The end goal of crypto marketing is to achieve certain goals and put your business in a better position. All crypto marketing efforts, campaigns, and so on are done with the intention of benefiting your business, but what does that look like?
At the end of each campaign, it is important that you take stock of its performance and decide on how things will be different for future efforts. Deciding how well a campaign performed will include tracking certain metrics and using them as your yardstick. Some of the metrics to pay attention to are as follows:
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Crypto Marketing Conversion Rate
If the goal of your campaign is to drive a certain action such as signing up for a newsletter, buying a product/service, and so on, it is important to measure your conversion rate.
A conversion rate, in the simplest terms, is the percentage of people who took the desired action after seeing your marketing campaign. The conversion rate is perhaps one of the simplest ways to gauge the performance of a campaign and can be determined without too much hassle.
Say your campaign included social media ads and sponsored posts from an influencer in your niche. You would first need to determine how many people saw your ad across all the channels you marketed with. After you know this, you will need to determine how many people took the desired action. Then, you will need to convert this to a percentage.
Say 100,000 in total saw your crypto marketing campaign and 1,000 people bought the product. This would lead to a conversion rate of 1%. Also, keep in mind that many marketing tools these days can automatically generate reports that include the conversion rate.
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Cost Per Conversion
While getting conversions from your crypto marketing campaign can be called a success, it is important to know what it costs to get them in the first place. A big part of running campaigns is optimising your budget and one way to do this is to determine your cost per conversion.
Your cost per conversion basically means how much it costs you to acquire each customer during a specific campaign. In our case study, you advertised to 100,000 people and got 1,000 customers. Let’s say the entire campaign cost you $5,000. You would then need to divide the total cost by the number of conversions (i.e. 5,000 divided by 1,000). This would mean that it costs $5 to acquire a single customer.
This helps to put the campaign in perspective and determine if it has been a cost-effective one. This is especially true if you factor in how much the average customer spent and if the campaign brought in a net profit or loss.
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Brand Awareness
This is perhaps less straightforward to calculate than the others but is nevertheless valuable. Brand awareness, as the name suggests, refers to the awareness that consumers have about your brand and how well-known it has become. While immediate conversions are great, brand awareness building is a long-term marketing plan that will help your business stay afloat long-term.
Even if a consumer does not patronize your business immediately, having knowledge of it is beneficial and could lead to a future purchase. So how do you measure brand awareness? There are a few ways to go about it. First, you can look up your brand on tools like Google Trends to see how often people were searching for it before and after your campaign. This should give you an idea of how much of an impact the campaign made.
You can also track your website’s backlinks to see how often it is being shared by consumers. Customer surveys can also help to gauge how much awareness there is of your brand and can help in planning future marketing efforts.
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Return on Investment
This is similar to the cost per conversion metric but instead, looks at the overall spend on marketing efforts and how much income was brought in from it. This will require tallying up all the costs of your marketing campaign, especially if it took place across several different platforms simultaneously. How much did you spend on Google Ads? What about Facebook, Instagram, YouTube, and TikTok? If you paid influencers, this has to be factored in too. You must also consider real-life marketing efforts like billboards, flyers, and so on.
Then, you’ll need to determine how much money was earned from the campaign such as how many people bought your product or service. While this is trickier to quantify, you have to consider the goodwill that you have acquired as a result of this campaign.
The total cost and total revenue are best compared as a ratio. Say your campaign cost $5,000 and it brought in $20,000 in revenue. This would be a 4:1 RIO, which is rather impressive. The goal is always to have made more money than you spent and this helps to gauge the success of a campaign.
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Website Traffic/Engagement
Sometimes the goal of a campaign isn’t to make pure sales but to achieve a certain amount of online engagement. These could include getting customers to visit your website, increasing followers on your social media, engaging with posts, and so on. These are a valuable metric to consider and generally, an easy one to gauge.
You would need to go to your website’s backend and see how much traffic you received before and after the campaign. Specifically, you will need to consider where the traffic was coming from. Social media follower growth and engagement are relatively easy to track via your analytics page.
Conclusion
After every campaign, it is important to know how successful your efforts were as this will determine what can be done differently next time. Consider the above metrics after each campaign to know if the campaign was a success or not and the various elements that should be retained or changed.
