How to track the performance of a Crypto Marketing Agency
Crypto projects core teams decide to hire a crypto marketing agency as they believe the result from specialized crypto marketing agencies would be far higher than the in-house marketing teams. Since marketing campaigns are a vital part of any project’s success, it’s essential to track the Key Performance Indicators (KPIs) of the crypto marketing agency that is hired so that the success of the campaign can be measured and if any corrective actions need could be taken. Below are a few key performance indicators (KPI’s) that the core team can look at to find the performance of the crypto marketing agency
Customer Acquisition Cost (CAC):
One of the most potent crypto marketing agency KPI the project team can track. In simple terms, CAC is the calculation that tells the estimated cost of acquiring each new customer. The reason CAC is critical is that it is a KPI that can show the core team the actual effectiveness of the marketing campaign and also help in budgeting efforts toward marketing activities. CAC could also provide some valuable insights into which is a better-suited marketing channel to use and could provide better-qualified leads
Customer LTV provides insight into the average value each customer will bring to your business over the long term. In simple terms, this is the amount the customer would spend on the product or service during the entire relationship with the company. This KPI is also critical as it provides insight as to if the project is succeeding at maintaining valuable connections and growing its community among users
Time Invested in Projects vs. Returns:
A KPI that takes into account the time that has gone in the campaign and what has been the associated return from the same. This is a data point where the project team can determine the profit generated per each hour of marketing efforts. This could also help in re-evaluation and further strategy or corrective measures
Social Media Engagement:
In today’s world, social media is an effective marketing tool. Especially for crypto projects whose audience is not limited to geographies or boundaries, social media engagements are even more critical as it builds community and loyalty. Hence a rise in social media engagement could be an excellent indicator for the project and could prove the effectiveness of the marketing campaign
- Customer Churn Rate: Customer Churn Rate is a vital calculator of the number of customers leaving your service, engagement, or product over time. It is the easiest way to calculate. It considers the number of customers lost and divides it by the total number of your customers at the beginning of that specific timeframe. This could also help the project team to evaluate their marketing reachout strategy and improve customer and community retention
- Web traffic: Monthly Website Traffic provides the number of unique sessions or visits made to your website over the last month. This amount is impacted by the agency’s marketing campaigns, SEO practices, the user experience of the website, and other strategies that the marketing agency considers. With this data point in hand, the project team may determine whether there is a need to reassess the SEO strategy to find more ways to rank higher and bring organic traffic to the project’s website or social media strategy. This would also give a fair bit of an idea, take a look at what promotions drive more visitors to your website.
While there could be a variety of other metrics that one can look at, depending on the task assigned, the indicators mentioned above could give a flavor of the performance. Tracking these KPIs can help project teams and their content marketing agencies see if growth is occurring and highlight where things and efforts could be heading in exceeding, meeting, or falling short of the desired goals and objectives.
As digital marketing becomes increasingly critical to business, especially in the crypto and blockchain industry, knowing what to track to could help in determining the next move or move in this ever expanding industry and competition