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"The Essential Guide to Measuring the Success of Your Subscription Marketing Efforts"
Measuring the success of your subscription marketing efforts is crucial for understanding what's working and what's not, and for making informed decisions about your marketing strategy. In this essential guide, we'll share key metrics and strategies for measuring the success of your marketing efforts.
Metric #1: Traffic. Tracking the number of visitors to your website is a basic, but important, metric for measuring the success of your marketing efforts. By monitoring traffic over time, you can understand how well your marketing campaigns are driving visitors to your website.
Metric #2: Conversion rate. The conversion rate is the percentage of website visitors who take a desired action, such as signing up for a free trial or purchasing a subscription. By monitoring your conversion rate, you can understand how effective your marketing efforts are at converting visitors into subscribers.
Metric #3: Customer acquisition cost. The customer acquisition cost (CAC) is the amount of money you spend to acquire a new customer. By tracking your CAC, you can understand the cost-effectiveness of your marketing efforts and make informed decisions about your marketing budget.
Metric #4: Customer lifetime value. The customer lifetime value (CLV) is the total amount of money a customer is expected to spend with your business over the course of their relationship. By tracking your CLV, you can understand the long-term value of your marketing efforts and make informed decisions about your marketing strategy.
Metric #5: Monthly recurring revenue (MRR) churn. MRR churn is the percentage of monthly recurring revenue that is lost due to customer churn, or the cancellation of subscriptions. By tracking MRR churn, you can understand the effectiveness of your marketing efforts at retaining subscribers and identify areas for improvement. By minimizing MRR churn, you can improve the long-term sustainability of your subscription business. Having net negative MRR churn means that you are gaining more MRR from new subscribers or upsells to existing subscribers than you are losing from churn. This is a positive sign for the growth and sustainability of your subscription business, as it indicates that you are successfully retaining and expanding your customer base. On the other hand, if you have net positive MRR churn, it means that you are losing more MRR from churn than you are gaining from new subscribers or upsells, which can be a cause for concern. By tracking and analyzing MRR churn, you can understand the health of your subscription business and identify areas for improvement.
Metric #6: Customer retention rate. The customer retention rate is the percentage of customers who continue to use your service over a given period of time. By tracking your customer retention rate, you can understand the effectiveness of your marketing efforts at retaining subscribers and identify areas for improvement.
Metric #7: Net promoter score. The net promoter score (NPS) is a measure of customer satisfaction and loyalty, based on a simple question: "How likely are you to recommend our product or service to a friend or colleague?" By tracking your NPS, you can understand how well your marketing efforts are resonating with your customers and identify areas for improvement.
Metric #8: Engagement. Engagement refers to the level of interaction and involvement of your customers with your business. By tracking engagement metrics such as email open rates, website page views, and social media likes and shares, you can understand how well your marketing efforts are resonating with your customers and identify areas for improvement.
By tracking these key metrics, you can measure the success of your subscription marketing efforts and make informed decisions about your marketing strategy. In addition to tracking these metrics, it's important to regularly review and analyze your marketing efforts, identify areas for improvement, and adjust your strategy as needed to achieve your business goals.
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