Here are 7 measurable marketing metrics that you should be tracking.
Return on investment (ROI)
As a small business, you may not have the resources of a bigger business, leaving you with very little room for error. So, if you want to survive and scale, you need to make the most of every dollar you spend. That’s why it is so crucial to measure ROI on your marketing spends.
Return on investment is a metric that looks at what you have earned in comparison to how you have spent. At its core, it identifies whether or not a business venture has generated positive financial returns compared to its cost of capital.
And the formula used for measuring ROI is quite simple, too; ROI = [(Revenue – Investment) ÷ Investment] x 100.