The Most Important Metric in MarketingOctober 31, 2019
In general, the first phase in customer generation marketing is to build “NEED-TO-HAVE” vs. “NICE-TO-HAVE” digital advertising campaigns. To make sure you’ve got the basics covered before you start building more advanced campaigns. You’d be shocked how many companies focus on cutting edge technology and fringe social media tactics, and they’re still not running the low-hanging fruit ad campaigns like well-built Tradename SEM or Facebook CAT lead nurturing.
But regardless if we’re talking about the core fundamental phase 1 digital campaigns or more advanced ones, the MOST important metric in the world of marketing is Cost Per Acquisition.
In terms of extracting this vital information, it is imperative to have daily — and in a blue-sky scenario — a near real-time report across every channel (digital and direct), clearly showing mid-funnel KPIs as well as the ultimate Cost Per Customer Acquisition.
But if you’re not running your entire marketing world and budget using cost per acquisition as your north star and ultimate deciding factor on where you spend money, I guarantee you’re bleeding ROI.