7 Key Marketing Metrics and KPIs to Track in 2024

Digital marketing is evolving and so is your audience. So, how do you keep up?

Tracking specific KPIs can help you keep a pulse on your audience's wants and needs (and keep their attention!). It's like keeping an eye on your car's dashboard while driving. You wouldn't want to run out of gas or ignore a blinking engine light, would you? 🚗 Similarly, tracking key marketing metrics is the cornerstone of measuring the success of your campaigns and adjusting them for optimal performance.

In this post, we're focusing on 7 key marketing metrics your team needs to track in 2024. Buckle up, and let's dive right in!

1. Website Visitors 🌐

Your website is often one of the first experiences customers and potential customers have with your brand. Now, we want to leave a good first impression, don't we?

Website visitors are the first indicator of how well your marketing efforts are paying off. Similar to a brick-and-mortar store, website visitors are the foot traffic you're getting. More traffic typically means more opportunities for conversions.

However, let's not get carried away with the vanity metrics of a large number of visitors. These numbers might look great, but are we reaching the right audience? Dive a little deeper to analyze the demographics, behavior, and source of your visitors to understand them better and tailor your marketing strategy accordingly.

TLDR: Website visitors are a great metric to understand how many eyes you're reaching.

2. Bounce Rate 🏀

If website visitors are your foot traffic, the bounce rate is like the people who walk into your store, look around, and leave without buying anything. Now, the foot traffic is great to get more eyes on the brand, but this isn't going to be converting (or paying!) customers. They're looking around, but aren't contributing to your bottom line.

Bounce rate is the percentage of visitors who navigate away from your site after viewing only one page. A high bounce rate could indicate that your site is not user-friendly or that your content is not engaging enough. Keep this number as low as possible!

Dive back into the different audience behaviors and demographics coming up in your website visitors. Does this align with your target audience? If so, what can you change to keep their attention and keep them scrolling? If not, it's time to change up your content to attract the right audience.

TLDR: Is your audience interested in what you're offering? A low bounce rate means you've got their attention whereas a high bounce rate likely means you've got some work to do.

3. Cost-Per-Click (CPC) 💰

CPC is the amount you pay each time someone clicks on your ad. It's like putting a price tag on the attention you're grabbing from potential customers.

A lower CPC means you're getting more bang for your buck. A high CPC means you're likely overpaying for the attention of your target audience. Or, you could be bidding on some highly competitive keywords!

Monitor your CPC closely and experiment with different ad formats, platforms, and targeting options to get the most cost-effective results.

TLDR: The cost of getting attention from your target audience. More clicks = lower cost (and more marketing dollars left in your pocket!)

4. Click-Through-Rate (CTR) 🖱️

CTR is the ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement. It's like a reality check for your call to action. Audiences tend to respond best to one CTA. Think about which direction you want to send them in. Typically the easier the instructions are, the more likely they'll be followed.

A high CTR indicates that your message is resonating with your audience and compelling them to take action. This could be clicking on an article, over to your website, or contacting your team. Keep testing and tweaking your copy, design, and placement to boost your CTR.

TLDR: Did your CTA resonate? A high CTR indicates yes.

5. Impressions 👀

Impressions measure the number of times your ad is displayed, regardless of whether it's clicked or not. It’s like a billboard on a busy road. You're not sure who's really looking, but it's definitely getting visibility.

Impressions help you understand the reach of your campaign. However, remember that impressions alone don't signify success. They need to lead to clicks and conversions!

TLDR: Impressions = 👀

6. Subscribers 📧

The number of subscribers to your email list or blog is a measure of your brand's popularity and the value you offer. It’s like a fan club for your business. It also helps curate exclusive email lists for product drops, new releases, or other important info to share with your engaged audience.

Growing this number means you're building a community of potential customers who are interested in hearing from you. Invest in creating high-quality content and offers to attract and retain subscribers.

TLDR: Drop your email to stay up to date with the latest.

7. Open Rate 📬

We've gathered our subscribers and we're sending them updates regularly. Now, we want to determine who is reading through our content from our engaged audiences. This is where the open rate comes in. It's a great metric to measure the success of various campaigns, A/B test different headlines or CTAs, and get attention from your target audience.

Open rate is the percentage of email recipients who open a particular email. It's like the number of party invites that turn into actual attendees.

A higher open rate indicates that your subject lines are compelling and that your audience is engaged. Keep experimenting with different subject lines, send times, and personalization tactics to optimize your open rate.

TLDR: How many subscribers are opening your emails?

Next Steps 🚶

Now that you know what to measure, it's time to put this knowledge into action! Start by setting up a dashboard to track these metrics regularly. Use the insights to optimize your marketing strategy and make data-driven decisions. Remember, the goal is not just to improve the numbers, but to enhance your audience's experience and build meaningful relationships with them.

Learning these metrics is like learning the rules of a new game. It might seem a bit overwhelming at first, but as you get the hang of it, you'll start to see the benefits. You'll become a pro in no time. Just remember to stay patient, keep experimenting, and have fun along the way! 🎯

Need a better way to visualize your data? Check out Spontivly to build data dashboards, without the technical fuss.