Measurement Trends

Channel and platform measurement are top of mind for many advertisers especially as they’re tasked with analyzing multichannel attribution and proving how marketing metrics align with revenue-based KPIs to non-marketing, C-Suite executives

Check out these 2024 measurement trends as you outline your measurement plans

The following KPIs have proved successful for advertisers in 2023 and will continue to demonstrate the efficacy of your marketing campaigns in 2024:

Conversion rate

Customer lifetime value (CLV)

Customer retention rate and quality

Lead quality

ROI

Sales revenue

Social media engagement (likes, shares, comments and follower growth)

Website traffic

If you ’ re working on an upper-funnel campaign for a new brand launch in 2024, focus on measuring your email subscription rate as well since it provides insight into how many visitors want to receive offers and updates In addition, consider using brand awareness surveys to measure the level of brand recognition and recall among your target audience

Doing a lower-funnel marketing campaign? Add these metrics to your mix to ensure you ’ re capturing all the data you can about prospects who are closer to making a purchase decision:

Average order value (AOV)

Churn rate

Cost per acquisition (CPA)

Lead-to-customer conversion rate

Repeat purchase rate

Return on advertising spend (ROAS)

Shopping cart abandonment rate

Though benchmarks for the KPIs listed above aren’t available for every industry, here are some B2C-specific benchmarks commonly used you can expect see carry over into 2024:

CLV: This can vary significantly depending on the industry and business model

However, a healthy CLV is typically several times higher than the cost of customer acquisition (CAC)

Churn rate: The average annual churn rate for B2C businesses is around 20% to 30%

Ecommerce conversion rate: The average conversion rate for ecommerce websites is around 2% to 4% This means that out of every 100 visitors to the website, 2 to 4 of them make a purchase

ROAS: For B2C businesses, a ROAS of 4:1 or higher is often considered a good benchmark This means that for every $1 spent on advertising, the business generates $4 in revenue

Social media engagement rate: On social media platforms, a 1% to 5% engagement rate (likes, shares and comments) is considered reasonable for B2C brands

20 - 30%

The average churn rate of a B2C business

4:1 or Higher

Ideal ROAS benchmark for B2C businesses

Source: BigCommerce

In 2024, B2C brands will be pushed more than ever to leverage person-level data to measure the impact of marketing attribution Since media mix modeling (MMM) doesn’t show user-level engagements such as clicks and impressions, marketers instead will use multi-touch attribution (MTA) models and incrementality testing to gain the right insights to prove the value of their efforts on revenue

However, if evaluating larger, more holistic questions such as where to invest additional funds and how best to budget for these online and offline channels, marketers will rely on MMM in 2024