WordPress focused on Advertising?
Must have 3 Acquisition metrics to monitor:
WHAT is Acquisition metrics?
If you ask me personally, then Acquisition metrics = Success metrics. Its why you have your WordPress for the first place.
A marketeer would answer it with a segmented sentence, complicating it further. Acquisition is the total of three distinct stages: lead generation, lead nurturing, and sales.
Whatever is your Success, and whatever you call it (Growth, Performance, Results) its tied to your specific niche. If your WordPress is all about promoting YOUR service, then your Acquisition is all about those who want to purchase YOUR services (or at least consider).
You need a clearly defined acquisition strategy to bring the right "interested people" in to your WordPress to convert them. But how do you set up and then evolve you acquisition strategy? The answer lies in your tracked acquisition metrics. By tracking these metrics, you monitor your business and make data-driven decisions for your growth. And never forget: "What gets measured gets managed!".
Figure out fast and early whether or not you’re FOCUSING the real HUMANS. Buying digital fluff (leads, clicks, follows, visits, downloads, subscribers or whatnot's) mostly makes reporting beautiful and bank account empty. Then optimize the acquisition costs (make it cheaper or get more for the same cost). Expand that knowledge into further campaigns. Optimize again, over a specific time frame, and you'll have a more effectively budget.
WHY monitor Acquisition metrics?
Acquisition Metrics are KPIs, and KPIs are Important for your WordPress. Said one voice, in a whimsical tone.
Acquisition metrics and KPIs help WordPress businesses to gain an in-depth understanding of how their marketing efforts are contributing towards goal achievement. Customer acquisition metrics are important because they provide tangible insights into the effectiveness of your marketing and sales efforts.
These Acquisition metrics allow you to track the cost of each customer, understand the value they bring to your WordPress business, and measure the success of your conversion strategies. With this information, you can make data-driven decisions to optimize your acquisition process, allocate resources wisely, and maximize your return on investment.
Monitor ONLY 3 Acquisition metrics?
3 is just a personal recommendation. Not small enough to get ignored, yet big enough to get noticed, even if you glimpse over them.
Set up Acquisition notification via important channels like email, sms, alerts, notifications that work for your WordPress. Not all the time will this be perfect, but should be important enough to not get forgotten. Make sure these Acquisition alerts are scheduled on a day/hour when intervention is possible. Friday, late afternoon is translated to either Monday late afternoon, or ignored and skipped.
Frequency? Depends.
If this makes or breaks your budget THIS month, then monitor this weekly.
If this makes or breaks your Q1-Q2-Q3-Q4, them monitor this monthly.
If this is a subject for a meeting, then schedule this BEFORE that said meeting.
In all cases, should consider MOM (month over month) and YOY (year over year) monitoring. Helps understanding where you're heading, at what expected point (logical and educated deduction).
WordPress focused on Advertising? Start monitoring your Acquisition metrics today!
WordPress focused on Advertising?
Must have 3 Acquisition metrics to monitor:
#1 - Cost per Acquisition
Cost per acquisition (also known as CPA) shows how much you spend acquiring 1 new customer. You decide if you ignore: unconverted, unfinished, undecided leads.
How to measure your specific CPA? Divide your total marketing + sales spending with the number of new customers won through those efforts.
The ideal for long term is to lower your CPA. The more efficient your marketing and sales efforts are in converting leads into customers.
How to reduce your CPA? Examine customer targeting, then with an A/B testing refine your WordPress Acquisition messaging. The more directly your messaging targets your ideal customer, the less friction those customers will experience on their buyer journey.
WordPress focused on Advertising? Start monitoring Cost per Acquisition metrics today!
#2 - Click-Through Rate
Click-through rate (also known as CTR) shows in percentage, the people who view your "Advertising" and click on it towards conversion.
How to measure CTR? Divide the number of clicks with the number of impressions. A high CTR indicates your "Advertising" is engaging and relevant to your target audience. A Low CTR is the exact opposite.
Click-through rate is a MUST for measuring the effectiveness of your WordPress "Advertising" campaigns. If your CTR is low, your "Advertising" campaigns ARE NOT targeted correctly.
How to improve CTR? Play with headlines, descriptions, focus keywords. Make sure you use power words and positive emotional sentiment. A/B testing helps, so refine these in short term testing. Ensure your final WordPress destination (landing page) corresponds with THAT initial messaging. This way, your "Advertising" campaigns are getting in front of the right sets of eyes, and adjust your content as needed.
WordPress focused on Advertising? Start monitoring Click-Through Rate metrics today!
#3 - Time to Conversion
Time to conversion measures how long a lead travels through your WordPress funnel and converts into a paying customer. A short time to conversion indicates low friction in your sales funnel and highly effective sales and marketing efforts.
How to measure time to conversion? Monitor the time between first interaction with a lead and their first purchase. A WordPress CRM system automatically tracks these, simplify this tracking process.
How to improve your time to conversion? Simplify your overall process. Consider the customer experience at every step in their buyers’ journey and MAKE SURE the process is as smooth, simple, and painless as possible. Don't gather irrelevant data, that dont help your end purpose. Your not a data broker, stop copying BIGTECH from the internet. ;)
WordPress focused on Advertising? Start monitoring Time to Conversion metrics today!
