The Marketing Metrics state that a business has a 60–70% chance of selling to an existing customer but only a 5–20% chance of selling to a new prospect.
How does this make sense? Selling your goods and services to people who have already bought from you will make you much more money than selling to new people. So, knowing your CLV will help you figure out where you need to spend more money and use more resources to get people with high CLVs to stick with your brand longer.
Customer lifetime value is the amount of money a business can expect to make from a single customer throughout its average lifetime.
CLV is essential, but only 42% said they could measure it. Do you also want to fall in the category of those who can measure CLV accurately with Grow’s marketing reporting dashboard?
Traffic sources are the ways that people can find your website. Say, for example, that you know most people visiting your website come from Facebook. You should spend money on paid social advertising on Facebook if you want to keep bringing more and more people to your site.
Grow’s marketing dashboard Business Intelligence extracts data from Google Analytics and displays website traffic by channel and website session by region, all at the same place.
Cost Per Conversion (CPCon), also known as Cost Per Action (CPA), shows how much it actually costs to get a real customer who will make a successful conversion. Depending on the ad's goal, a conversion could be making a purchase, signing up for something, or watching a video.
For example, an ad campaign costs $50 for 50 views, and 5 conversions were made. The cost per conversion is $50/5 conversions, which is $10 per conversion. By increasing your conversion rate, you can lower your Cost Per Conversion. This is important so you can manage your budget and figure out the best advertising methods.
Grow’s marketing dashboards help you figure out CPCon across all ad channels such as, Facebook, Microsoft, and Google Ads.
When you are building a PPC campaign, you want to be able to set your daily (or monthly) budgets and estimate how much your CPC will be for the keywords you are going to bid on.
You can start making their ad campaigns even smarter by optimizing your CPC and determining their current cost per click and what it should be. Read Grow Reviews 2022: Details, Pricing, & Features - G2 and learn how its marketing reporting dashboard can help you determine your CPC compared to the competitors.
You can track the number of KPIs on social media, but remember that the amount of engagement you see shows how well your content and brand resonate with your audience on that platform and how much trust you've built with them.
With Grow's marketing reporting dashboard, you can find exactly how many leads and customers each social media network brings in, as well as how much of the total traffic each network brings.
A platform for Business Intelligence like Grow can help build interactive marketing dashboards. Grow’s data navigation helps marketing leaders gather all Key Performance Indicators in one place by automatically pulling data from multiple platforms into a single dashboard. This saves them the trouble of switching between tools and building reports by hand.
Connect with us to help you make an impact with data and tell your story with clean, meaningful dashboard Business Intelligence.