Contributors:
Amol Ghemud Published: August 14, 2018
Summary
Here, we provide you with a detailed guide on calculating and utilizing the Marketing Influenced Customer Percentage (MICP) to gauge the effectiveness of marketing efforts throughout the customer journey. This metric helps businesses understand the proportion of new customers influenced by marketing at any point in their purchase process, offering insights into marketing performance and its impact on overall Customer Acquisition Cost (CAC).
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Long back, CMOs used to be not fluent in metrics,analytics and sheet presentations. The online thingy made marketing.
The net has made advertising and marketing a long way extra measurable (and therefore extra responsible to the CEO) than ever earlier than. However CMOs struggle to locate the right metrics a good way to get them credibility, and showhow advertising contributes to the lowest line.
Marketing Metrics are a key indicator of how well your marketing efforts for your individual product or service are delivering. To put it in a simple manner, marketing metrics are a method to research your attempt vs effects in a qualitative and quantitative way enabling you to make decisions for improving productivity as well as profitability.
Metrics are the foundation for any successful marketing strategy, but most companies fail to use many of these important metrics to calculate success or failure. Mostly, companies focus closely at the quantity of latest leads generated, which ignores many of the complicated formulas which could determine the authentic achievement of any marketing approach.
Marketers need to measure a lot of things in order to get better.
Not everyone does and those that do sometimes measure the wrong things.Marketers are in a revolving cycle of constant change and flux. With the increasing number of marketing options and strategies, companies and marketers need to stay ahead of their competition. To help formulate a powerful approach, it’s far imperative that you recognize these critical metrics and their formulas.
Apparently important things such as leads and revenue sales are vital, but they’re quite regularly only a measure of what is and no longer an accurate degree of what can be or, possibly greater importantly, what’s causing it.
Until you can grasp the things that impact your organization’s true health you’ll be stuck treating symptoms instead of treating the disease.
There are many ways to grow a business, including injecting lots of money into the generation of awareness and interest, but the most profitable way to grow a business is to take what it does well and grow organically through the base of your success.
There are numerous ways to uplift and grow your business, which includes injecting masses of cash into the generation of awareness and interest, however the most profitable way to grow a business is to take what it does well and develop organically through the bottom of your success.
TYPES OF MARKETING METRICS
The different type of marketing metrics are as follows:
To learn more about all these metrics in details download :
The number of marketing metrics are not limited to only the above mentioned list. There are many other metrics which are useful. But knowing the above mentioned ones is a must for any startup or company.
WHAT IS MARKETING INFLUENCED CUSTOMER PERCENTAGE
To really know if your marketing is effective, you need to know whether or not your customers interacted with your marketing at any point during their journey through your sales process. To determine that, your marketing influenced customer percentage can be a crucial data point.
With this metric, we’re looking to find out the percentage of overall customers who were influenced by marketing at any point in the sales process. The marketing influenced percentage figure helps to determine your marketing performance and spending impact on your overall Customer Aqcuistion Cost (CAC).
To determine a marketing influence percentage, take the number of new customers your company accrued in any given time period, and divide this total number of customers by the number of customers who were influenced by marketing within the same time period.
If you have good lead tracking in place, the formula to find marketing influenced customer percentage is easy:
Take your total number of new customers who interacted with marketing.
Divide them by the total number of new customers within the same period.
The figure you get is your marketing influenced customer percentage.
As an example: if you had 1000 new customers in a month, and 700 of them interacted with your marketing in some way, your marketing influenced customer’s percentage would be 70%.
In order for this percentage to be meaningful, you need to ensure that your business actually has mechanisms in place to track and record your customer interaction with your marketing.
Regular campaign monitoring and reporting, matched with customer surveys or feedback where applicable, helps to build marketing interaction data. Tracking and understanding data helps keep marketing activity relevant and thus provide better bottom line impact.
As marketers, we track so many different factors that we can lose focus on the most important ones. Remember that no metric is the final answer in terms of marketing success.
It’s always important to view the big picture when making big decisions. But knowing which metrics best translate into business language and reporting can help you break down the most relevant and impactful marketing metrics.
Amol has helped catalyse business growth with his strategic & data-driven methodologies. With a decade of experience in the field of marketing, he has donned multiple hats, from channel optimization, data analytics and creative brand positioning to growth engineering and sales.
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