Three Evaluative Measures that are used

There are many different ways of evaluating the effectiveness of your marketing approach by tracking KPIs that will help you identify which tactics are making the biggest impacts so that you can reach your goals, and to ensure that you can find your best approach for the future it is best to combine multiple of these methods to optimise your success. In this blog post I will cover at least three methods:

• Customer Acquisition Cost (CAG)
  • This is the total marketing spent to gain a new customer. The relevant costs include manpower, technology and software, advertising, marketing distribution plus the general overheard. It is also important that you know the timeframe that you will be evaluating this cost over. By doing this you can directly account for new sales, prioritize budgets and by analysing campaign types assess how successful they have been to improve for the future (Edgecomb, 2021).
• Customer Lifetime Value (LTV)
  • Looks at how much revenue is expected from on average by a single customer. By reaching out to your current customers/players you can see what they value, areas where you can improve and maintain a relationship with your main points of contact, also by doing this you can reduce churn, keep them happy and extend their lifetime value (Edgecomb, 2021). One way to do this is by keeping existing customers apprised of any new products/services or updates.
• Social Media Traffic (and conversion rates)
  • Whilst social media is still considered a new unwary field of digital marketing, it has been proven that they are a great way of educating your audience, generating buzz and building awareness for your brand/product or service. Now whilst there are now numerous platforms available that may make it hard to effectively utilize them all, you can focus on these three metrics to help break them down and determine where to focus your efforts (Edgecomb, 2021) :
    • number of lead conversions
    • number of customer conversions
    • percentage of traffic on social media channels

Bibliography

Edgecomb, C., 2021. The 10 marketing KPIs you should be tracking (updated for 2021). [online] Impactplus.com. Available at: <https: www.impactplus.com="" the-10-marketing-kpis-you-should-be-tracking=""> [Accessed 5 May 2021].</https:>