Marketing Metrics to Track in 2023 What Matters Most

Marketers understand that key performance indicators and marketing metrics are vital to run successful marketing campaigns. Without tracking the “right” marketing metrics, you won’t have a clear idea about the performance of your different marketing campaigns.

Of course, it can be overwhelming to choose from a plethora of marketing metrics. But the fact is that tracking marketing metrics allows you to make relevant adjustments and optimize the performance of your marketing campaigns.

Marketing Metrics Fundamentals

You can measure, record, and track marketing metrics that help you see the progress of a marketing campaign over time. Depending on the platform or channel, marketing metrics vary. Once you figure out the marketing goals you want to achieve, selecting trackable metrics is easier.

While you can track a long list of marketing metrics, focus on the ones that are relevant to your campaign. Marketing metrics are qualitative percentages and numbers that marketers and business owners analyze to see whether or not their campaigns across marketing channels are performing well enough.

Today, you can use analytics tools to generate marketing metrics reports with visually compelling graphs and charts. You can also create, maintain, and compare yearly, quarterly, or monthly reports of tracked marketing metrics.

Importance of Marketing Metrics

Google research shows that almost 90% of leading digital marketers track key marketing metrics to measure the performance of their campaigns.

With metrics like CLV and gross revenue alone, you can make informed decisions about your marketing campaigns and find out which channels and platforms are generating the highest ROI. This also opens up new opportunities to maximize your lead conversions.

Marketing Metrics You Should Track in 2023

If you want to measure the success of your marketing campaigns in 2023, you will have to track the right metrics. Let’s break down the key marketing metrics that you should track to achieve your marketing goals:

Click-Through Rate

CTR is probably the most popular and practical measure you can track. It shows the percentage of total visitors that click on links. Without CTR, you’ll have no idea whether or not your links are getting clicks. You can calculate CTR as:

Number of clicks / number of visitors x 100

Conversions

Marketers regularly measure conversion rates to find out how many visitors became subscribers. Your goal to track this metric is to hit specific customer milestones and expand your mailing lists.

Here’s how you can measure your conversion rate:

Total conversions / total interactions

Average Lead Value by Source

With this metric, you can measure the success rate of each marketing channel. You can calculate the average lead value by source as:

Total Revenue / Total Leads x Profit%

Customer Satisfaction Score

This metric shows you the degree of customer satisfaction toward a brand, product, or service. Once you have CSAT scores, you can make necessary adjustments to improve customer satisfaction.

Customer Lifetime Value

This metric helps you measure the CLV score of each customer throughout its journey. CLV is inherently the marketing lifespan of a customer and helps you retain customers.

Lead Velocity Rate

Tracking this metric will help you understand whether you have to start retargeting or possess accurate customer personas to achieve optimal performance in a marketing campaign. You can calculate the lead velocity rate as:

Qualified leads of the current month – Qualified leads of the last month / qualified leads of the previous month x 100 

Leads by Source

Organizing your leads in terms of source can help you gain more accurate insights about the target audience. The idea of tracking this metric is to find out the source of your most qualified leads. Tracking leads by source metric also helps you separate channels that need more attention from the ones that are highly effective.

Lead Quality

This metric helps you measure your leads’ quality. Most marketers use a CRM solution to track lead quality. In fact, today’s CRMs are advanced enough to automatically calculate your leads and measure their overall quality in a matter of seconds.

Video Completion Rate

Tracking this metric helps you find the number of users that view your videos until the end. This metric shows you if your video content is not engaging enough and influencing users to leave. You can calculate the video completion rate as:

Completed video views / Video views x 100

Engagement Rate

This metric helps you measure the content engagement of a marketing campaign. It shows you whether or not you are getting enough followers to interact and engage. You can calculate the engagement rate metric as:

Total likes, shares, or comments / Total followers x 100

Virality Rate

The virality rate calculates the number of times content is shared against impressions. This metric is a percentage that shows you how viral your posted content is. You can calculate the virality rate as:

Total shares / total impressions x 100

Amplification Rate

This is one of the most measured social media metrics that help you find the percentage of your target audience that shares your posted content with their followers and networks. With an amplification rate, you can better understand content sharing. You can calculate the amplification rate as:

Total post shares / number of followers x 100

Final Thoughts

If you choose a lot of metrics, you’re probably not going to keep an eye on all of them. So, if you want to make your marketing campaigns effective, make sure to track the most crucial metrics. When it comes to choosing metrics, a lot depends on the nature of your marketing campaigns. No matter what your marketing goals may be – track metrics that can help you make sense of your internal data and paint a clear picture of the performance of marketing campaigns.