Perhaps one of the most important lessons for any marketer is that talking about metrics and implementing strategies without measuring results is like walking blindly. Marketing metrics are many and varied, although we tend to always use the most common. For this reason I wanted to be a little innovative and propose 5 other marketing metrics that you probably don’t know about. These new metrics will serve to complement those that I introduced in the information of the first part.
Individual Attribution (First and Last contact)
This marketing metric is basically all attribute value to the first or last performed the lead contact with the web when the sale took place. That is, if the consumer has entered the site through the blog, you read an article, then another and then you made the purchase, in the case of the allocation to First Contact, recognition shall have the first post the blog has read. Attribution to the last contact occurs at the end element with which the user interacted just before purchase.
Twitter Engagement Rate (TER)
In 2014, more specifically later this year, Twitter launched a series of marketing metrics and one of them was just Twitter Engagement Rate. The aim of this tool is to calculate what % of your fans have taken action with a tweet. You can calculate the TER dividing the number of social interactions (engagement) by the number of followers you have at that time. Then multiply the result by 100 to get the percentage.
Social interactions include:
- Clicks to links
- Shares via email
- Clicks to user profiles
- Clicks to videos or photographs
- Details expansion
The Twitter Engagement Rate is used by selecting a specific date in time. This metric can help to find out which tweets and those who work and learn what are the best techniques to motivate followers.
Marketing Qualified Lead (MQL)
This is a metric of marketing based on the number of visitors who have shown interest in the products or services of the company undertaking any action that defines them as qualified marketing leads, as they have provided information to a brand to get something in return. As for example:
- Download a white paper.
- Attend a webinar.
- Download an eBook.
- Receive information through the newsletter.
- Receive news of the blog.
Sales Qualified Lead (SQL)
The key to success is the alignment of sales and marketing teams. Both must work together seeking the same goal, being the key to all the ability to correctly identify the Sales Qualified Lead. A common approach to identify leads that are ready for sale is BANT: Budget, Authority, Need and Timeframe. With this system you can learn more of the Sales Qualified Lead and sales and marketing departments can work together to grow the company and feeding back to each other.
Share of voice
When we speak of Share of Voice we can say that this is a marketing metric that takes into account the number of conversions of our brand relative to our competitors in the same market. It is important to know what is said about you on the Internet in order to enhance the particulars on different platforms, networks, media or blogs. Maybe people are talking about your brand on Facebook and Twitter, but instead are rarely mentioned in the forums of opinion. You will then have to strengthen your appearances in those sites where your presence is weaker.
The formula to calculate this metric is to divide the number of conversations or mentions of the brand by the total number of conversations or mentions about other competing companies (which you choose).
Did you already know some of these metrics? If you had to choose only one which one do you choose?