Analytics: Marketing Metrics to Check Now
I really like the phrase “revenue begins with marketing”, as this has always been true, though it’s always been difficult to track and prove until recent years. I’m about to start working with an F&B company that has never had proper marketing before, though they have hired people occasionally to “help with Facebook” or run random promotions. This didn’t help their bottom line, and they’re now not keen on using social media as a marketing channel, and will be looking for concrete measurable marketing activities that contribute to their business growth and increase their profitability over time. Here are four metrics I’d like them to focus on:
Revenue Engine Effectiveness
The goal of my involvement with the company is to boost their revenue by driving more customers. As such, we’ll be measuring their revenue for each day of the week to see if this is increasing over time. Revenue Engine Effectiveness over time will help to show whether our efforts are having a positive impact on their revenue. This is: Total Revenue Generated by Marketing/Total Marketing and Sales Spend.
Marketing Program Performance Metrics
Given that this client has already got a negative impression of digital advertising and marketing, I will need to measure the effectiveness of our campaign efforts to track the channels that we choose from first touch through to table bookings so as to prove that the campaign is what is driving booking increases. Total weekly qualified leads by channel will be helpful, as well as cost-per-click by channel and cost-per-conversion (measured in online bookings).
Awareness Metrics: Content Views & SMS Click-Throughs
We will be seeking to raise the profile of the owners, as well as to build brand positioning for the restaurant, and so I would like to track gross views of opens and views of content wherever it appears (ie. Facebook, Instagram), as well as engagement and shares, and visits to the website. We’ll also see if Google shows an increase in the number of direct searches of the restaurant and owners' names. This way, we’ll be able to get an understanding of whether many new people are learning about the restaurant and its people, and which channels are connecting with the target market.
Leading Indicator: Net Promoter Score
All companies should understand their customers better- how happy they are to come, which products they like, and whether they would recommend them to a friend. Running a simple survey to ascertain Net Promoter Score and tracking this over time can show whether the company is building a loyal customer base- one that will advocate for it and spread positive word of mouth recommendations.