In-store mobile marketing campaigns are a powerful way to engage customers, drive sales, and increase loyalty. But how do you measure the effectiveness of your campaigns and optimize them for better results? In this article, you'll learn about the best key performance indicators (KPIs) for in-store mobile marketing campaigns and how to use them to improve your strategy.
Before we dive into the specific KPIs for in-store mobile marketing campaigns, let's clarify the difference between KPIs and metrics. Metrics are any data points that you can track and measure, such as impressions, clicks, conversions, etc. KPIs are the metrics that align with your specific goals and objectives, such as revenue, retention, customer satisfaction, etc. KPIs are more meaningful and actionable than metrics, as they help you evaluate your performance and make decisions.
This introduction is a great reminder that not everything that is measurable should be measured....Don't spend time on vanity. If a metric doesn't actively contribute to a goal...don't waste time and effort measuring it.
One of the most important KPIs for in-store mobile marketing campaigns is customer acquisition cost (CAC), which is the amount of money you spend to acquire a new customer. CAC helps you understand how efficient and profitable your campaigns are, and how much you can invest to grow your customer base. To calculate CAC, you need to divide the total cost of your campaigns by the number of new customers you acquired during a specific period.
Another crucial KPI for in-store mobile marketing campaigns is customer lifetime value (CLV), which is the estimated amount of money a customer will spend with your business over their entire relationship. CLV helps you measure the long-term value and loyalty of your customers, and how much you can afford to spend to retain them. To calculate CLV, you need to multiply the average purchase value by the average purchase frequency and the average customer lifespan.
Customers always come second after employees. In order to secure loyalty of customers, always consider your employees first for them to protect and build a name of the organisation which I turn converts to high quality customer service that attracts customers
Redemption rate is the percentage of customers who redeem a coupon, offer, or reward that you send them through your in-store mobile marketing campaigns. Redemption rate helps you assess how attractive and relevant your offers are, and how they influence your sales and revenue. To calculate redemption rate, you need to divide the number of customers who redeemed an offer by the number of customers who received it.
Engagement rate is the percentage of customers who interact with your in-store mobile marketing campaigns, such as opening a push notification, clicking a link, or sharing a message. Engagement rate helps you measure how effective and appealing your campaigns are, and how they impact your brand awareness and reputation. To calculate engagement rate, you need to divide the number of customers who engaged with your campaigns by the number of customers who were exposed to them.
Conversion rate is the percentage of customers who complete a desired action after interacting with your in-store mobile marketing campaigns, such as making a purchase, signing up for a newsletter, or downloading an app. Conversion rate helps you evaluate how successful and persuasive your campaigns are, and how they contribute to your bottom line. To calculate conversion rate, you need to divide the number of customers who converted by the number of customers who engaged with your campaigns.