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How to define marketing success and which metrics to measure for it

In today's fast-paced digital world, marketing success can feel impossible to define. Our article cuts through the confusion and reveals the key metrics that really matter. Learn how to track impressions, rankings, clicks, conversions, and more to finally measure your marketing ROI and stop wasting money.

Published March 20, 2024

In this day and age, digital marketing is evolving faster than ever. Platforms are changing their algorithms and metrics frequently and it is crucial to stay up to date on market trends and consumer behaviour. Analysing your marketing success means you must focus on key performance indicators, or KPIs, to ensure you are meeting your marketing objectives.

Only 23% of marketers are confident that they’re tracking the right metrics. Don’t fall behind in the constantly evolving game of your brand’s digital presence: ensure you are making data-driven decisions with our list of proven key success metrics.

Source: RulerAnalytics.com

Why are marketing metrics important?

To accurately define marketing success, we need to take a look at the metrics available from running marketing and advertising campaigns. It is not enough to measure just the outcome of a campaign – the metrics captured in between are important to understand where improvements in the customer journey can be made. Marketing metrics tell marketers exactly what data they need to collect and analyse, and typically differ based on the channels, formats and goals of campaigns. Marketing metrics will tell you how effective your marketing is in leading users to take actions that generate leads, conversions and revenue.

Let’s take a look at a few key metrics that are longstanding and crucial in analysing the return on investment (ROI) of a marketing campaign.

Measure impressions

Impressions are the number of times users see your ad or content. This can include multiple views by the same individual, and while it does not measure engagement, impressions do help boost brand awareness. Measuring impressions can allow you to track the frequency with which your content appears to users and see which types of content and formats resonate with your audience. Impressions are a foundational metric that help you understand how many people you’re potentially reaching with your content, empowering you to optimise your strategy and maximise your impact.

Monitor search engine rankings

Search engine results pages (also known as SERPs) are generated when users use a search engine. If your goal is to reach a large online audience, you will need to be appearing towards the top of SERPs. Tracking your rankings is a key way to gauge the success of your search engine optimisation (SEO) efforts. Monitoring rankings also helps you stay informed about any algorithm updates that could impact your website’s visibility. Additionally, monitoring rankings can open doors for new SEO opportunities. You may discover that you’re ranking well for certain keywords you weren’t targeting initially, and you can alter your content strategy as needed to attract a wider audience.

Assess your click-through rate

Every business will have their own baseline for click-through rate (CTR). There are plenty of free resources by industry for benchmarks, data and target audience behaviours. If you are running pay-per-click (PPC) advertising, CTR is a vital metric for optimising your spend. A higher CTR translates to more clicks for your ad budget, maximising the return on your investment. CTR is also a perfect metric to measure with A/B testing. You can test different headlines, CTAs or ad variations and see which ones generate a higher CTR. CTR is a direct indicator of how compelling your headlines, calls to action (CTAs), and overall messaging are. A high CTR suggests your content is capturing attention and enticing viewers to click for more information. Conversely, a low CTR might indicate a need to refine your approach to better engage your target audience. Monitoring CTR allows you to optimise your content for better results

Understand your cost per click

Cost per click (CPC) is crucial in assessing your online advertising’s financial efficiency. CPC is the total cost of your ad divided by the number of completed clicks. More competitive industries typically have higher CPCs due to the increased demand for ad space. Search engines consider both your ad's relevance (keywords, targeting) and quality (user experience, landing page relevance) to determine your ad rank and ultimately your CPC. A higher quality score can lead to a lower CPC. CPC directly tells you how much you're paying to get someone to click on your ad. This allows you to monitor your ad spend and ensure you're getting the most out of your budget. By analysing CPC, you can identify areas for optimisation, such as targeting different keywords or adjusting your bidding strategies, to get more clicks for your money.

Consider conversion rate

The conversion rate is the percentage of website visitors that take the desired action; i.e. making a purchase or completing a contact form. Conversion rate is focussed on the actions your customer takes – the higher the conversion rate, the more successful the engagement. A high number of clicks but a low number of conversions could mean that whatever is on offer is not compelling to the customer, presenting a point of improvement for your marketing tactics. Marketing activities cost money. Conversion rate helps you understand how efficiently your marketing budget is being spent. A higher conversion rate translates to more sales or leads generated for every marketing dollar spent, maximizing your return on investment.

Lead generation

A lead is anyone that shows interest in your business’s product or service. It is a crucial indictor of your marketing campaign’s success because a customer’s interest can generate a purchase, which equates to revenue. Leads are tracked via actions that a user takes on a website, for example, a form submission or a phone call. By understanding your leads and their behaviour, you gain valuable insights into your target audience's preferences and challenges. This knowledge can inform the development of future marketing campaigns and content strategies, allowing you to attract even higher-quality leads. Lead generation efforts are measurable. You can track the number of leads generated, their source, and their conversion rate into sales. This data empowers you to analyse your marketing effectiveness and optimize your strategies for better results.

About Novicell

Lost in the world of marketing metrics? At Novicell, we are not just another digital consultancy. We seamlessly integrate into your team like an extension of yourself: We collaborate with key stakeholders and understand your goals and challenges, then apply our diverse expertise to craft bespoke solutions that propel your firm forward. Our team are experts in all things digital, from front end to back end, and we are ready to become your ultimate strategic partner. Ready to ditch the conventional and embrace exceptional? Together, we can bring your business to the next level digitally. Contact us today.

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Sam Mountstephens
Senior Paid Media Consultant
Sam Mountstephens