It’ s essential to know your objectives and goals to work on them. Having a clear-cut vision helps you strive better to achieve the target. For instance, you run an ad on Instagram and gain a crazy amount of followers, and that increases the engagement too, but does it increase your sales? That’s an important question to ponder over.Further we will explain 15 metrics that will define your digital marketing strategy.
Imagine spending hundreds of dollars on a marketing campaign but not getting the desired results. That’ s why it’s important to monitor the campaign to see whether your business is moving in the right direction or not, and metrics can help you do just that.
Here’ s all you need to know about using metrics to track the progress of your digital marketing campaigns and stay ahead of the competition in your industry.
What Goals To Keep in Mind Before Planning a Digital Marketing Campaign?
- Make sure you have a strategic roadmap
- The marketing content should drive visits to your website and increase brand awareness
- Build your content accordingly so that it helps you gain loyal customers and connects with the viewers.
- Branding and promotional content should be emotionally and visually appealing.
- Manage the progress throughout and hire SEO services to optimize the ads and to achieve the best results.
What Metrics Should I Use to Measure the Success of Marketing Strategy?
Analyze the Traffic on Your Website
The core value of marketing is to drive the audience to your website and increase traffic. You can analyze traffic on your website to see which webpage is viewed most by the audience. It’ll help you understand what type of content the audience prefers and market it accordingly.
If you see a rise in traffic, it shows that your marketing strategy was solid. You can also hire SEO services to drive more audience and optimize your website for top rankings.
See Where the Audience is Coming From
Assessing the traffic source is also essential. It’ ll help you understand how you’ re getting the audience and whether it’ s through an organic search on Google or through a paid tactic like running an ad on social media.
A balance between the two can produce the best results for your website.
Are You Attracting New Viewers?
Keeping a check on this will help you understand whether or not you’re doing the right thing to increase to customer base. It’ ll also keep a check on whether you’ re retaining the old visitors too. It helps you address the requirements of the loyal audience and find out what kind of content attracts them.
It’ll also give you an insight into your website’s usability, your product’s appeal among the customers, and the buying cycle.
If you notice a low number of returning or old viewers, it may indicate a problem, such as the web pages load at a very slow rate or your content isn’t appealing enough.
Make a Note of the Time Viewers Spend on Pages
You can check whether or not the viewers like your content by keeping track of the time they spend on your website. If you figure out that the viewers aren’ t spending much time on your blog page, it may indicate that your content isn’t up to the mark. Thus, you can work on it accordingly and market it to make it more visually appealing.
Keep a Check on The Bounce Rate
When viewers open your website and close the tab right away, it increases your website’ s bounce rate. You can see the percentage of people that leave the web page before clicking on any other landing page or the copy on your website.
This is obviously not a positive sign for your sign. However, you can tweak your web pages by either adding different pictures or making the content more interesting for the customers! It’s a great way to see whether your marketing strategies are up to the mark or not.
What Devices Are They Using?
Often we customize the marketing content according to different social media apps. Such as a story layout for Instagram has different dimensions as compared to a post for Facebook. While strategizing the marketing plan, you should consider what device your audience uses the most.
Does the majority of your audience use a desktop, tablet, or smartphone? Wondering why it’s important? Well, it helps you design the layouts and marketing content accordingly. An Instagram story may not look appealing to the person using a desktop!
Moreover, not all websites are mobile-friendly. Thus, if your audience uses smartphones mostly, there’ s a chance that your bounce rate would increase because it’ d be hard for them to scroll through.
Is There a High Exit Rate?
It’ s another great way to analyze your marketing strategies. which helps you note how many people leave the website after exploring or using more than one webpage of your website. It can help you know more about the buyer’s journey.
Confused about how it is different from the bounce rate? Let’s put it this way; a bounce rate refers to the percentage of users leaving the website after only visiting one page. However, the exit rate refers to the percentage of the audience viewing the contact or about us page to know more about your business.
You can hire SEO services to increase engagement and SEO juice on your website.
What’ s The Conversion Rate?
This refers to the audience that visits your website through the CTA (call to action). It shows how compelling your services are that attracted the audience to visit the webpage. A high conversion rate may indicate that you successfully marketed the services if viewers visit the contact us or services page.
It not only helps you create an impactful brand image but also helps you gain potential customers.
