10 Key Metrics to Focus on When Marketing your Tech Company
In today’s everchanging marketing industry, it has become very easy to find mediums of marketing for your company. With growing marketing technology and modern ways to market your business, there are several new marketing platforms out there.
As we appreciate the increase of marketing opportunities in the world, we must also acknowledge the fact that these new technologies bring a lot of hustle to the table. The marketing industry thrives on customer data and customer information. Currently, there is so much customer data available that marketers and business owners don’t know what to do with it.
While most of the businesses out there do implement useful and familiar marketing techniques, there is a lot of mystery out there as well.
At the same time, there are some aspects of the marketing industry that stay consistent. One of them is observing the metrics of your marketing campaign. In order to observe the effectiveness and result of your marketing campaigns or before planning on venturing on a marketing campaign for your tech company, these are some of the metrics that you should keep an eye on.
Observing these metrics will help you keep a check on your marketing plans, and as a result, it will help you implement useful changes.
Return on Marketing Investment
The Return on Marketing Investment helps to generate how much revenue your tech company is making against the cost you are spending on running its marketing campaign.
The return on marketing investment can be a little difficult to monitor and measure. On the contrary, measuring marketing investment is quite easier.
Firstly, let us look at how you can measure the marketing investment, Firstly, you measure the number of hours which have been spent on devising and coming up with a marketing strategy. Then you add the dollars spent on it to the dollars spent on implementing the complete marketing strategy.
After adding the complete costs of planning and adding, you can calculate your individual marketing investments for each campaign and add them all up. Now, this was a simple process.
But, measuring the return on marketing investment can become a troublesome task for a couple of reasons.
Here are are a couple of reasons why measuring return on marketing investment can be a challenging task:
- There are numerous campaigns at play because marketers and today like to run multiple campaigns simultaneously. The social media campaign, email marketing campaign, and even SMS campaign can be running at the same time, and evaluating leads, and then customers from each of those tasks can be a tough task.
- Since there are external forces at play when you are using the digital marketing medium, there can be a severe lack of control.
- Connecting the dots between the marketing campaigns and generated sales can be a tough job. You cannot always find out how a specific customer came to buy from you. That is also why many businesses have a question that asks, “How do you know about us?”
Marketing Qualified Leads
The Marketing Qualified Lead refers typically to a lead that has more chances of becoming a customer as compared to the other leads.
This type of lead is usually generated using marketing campaigns, and a marketing qualified lead is generally conveyed by a closed-loop reporting. When you have authentic metrics of marketing qualified leads, you can observe their patterns and make changes accordingly.
Sales Qualified Leads
The sales qualified lead, on the other hand, is the type of lead that is declared a potential customer by the sales team itself. This kind of metric helps to nurture your potential leads and pave every way possible for them to convert them into a permanent customer.
You need to observe how people are finding your tech company on social media. At Joseph Studios, we believe that a brand should have a complete idea of how people are finding information about it on social media and search engines. That is why our marketing campaigns provide complete metrics on how your website and posts are performing among your targeted audience.
This kind of metric is usually designed for people who need to capture changes to online brand identity over time.
Average Time On Page
The average on-page time metric can be calculated as a part of website analytics. This type of information helps you to identify the parts and sections of your website and business, which are most appealing to your audience.
If you can observe that one thing people are paying more attention to, you can use that information to your leverage and make that part of your company pop out even more.
You should have your hands on the traffic analytics of your tech company. You need to know how many people are coming to your store, how many of them are leaving without showing any interest, and how many of them are your potential leads.
Similarly, you need to have your hands-on information about the leads. You need to observe the patterns of your leads who turn into customers.
As a business owner, you must also observe the number of leads and customers and how many leads actually end up turning into customers.
Marketing Spend Per Customer
At the end of the month, you must calculate how much out of your total spending on marketing you are getting back in the form of customers.
This will help you decide if the marketing plan for your company is on the right path or if it needs any changes. You can calculate this by dividing your total marketing spending by the total amount of customers who came in spent on your products.
Customer Lifetime Value
Personalization in marketing goes a long way. Evaluating a customer’s lifetime value does not only give you an idea about a customer’s spending, but it also allows you to connect with that customer time and again. It also allows you to run remarketing campaigns for existing customers.
Keeping a check on how many customers you have brought in matters. But what matters more is that you keep those customers coming in for more. Customer retention metric helps you measure the quality, quantity, facts, and figures behind being the repetitive choice for a customer.
Lastly, if you have any marketing queries about your tech company, feel free to contact Joseph Studios by clicking here.