This is an excerpt from our free eBook, “Cannabis Marketing Playbook”. To access the full eBook, download it here.

After embarking on the journey through the previous seven phases, it’s essential to know how well your efforts are paying off. Key Performance Indicators (KPIs) serve as your compass to gauge success, refine your strategies, and drive business growth.

Website Traffic

The number of visitors to your website is a fundamental KPI. Analyze traffic sources, user behavior, and bounce rates to assess the effectiveness of your website in attracting and engaging potential customers.

Conversion Rate

Measuring how many website visitors take a desired action (e.g., making a purchase, signing up for a newsletter) is critical. A high conversion rate signifies the effectiveness of your website in turning visitors into customers.

Lead Generation

In the cannabis industry, building a subscriber or lead list is invaluable. Tracking lead generation KPIs provides insights into the growth of your potential customer base.

Social Media Engagement

For cannabis digital marketing, social media plays a vital role. Monitor engagement metrics such as likes, shares, comments, and follower growth to evaluate your social media campaigns’ success.

Email Open and Click-Through Rates

Your email marketing efforts should be monitored with open and click-through rates. These KPIs gauge how well your emails are performing and engaging your audience.

 

Cannabis Digital Marketing KPIs

 

Customer Acquisition Cost (CAC)

Understanding how much it costs to acquire a new customer is essential. CAC helps you allocate your budget effectively and optimize your marketing campaigns.

Customer Lifetime Value (CLV)

CLV is a long-term KPI. It quantifies the value of a customer throughout their relationship with your brand. Focusing on CLV guides your efforts toward retaining customers and fostering loyalty.

Return on Investment (ROI)

Just as in the general digital marketing realm, cannabis digital marketing ROI is pivotal. Calculate the ROI of various marketing initiatives to gain a clear understanding of the impact on your bottom line.

Organic Search Traffic

In the cannabis industry, achieving high organic search rankings is vital. Monitor the KPIs related to organic search traffic to assess the effectiveness of your SEO strategies.

Content Engagement

For content marketing in the cannabis sector, assess content KPIs such as views, shares, and comments. Valuable content fosters engagement and showcases your brand’s expertise.

Remember, KPIs are your guiding stars in the vast sea of digital marketing. They allow you to make data-driven decisions, optimize your strategies, and achieve success in the competitive cannabis digital marketing landscape.  To learn more about Digital Marketing KPIs, read our blog.

This was an excerpt from our free eBook, “Cannabis Marketing Playbook”. To access the full eBook, download it here.

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Meet Adam Schwind, Founder of Spark Digital Group, an MBA graduate of Hult International Business School, and a Michigan State University alumnus. His diverse marketing industry exposure, including Life Sciences, Healthcare, Law, Real Estate, Finance, Tourism/Hospitality and Venture Capital. This experience inspired the creation of Spark Digital Group, a Full-Service Digital Marketing Consultancy in Charleston, South Carolina.