Growth Marketing metrics are documented in Growth Marketing Strategy and in process documentation. There will be industry-standard benchmarks for these metrics or current data from the analytics before the campaign is initiated so that it can be measure at the end of the campaign.
In this article, we will be discussing, what are some growth marketing metrics which are common to most of the marketing campaign. Before I list them, we have to categorise them so that it is easier to measure because for each experimentation.
Every experimentation has one primary metric and supporting secondary metrics.
Categories of the Growth Marketing Metrics
So, there are 3 categories the metrics are categorised. Some metrics will share the categories but measure based on their nature differently and separately.
- Engagement and
Awareness or activation metrics are about the acquisition of new customers or leads. These are the results of digital marketing efforts. The following are some of the awareness metrics
- Cost of lead acquisition
- Organic traffic
- Landing page bounce rates
- Traffic from different devices
- Reach & Impressions rate from Social Media Marketing efforts
Secondly, User engagement metrics are about how long the user engaged with your product or content. So, the metrics are as follows
- How long the visitor was on your webpage,
- What was their buyer or intent journey path?
- Where did they got disengaged and left?
- Open rates and click-thru rates of your email marketing efforts
- Content engagement rates such as comments, liking, and sharing with their associates
The third category of the growth marketing metric is retention or bringing your ex-customers back. The metrics are as follows
- What are the referral rates?
- How often upsell, cross-sell or down-sell links clicked?
- Were there repeat purchases?
- How were the seasonal offers received?
- Did they save their wish list?
Above are some of the metrics, growth marketers are obsessed about.
The Value Proposition relationship with retention metrics
Another aspect of growth marketing metrics is about Value Proposition which is related to product-market fit. The value proposition is contextual and comparative. However, if the value proposition is not maintained or evaluated then it will affect the retention metrics. One of the benchmarks, we growth marketers overlook is a 20% turnover in retention. We cannot always be able to retain all customers for no wrongdoing and have to let some customers go.
Tomorrow, I will be putting together the articles on this topic into a long article and expanding the topics from today and yesterday. I will also speak about how lifetime customer value is calculated and how it is related to retention or win-back strategy.
If you want to read other articles the please follow the links