Efficiency – Your Next Must Have Marketing Metric
Dana DiTomaso: My favorite metric
is efficiency, efficiency is impressions across all channels. So all of your ads impressions,
LinkedIn impressions, Google search impressions, you know, all of
that grouped together in a bucket. And then you're also
looking at your conversions. So really you're looking at like
how many impressions does it take to have a conversion and
whatever conversion is for you. What I want to look at is,
is our marketing getting more or less efficient over time? Because there always comes
a point in marketing where you have diminishing returns.
You've hit the maximum of what you can
get for good Google Analytics ads and now you're just throwing money at it
and you're spending more to get less. So that efficiency metric can really
help you determine when diminishing returns is starting to kick in. Just looking at it from that
broad impressions and conversions perspective, can be really illuminating.
And it's not necessarily a big number. Like we've seen efficiency metrics
where the efficiency is like 0. 05 percent because they get a ton
of impressions for random stuff. But then over time, I
want that to get better. That means we're doing a
better job with our marketing..
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