You’ve launched your marketing campaign and are gaining some customers. You think you are doing well but are you? Measuring your performance can show you where your marketing campaign is taking your business. Find out how you are standing in the market and make adjustments from there.
In this blog, we will discuss ways to measure your customer acquisition performance.
Tip # 1: Customer Acquisition Cost (CAC)
As we’ve discussed in previous blogs, customer acquisition cost is the total spent on marketing over a period of time divided by the number of customers gained during that period. Obviously, you want this number as low as possible. The lower your CAC is, the more customers you have gained.
Tip # 2 Average Lead Close Rate
The average lead close rate is important data to keep track of. If your numbers are low, it may indicate that the lead being given to your sales team is subpar. The quality of your lead will need to be checked. Make it clear to your team what makes a marketing qualified lead, a sales accepted lead, and a sales qualified lead. Having everyone on the same page will help give your marketing performance a jump.
Tip # 3 Marketing Content Return On Investment
Studies show that companies are spending 16% of their budget on marketing content and only 30% of it is actually being used. The head of marketing should use marketing content tracking software that will send content directly to the sales team. The software should have a content analytic component that can track ROI that is associated with each piece of content. The more often ROI is associated with a sale or deal, the greater the performance of the marketing team.
Tip # 4: Calculate Lifetime Customer Value
To get your lifetime customer value, multiply the average sale per customer by an average number of times the customer buys per year. Then multiply that number by the average retention time per customer. You can up the value of each customer by marketing products that tailor to their needs.
Tip # 5: Track Social Media Conversions
In today’s business world one of the best marketing tools is social media. Many people are glued to their phones and laptops, receiving information constantly. There are three major metrics to keep track of lead conversions made on each different social media platform, customer conversions made on each social media platform and the percentage of traffic associated with a certain media platform. There are so many types of social media to choose from so knowing which ones are working best can save you a lot of time.
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