Metrics to be Measured in each Stage of Growth Marketing

Growth Marketing is an agile and iterative process, hence it is of immense importance that we measure metrics for each stage of growth marketing and based on the data, we should look at revising our strategy.

Once objectives are defined for each stage, we should then list down the metrics that are to be measured for each stage. This gives the marketing team a clarity on targets and direction in which they have to work. It also ensures that everyone is on the same page.

In my blog on What is Growth Marketing & Growth Marketing Framework, we are talking about the different stages of Growth Marketing:

The 7 stages of Growth Marketing:

1. Awareness
2. Consideration
3. Research
4. Conversion
5. Retention
6. Repeat
7. Loyalty/ Community

 Now, let's look at the metrics we need to measure for each stage.

 Here are the metrics that we need to measure at each stage:

Stage 1: Awareness –

In this stage, the customer becomes aware of the brand/ product or service.

Metrics to be measured: Impressions, Reach, Frequency, Video Views, View Through Rate, Cost per Mile, Cost per Reach, Cost per Video View, Brand Recall/ Lift.

 

 

Stage 2: Consideration –

When the customer is feeling a slight inclination towards the brand/ product. They think that the product/ service it is useful for them or they resonate with the brand.

Metrics to be measured: Social Media Followers, Social Media Engagement, Website Visits, Average Time Spent on the website, Bounce Rate, Number of PDPs visited, Cart Additions, CTR, Brand Searches on Google.

 

Stage 3: Research –

In this stage, the customer is doing their research. For example if they are looking to buy earphones, then they might be comparing different brands or different products.

Research can also happen after they have finalised the product. It can be across channels Online (Company Website, Amazon, Flipkart, etc.) and Offline (Company Store, Multi-brand Stores, etc.).

They might be comparing Prices, Checking the product physically in the store (which they discovered online). They might even check Reviews, Content posted by Influencers, read blogs etc.

There are no metrics as such to measure in this phase, but we should make sure that customer reviews and ratings are there for all products, we should ensure that we are addressing the long tails keyword searches like “best onion shampoo”, “top 10 shampoos for hair fall”, etc via blogs.

 

Stage 4: Conversion –

The customer is finally going to the desired channel and making the purchase. Important services/ features for the customer are - ease of purchase, offers, different payments available, etc.

And important touchpoints are post-purchase communication, shipping and delivery experience & consumption.

Metrics to be measured: Conversions (Orders), Revenue, Average Order Value, Conversion Rate, Revenue on Ad Spend, Customer Acquisition Cost.

 

 

Stage 5: Retention –  

In this stage, the customer is engaging with the brand in the form of Newsletters, Emails, WhatsApp Communication or through social channels.

For some categories, even upselling can be a part of this stage.

For example - If someone buys a razor then we can offer a subscription to buy a refill of blades. Hence as the subscribed product come every month or week the customer is getting in touch with the brand. And the brand has an opportunity to communicate with the customer through every subscription parcel they send.

In this stage the customers might not be making additional purchases but definitely are associated with the brand in some or the other way.

Metrics to be measured: Open Rate, CTR for Emails & WhatsApp, Delivery Percentage, Ensure that customers either subscribe to newsletter or follow the brand on Social Media.

 

 

Stage 6: Repeat –

This is the stage where the customer is either buying the same product or other products from the brand.

Metrics to be measured: Repeat Purchase Rate, Revenue Contribution from Repeat Purchase, Duration between Repeat orders, Average Order Value of Repeat Orders.

 

Stage 7: Loyalty –  

In this stage, the customers have become part of the community. They are brand loyalists and feel pride in being associated with the brand.

They will start referring the brand to their family and friends. They have a feeling of belonging to the brand or they really like the products.

Metrics to be measured: Engagement Rate on Social Media or whichever Community Platform we have, Referrals Gives, Referrals Redeemed, Revenue from Referrals, Percentage Contribution from Referrals.

 

 

Metrics that we should measure for each stage might differ a bit as per the objective defined for each stage for your brand. But many metrics remain same. Here we have discussed the metrics that are commonly measured. But you should list down metrics as per your objective of each stage.

So what are you waiting for, definite different Growth Marketing Stages for you brand and list down the metrics for each stage now!