How to know if you’re marketing is paying off
Starting your marketing journey can be frightening. Once you’ve set up your marketing strategy and plan and implemented your first campaigns how do you know you’ve done it right? With so many channels and analytics to constantly review, we’ve made it easier for you to track your marketing progress as you go. Here are some key facts and figures about marketing in 2022 that you can use as a benchmark when measuring your efforts. that you can use as a benchmark when measuring your efforts.
1) CRM e-mail marketing open rates should be between 12-25%
If your current open rate is below this, it’s time to review the content and segmentation of your e-mails. Perhaps you’re sending to too many people, maybe the subject line isn’t engaging readers enough. If you can improve your open rate, you’re one step closer to engaging with your mailing list and encouraging them to click through to your website.
This is also dependent on your industry. MailChimp has conducted a study for the e-mail marketing benchmarks by industry which can help you set your KPIs more specifically.
2) Keep your bounce rate below 50%
According to Semrush, an average bounce rate is between 41% - 55%. You’ll know if you’re attracting the right customers to your website and converting them easily if your bounce rate is low and stays low over time. However, it’s important to also know that bounce rates can be higher if there are fewer pages to visit on your site as customers will naturally spend less time there.
If your website has a high bounce rate, maybe look at the homepage and your calls to action as well as the funnel to discover where you’re losing customers on their journey.
3) Your e-mail marketing should make up at least 30% of your revenue
E-mail marketing is one of the easiest ways to make a big ROI (Return on Investment). It’s thought that for every $1 you spend on CRM e-mail marketing you can get an ROI of $36. With the use of automated reengagement e-mails and segmenting, it’s easy to up your e-mail activity with minimal effort, plus it’s a cheap marketing tool to run.
If your revenue from e-mail marketing is lower than you’d like, it’s time to look at who you’re targeting, what time and with what content. A/B testing e-mails is also a great way to gain insight into the behaviour of people on your mailing list to make improvements.
4) New visitors should reflect your marketing efforts
When you start to look at analytics, you’ll see two figures for visitors – a total number and the number of new visitors to your site. Depending on your industry and business model, your KPIs for new and returning customers will differ. However, if you’re spending money on lead generation marketing then it’s important to see a significant figure of new visitors to your site. If your % of new visitors is around 50% of your total visits, this will be a good reflection of the type of marketing you’re doing.
5) Your ROI should justify your marketing spend
When it comes to measuring your marketing efforts this maybe one of the most important metrics to look at. ROI stands for return on investment so for every £1 you spend on marketing, you want to ensure you’re making at least that back in sales. While each different marketing technique will have higher and lower ROI figures, the overall revenue from your marketing should be gradually increasing and above your spend.
A ratio of 5:1 for an ROI is considered an extremely strong figure and will guarantee profits rising over time. If you’re not seeing the return on investment you were expecting, it’s probably time to adjust your marketing efforts and change your budget accordingly by spending less or investing better in other areas.
Analytics and measures of success will be personal to each business and industry. If one of your Key Performance Indicators (KPIs) is to raise brand awareness, ROI will be lower as the investment is not directed at boosting sales. However, if you have set objectives which are aiming to boost sales, revenue and growth within your business, using the marketing experts at 12Handz will allow you to structure your marketing efforts wisely. Get in touch with us today and one of our marketing experts will happily explain how we can help you make the most of your marketing and reach KPIs quickly and efficiently.
for your business
(not anybody else’s)