Click-Through Rate (CTR)
It’ s a great way to see if the viewers found your ad appealing. This metric provides a ratio between the viewers who saw the ad and those who clicked on the link after seeing the ad.
There are different strategies that you can use to increase the CTR rate, such as hiring SEO services to optimize the structure and content of landing pages or trying out different ad copies.
A significant increase in the CTR represents that your marketing strategy was up to the mark, and the department did a wonderful job!
Do a Cost-Revenue Analysis
If you spend hundreds and thousands of dollars on marketing campaigns and paid advertisements, then you shouldn’ t miss out on this analysis.
See if the revenue per visitor is greater than the cost per visitor. It’ ll give you a better idea regarding the growth and help you strategize the marketing plan accordingly.
You can calculate the CPV by dividing the investment in a channel (email, social media, search engine) by the total number of visitors.
You can also measure the costs per conversion that’ ll help you determine the margins. For instance, if the cost per conversion is too high, it’ ll affect the overall income and bring your business to a loss, despite a high conversion rate.
Measure Different Costs
The different costs include the cost per click or cost per lead. The former refers to a measure of what cost the company pays for each click you get on the ad, on average.
The latter refers to the time duration it takes to convert a user to your website. It shows your potential clientele who can be turned into a customer.
The Graph of Impressions
It helps you plan out your marketing campaigns better to create a brand image for your business. It represents how many times a person was shown the ad on Google or social media applications. The impressions, however, depend on the quality of the ad. Use keywords to maximize the impressions, or hire New York SEO services.
Rate of Social Engagement and Reach
Keeping track of engagement or social reach also reflects on how effective your marketing campaign was. You can brand your social media profiles or create advertisements that reach out to the target audience by customizing the demographic details.
Moreover, you can also check the number of retweets, shares, and comments on the posts to see whether or not people connected with the content. It’s the best way to see if the user found your content worthy.
ROIs- The Most Important Metric
It’s like a baseline to measure success. It tells you the return of investment on the marketing campaigns and ads. You can analyze the ROI by evaluating the extent to which your campaign succeeded in creating brand awareness, whether it was easily accessible and viewable to the target audience, and did it lead to an increase in sales.
Measuring the ROI metric will help you analyze how much you earned as a result of what you spent. In short, it’ ll help you decide whether all your efforts and money paid off or not.
High Email-Open Rates
If you’ re sending out emails to a segmented list to inform them about the launch of a new course or product, don’ t forget to measure the success through this metric. A high email open rate represents that quite a lot of people opened the email.
This indicates that your marketing strategy was solid, it had an appealing subject line, and you sent it at the right time. It also shows that you have a properly segmented email list. However, if you see a low email open rate, it may indicate a problem.
How to Measure Success With These Metrics?
Set Clear Objectives and Targets
Make sure that you brainstorm all the ideas and have clearly defined goals regarding what you want to achieve from the digital marketing campaign.
This includes deciding your target audience based on the demographics, goals, and result you want to gain from the campaign. Setting SMART goals is the best strategy; goals should be specific, measurable, achievable, relevant, and time-bound.
Develop the KPIs
Having Key Performance Indicators will help you monitor and analyze whether the performance against the objectives is up to the mark. You can set a specific target for each KPI. Getting a quantifiable or numerical value will make it easier to assess the performance.
Look Up Effective Tools Online
It’ s a troublesome and nearly impossible task to keep track of graphs and records manually. To ensure that the metrics produce accurate and efficient results, use online analytic tools like Google Analytics. You can also hire SEO services professionals; they’ ll make the entire process more convenient for you.
Select a Reporting Strategy
Decide whether you want to see the targets on a monthly or quarterly basis. Planning it beforehand makes it easier to keep track. You can choose various software programs to represent the graphs and charts. It’ ll make it easier for you to understand the results of metrics.
Plan Solutions to Fill in The Gaps
Once you have the data on your table, you can decide what real-time solutions you should take to overcome the gaps in the marketing strategy. The insights will also help you make adjustments and come up with an alternate strategy in the situation.
These metrics help you figure out if your marketing campaign is producing maximum results. It helps you strategize the content accordingly to make the most out of your marketing budget. For best results, you can hire SEO services in New York. After all, consider it as an investment that you’re making to increase the profit and improve the brand image of your business.
Keeping track of the exit rate, conversion rate and time spent on the website helps analyze the success of your marketing strategies.