Growth marketing is a data-driven approach to marketing that focuses on identifying and scaling the marketing channels and tactics that drive the most growth for a business. But how do you know if your growth marketing efforts are actually working? The answer lies in tracking key metrics that provide insight into the performance of your campaigns and help you make data-driven decisions.
Here are some key metrics to measure for growth marketing:
This metric measures the number of new customers or users acquired through your marketing efforts. This includes metrics such as website traffic, leads generated, and conversions.
Retention measures the number of customers or users who continue to engage with your product or service over time. This includes metrics such as customer lifetime value (LTV) and churn rate.
Engagement measures the level of interaction and engagement customers have with your product or service. This includes metrics such as active users, session length, and number of sessions per user.
Referral measures the number of customers or users who refer others to your product or service. This includes metrics such as referral rate and the number of referrals generated.
Revenue measures the amount of money generated by your product or service. This includes metrics such as total revenue, average order value (AOV), and monthly recurring revenue (MRR).
Conversion rate measures the percentage of website visitors or leads who become customers. This is an important metric to track as it provides insight into the effectiveness of your marketing and sales efforts.
Cost per Acquisition (CPA):
CPA measures the cost of acquiring a new customer or user. This is a key metric for measuring the efficiency of your marketing campaigns and ensuring that you are spending your marketing budget effectively.
Return on Ad Spend (ROAS):
ROAS measures the return on investment (ROI) of your advertising spend. This metric is important for evaluating the performance of your paid marketing campaigns and determining the effectiveness of your advertising spend.