A sound marketing strategy is an absolute must to compete in today's competitive business world. However, many business owners find it a little difficult at times to determine the return on investment they are receiving for their marketing efforts. Fortunately, a number of concrete markers are available for business owners who need to know how well their marketing efforts are working.
You're Getting More Traffic
One sure sign that your marketing efforts are proving beneficial is more traffic for your company website. Increased traffic signifies that new visitors have not only interacted with your marketing materials. These visitors also appreciated the experience enough to seek further information.
More visitors to your website is a definite plus but is not the only way to measure your site's growth and performance. According to Yoast, your bounce rate is the percentage of visitors to your website that leave after viewing a single page. A website with a lower bounce rate is also a good sign for your marketing efforts. Other terms you should be familiar with when analyzing the growth and effectiveness of your company website is the average time spent on page and the click-through rate of visitors to your website.
You're Retaining Customers
According to Podium, gaining new customers can cost 25 times more than retaining your current ones. This is why customer retention is one of the most important measures of marketing success. Your current customers will also spend more than a first-time customer and are much more likely to take a chance on any new products you offer.
You can calculate your customer retention rate by subtracting the number of customers your business adds over a particular time period from the total number of customers possessed at the end of the period. The next step is to divide this number by the number of customers your business had at the start of the period. Finally, multiply by 100. The math can be a little cumbersome but the formula will give you an accurate account of your customer retention.
Popularity with Search Engines
According to SEO Tribunal, Millions of people search for products and services on Google and other search engines each day. A good measure of the success of your marketing efforts is the number of visitors who arrive at your site through an organic search engine query. If you are not seeing an increase in organic traffic over time, you need to perform an audit of your marketing strategies and make the appropriate adjustments.
Most business owners understand the importance of an effective marketing plan is to the success or failure of their business venture. However, it is not as clear to many business owners how they can obtain a tangible measure of their market strategy effectiveness. Paying attention to the three points discussed above will provide you with a clear picture of how much your marketing efforts are helping your business.