WordPress focused on Sales?
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 Sales? Start monitoring your Acquisition metrics today!
WordPress focused on Sales?
Must have 3 Acquisition metrics to monitor:
#1 - Customer Acquisition Cost
Customer Acquisition Cost (also known as CAC) covers all your investments to get new customers. It is mandatory to understand, that active and passive investments add up to bring in fresh customers consistently. Active investments usually represent the sales effort directly, like sales rep, tools and infrastructure that finalize the transactions. Passive investments are there to support, facilitate, help each sale in the entire process, like WordPress domain, landing pages and whatever specific you need do for your "active" part in marketing.
How to calculate Customer Acquisition Cost? Divide marketing + sales costs with the total of new customers acquired, within a specific period. To better calculate Customer Acquisition Cost (CAC), consider overall costs from marketing and sales, including marketing efforts, promos, campaigns, and sales activities. Make sure you assign usually ignored costs linked to customer acquisition, such as WordPress, related infrastructure and license costs, plus involved team salaries.
Why track Customer Acquisition Cost? Because budgeting and scaling needs this. When you have your formula: "total acquisition costs per new customers", you’ll understand how to improve your marketing, partnerships, investments, and overall brand performance. You also notice when things start to unravel. The sooner you realize this new reality, the better.
How to improve Customer Acquisition Cost? Monitor and compare CAC trough content formats, channels, and campaigns. Identify the most cost-effective sources of new customers. Refine how each content segment resonates with your target audience and conversions. Review your CAC investments monthly, to identify trends, understand what’s working. This is a must: adjust or adapt your strategy for upcoming holiday and events related to your targeted audience.
WordPress focused on Sales? Start monitoring Customer Acquisition Cost metrics today!
#2 - Cost Per Lead
Cost Per Lead (also known as CPL) compares what strategy performs better and on what platforms, channels. While I don't want to distract you, just mentioning: Retention and Lifetime Value for these leads are also important.
How to calculate Cost Per Lead? Divide your total investment spend (creation, distribution, promotion) by the number of leads generated within a specific period. To better calculate Cost Per Lead (CPL), compare CPL to metrics like click-through and conversion rates. These identify bottlenecks in your funnel.
How to improve Cost Per Lead? To better calculate CPL, compare with metrics like CTR (click-through) and conversion rates. These identify bottlenecks in your funnel. Based on these information, optimize your strategy to generate MORE leads: invest MORE in high-quality content, refine MORE low-performing areas, and prioritize formats that convert MORE efficiently.
WordPress focused on Sales? Start monitoring Cost Per Lead metrics today!
#3 - Monthly Recurring Revenue
Monthly Recurring Revenue (also known as MRR) shows the extra money your business makes from upsells, cross-sells, and add-ons from your existing customers. Simply put, MRR represents the amount EXTRA revenue you can anticipate, each month, from current customers.
How to calculate Monthly Recurring Revenue? Multiply the total number of ACTIVE customers with the average revenue per customer. Make sure that here you only use recurring payments. One time payments are not present in this calculation, like: setup and installation costs, consulting and professional service fees
How to improve Monthly Recurring Revenue? Define what makes your customers to spend more. Like exclusive, unique, or seasonal content offers, personalized recommendations, or strategic pricing models. This info will help you and your team repeat previous success and refine future efforts.
WordPress focused on Sales? Start monitoring Monthly Recurring Revenue (MRR) metrics today!
