Measuring Web 3.0 Marketing Campaigns
Measuring Web 3.0 marketing campaigns is just as important as measuring the key performance indicators (KPIs) in traditional marketing initiatives. After all, the reason for availing these Web 3.0 marketing services in the first place and applying its latest trends is to reach certain goals for your business. Without proper assessment of the results, there would be no point in launching such campaigns, and there would be no opportunity for improvement.
If you’re a beginner to these Web 3.0 marketing services and campaigns, here are the KPIs you need to look out for when measuring them.
Acquisition and conversion rate
Acquisitions are an important KPI to look at when measuring web 3.0 marketing campaigns. To acquire a customer is to appeal to them through marketing efforts so they may serve as a conversion. A conversion can come in the form of a purchase, a sign-up, or a form completion on the website. When checking the acquisitions, you can look at metrics such as visitors, sign-ups, cost per acquisition, and more. The last factor in particular is needed to determine if the strategy you’re employing is a cost-effective one, and if the budget allotted is worth the number of customers gained.
Of course, it’s not enough just to acquire a customer. Businesses also need to retain them for over a long period of time. Otherwise, most of the sales you gain are just short-lived and don’t translate to something long-lasting. In Web 3.0, retention efforts usually involve various community building activities, as these initiatives are a key part of employing current Web 3.0 marketing trends. You can usually tell if these activities are effective if you have more community members engaging and participating in them. Besides that, part of checking the retention rate is also knowing the number of churned customers, or those who decided to discontinue the service.
Customer lifetime value
More than just measuring the retention rate, however, is checking to see if these retained customers offer a high customer lifetime value (LTV). This refers to the estimated profit a single customer can give to the business. Metrics such as the average purchase value, purchase frequency rate, customer value, and lifetime span are computed to determine the LTV. Knowing this as part of measuring Web 3.0 campaigns can help in ensuring you know which customers should be prioritised for retention.
Properly measuring your Web 3.0 campaigns can help you better optimise the strategies you employ. But if you need a more detailed, expert-driven insight in assessing your KPIs, we recommend partnering with the best Web 3.0 marketing agency for your campaigns! Send us a message at No Standing for effective marketing campaigns that follow the latest Web 3.0 trends.