Tracking marketing funnel metrics is essential to the success of any business. Knowing how people move through the funnel—from becoming aware of your brand, to browsing your website, to making a purchase—enables you to make better decisions about marketing and advertising investments and measure their effectiveness.
Not sure which marketing funnel metrics to measure? We've got you covered. It's easy to get overwhelmed by all the different metrics available, but understanding the fundamentals of each one can help create a strong foundation for measuring performance. Here are five key funnel metrics you should be tracking:
The first step in the funnel is awareness; understanding how many people know about your brand and where they're discovering it from. Key metrics associated with this phase include:
You should use data about brand awareness to gain a better understanding of your target audience and how to reach them. Knowing the reach of your message, the engagement generated, and the click-through rate can give you an understanding of what kind of message resonates most with your target audience. This helps with optimisation of your campaigns for maximum success.
Measuring acquisition metrics gives you an idea of how successful your efforts are at converting prospects into leads. Key acquisition metrics include
It's important to take into account both volume (number of leads acquired) and quality (quality score assigned to each lead), so that you can make the right decisions on where to make changes to your marketing funnel.
These metrics show the rate of customers that are taking the desired action, such as purchasing a product, signing up for a service, or completing any other desired goal. The most important metric for activation is:
Tracking these funnel metrics provides companies with valuable insights into the success of their activation efforts and helps them identify areas they should improve.
Once someone has become a customer, it's important to measure their retention over time.
Understanding these figures will give you an idea of which customers are more valuable in the long run, enabling you to allocate resources accordingly for better returns on investment (ROI).
Conversion refers to turning leads into paying customers, so it's important that customers have a positive experience throughout their journey with your brand until they make a purchase decision. Key revenue metrics include
Tracking these types of conversions will help identify areas where improvements need to be made in order for more customers to complete orders successfully.
After someone has made a purchase, if they like what they got then chances are they’ll tell their friends about it - so it pays off when businesses focus on building relationships with their customers after sales too!
Tracking referral metrics means businesses can understand what motivates customers, in terms of loyalty, towards brands - allowing them to tailor activities towards achieving better long-term outcomes from current customers instead of focusing solely on acquiring new ones all the time!
By tracking these basic funnel metrics consistently over time, marketers can have greater insight into their audience behaviour and develop strategies that capitalise on their insights for growth and increased ROI from their marketing activities! Taking action based on real data rather than assumptions is key.