THE 5 MAJOR IN MARKETING METRICS
Why the right metrics make a difference
To boost your business, marketers need to measure a little. But not everyone measures the correct data.
Simply know the visits to your page, click-through rates and the participation statistics are no longer enough. Many of these isolated data points cannot give you a clear idea of whether you are getting a good ROI from your marketing spend..
Don't get us wrong: Marketing KPIs can significantly help steer your marketing in the right direction. Even so, marketing functions have fallen short when it comes to developing a set of marketing metrics that matter.
After all, sellers are constantly on a rotating flow cycle. And with the increasing number of marketing strategies and options, companies must stay ahead of their competition. To help design an effective strategy, you must refine these critical metrics and their formulas.
You need metrics that tell the story of your company and give you a more detailed snapshot of your marketing efforts. The reality is, you can't be a successful salesperson if you don't know your numbers..
And you can't know your numbers if you don't understand your customer's lifetime value, because it reports all your marketing strategy and how much you can pay per channel in acquisitions.
Average purchase value (APV)
APV refers to the average sales value of each sales transaction processed. Shows you the average amount your customers are currently spending on one of your products or services in an individual transaction.
You can calculate this number by dividing your company's total revenue within a given period of time by the number of orders placed during that same period of time..
Depending on the length of your average contract or your business model, can calculate APV for one day, one week, One month or one year.
Because it is important
First, This metric gives you essential information on the average first-time order from one of your new customers, meaning you can measure whether and when this metric increased, Y, Thus, identify which offer convinced them to buy from you.
further, whether you sell a product or service, must take into account the expected pressures associated with competitive pricing. Inevitably, your product will have to compete with others in the market based largely on price.
The APV will let you see if this pressure helps or hinders your business. That will allow you to predict and plot your pricing scheme.
With this metric, you and your team can forecast the future of your company's sales and also make revenue predictions.
A thorough analysis of the APV will reveal the buying behavior of your cons