engage.
Engagement Rate = (Total likes, comments, or shares ÷ Total followers) x 100
Video Completion Rate
This metric shows how many people watch your videos from start to finish. Video completion rate can tell if your content is boring your customers or leaving them wanting more.
Video Completion Rate = (Completed video views ÷ Total video views) x 100
The amplification rate is a social media metric that measures the rate at which your audience shares your content through their networks with their followers. In short, it helps you understand the shareability of your content.
Amplification Rate = (Total post shares ÷ Total followers) x 100
Want to go viral? The virality rate measures how much your content is shared compared to the impressions (or views) it gets. It is expressed as a percentage and will tell you about how viral your content is:
Virality Rate = (Number of shares ÷ Number of impressions) x 100
Here’s a tip: use Visualping to keep an eye on what your competition is putting out there and how their content performs so that you avoid making their mistakes and can take advantage when opportunities to shine appear.
Tracking unique visitors compared to all visitors can be helpful for marketing purposes. You can find this info in the default Home section of your Google Analytics dashboard.
Website traffic measures the number of visitors to your websites, landing pages, and web content. It tells you how popular your brand is and how well you are developing an online presence. You can find info about your website traffic in Google Analytics.
Conversion rates measure how frequently visitors become customers and subscribers, join mailing lists, and hit other customer milestones. If you use Google Analytics, then conversions are tracked for you.
Conversion rate = Conversions / Interactions
This metric measures the percentage of visitors or email recipients that click on your links. The click-through rate will tell your team if your links are getting enough attention or if you need to address your hyperlinks.
Click-Through Rate = (Clicks ÷ Total visitors) x 100
Customer Satisfaction Metrics
Customer Satisfaction (CSAT) Score
This metric measures how satisfied customers are with a certain product, service, or business. It’s important to know your CSAT scores so that you can make valuable adjustments for your customers. Scores are typically tabulated based on customer surveys and star ratings.
Customer Satisfaction Score = (Sum of scores ÷ Total respondents) x 100
Net Promoter Score
The net promoter score measures how loyal customers are to your brand and helps you see how well your brand is building an audience of brand ambassadors.
Net Promoter Score = (Promoters – Detractors) ÷ (Total respondents) x 100
Customer Lifetime Value
The CLV score measures the overall value of a single customer throughout the time they remain a customer. Sometimes called their lifespan in marketing, the CLV tells you how well your brand is retaining customers.
Customer Lifetime Value = (Customer value) x (Customer lifespan)
Micro conversions are all the small steps that your visitors take on the way to becoming customers:
- New visitors
- New email signups
- New signups from organic search
- New signups from referrals
- New signups from social media
You can easily track micro conversions with Google Analytics:
- After signing in to your Google Analytics account, click Admin.
- Find the View column and select Goals.
- Click + NEW GOAL, then choose a goal from templates or make your own under Custom.
- Name and choose the goal (micro conversion) you want to track, then click Continue.
- Track your progress by clicking Conversions and selecting Goals.
How to Choose the Right Metrics
Here are some simple questions to answer that can help you choose the appropriate metrics to track for your business goals:
- What kind of business do you have (B2C or B2B)?
- Who is your target audience?
- What kind of pricing model do you use?
Use the answers to these questions to help guide your measurement tracking so that you get the most out of your marketing data. Track your success with metrics that help you understand ways to achieve and exceed your goals. And be sure to be specific in your goal setting so it’s easy to choose the best marketing metrics to track this year.
One of the key factors to make the most of your metric data is to be consistent. Scheduling and executing measurements is much easier now, thanks to marketing tools that can remind your team that it’s time to check in with your metrics. Look for reminder software, like Weave, that comes with features such as auto reminders, text confirmation, and automatic recurring messages.
The best metrics to track are those that drive business growth. If you want to increase brand awareness, then you’ll need to track metrics such as web traffic, unique visitors, or email CTR. Social media metrics are excellent tools for measuring things like engagement, amplification, and virality. And if you want to know how your customers feel about your product or brand, then metrics such as the net promoter score and customer lifetime value can show you the way.
Whatever your goals are, choose the best metrics that will help you make the most of your data so that you can achieve your growth goals in 2023.
Lee Li is a project manager and B2B copywriter from ShenZhen, China, and is currently based out of Singapore. She has a decade of experience in the Chinese fintech startup space as a PM for TaoBao, MeitTuan, and DouYin (now TikTok).