With much focus on the internet as a prime platform for marketing and branding, it is only crucial that digital marketers employ careful observation of critical metrics as a competitive strategy. There are tools abound that you can use to measure your progress and consequent success in any digital marketing campaign. Digital marketers are then confronted by the question of the metrics that are really important to obtain and monitor.
Remember, the number goal for being in business is to raise tidy revenues. The metrics that you should be keen on, therefore, are those that have a consequence on this goal. Facebook likes, are they really all that they are made out to be? Kind of – if the likes can be turned into purchases and therefore, revenue for the company – then go for it! But usually more times than not they’re just a vanity figure.
In a nutshell, as a digital marketer that has stayed long enough in the industry and holds substantial knowledge on such metrics, an entrepreneur should focus on identifying data that are critical for expansion of his business and generation of revenue. These are the actionable data.
There are three main data types that you need to lay your emphasis on in this regard.
Overall site traffic
When you are able to monitor the numbers of visitors to your site, it becomes possible to evaluate the efficacy of a given marketing strategy. Nevertheless, when evaluating the traffic flow to your site, do not just focus on the views your pages get. It is crucial to find out the number of unique visitors coming in every day since this is the metric that increases your chances of making new customers.
Source of traffic
You need to be aware of where your visitors are coming from and the sets of keywords they used to arrive at your site. With this, you will know how to better formulate your keywords to attract search engine queries.
Smartphones and other internet-enabled devices are proving to be a popular way for people to access the internet worldwide. This makes mobile traffic a worthy metric to focus on by digital marketers because it can lead to new, unique revenue sources. With data about mobile traffic, an entrepreneur can formulate new strategies to engage more productively with this category of people.
With Pay Per Click, you can land precise target traffic and effectively measure the same by counting the clicks on PPC ads with regards to the entire number of impressions. A view of the ad constitutes an impression and with Click Through Rates, you will get to know the exact number of people who proceeded to click your ads. Here is an interesting point; if your CTR rates are high, your Quality Scores become high as well. The result of this is that your PPC charges will consequently be lowered by the Search Engine Marketing provider. One common Search Engine Marketer is Google Adwords.
Cost Per Click is the measure of the money you need to pay a search marketing platform for each click a visitor to your platform makes on the PPC advert.
The value of this metric will be determined by the popularity of your keyword phrase, the prices set by the search engines as well as your Quality Score as has been determined by the prevailing Click Through Rates.
Bounce rate is when a visitor goes on your site and then clicks off before moving on to a further page on your root domain. When you know the bounce rate of your site, you can look for ways to better optimize the content you display to keep visitors lingering much longer. You can reduce your bounce rate by decreasing the page load time of your hosting. Invest in fast and reliable vps hosting to achieve this.
Page views per visit
Luring people to visit your site is good, getting them to stay longer, exploring your content in different pages is much better. If you are able to get more visitors lingering on different pages of your site, you will interact more with them and probably turn them into purchasers.
Time on site
The average time a visitor spends on your site is an indicator of how well you are engaging them. From this metric, you can know what stuff makes sense to your site visitors and those that would help you to win their trust which is critical in finally converting them.
The conversion rate is the percentage of visitors that do what you want them to do. That can be a download, a view of your video, or a purchase. A good conversion rate for an eCommerce site can be around 1% to 10%. Really depends on what product you’re selling. This is a crucial metric to track to measure your ROI.
Cost Per Lead
A successful digital marketing strategy is that which can convert many site visitors into leads while using the least resources. CPL defines the rate at which visits are converted into leads by a given marketing strategy and the subsequent costs incurred.
The entrepreneur can then determine whether or not his strategy is cost-effective.
Cost Per Page View
Your cost per page view is the measure of investment you channel towards a paid digital marketing strategy to facilitate a page view. The cost you incur for each page view should be much lower than the sales you can raise from that particular page if your strategy is to be successful.
Your Return On Investment can be defined by knowing the traffic volumes that are ultimately made new clients. You will know the sections of your marketing strategy that could do with a bit of enhancement as well as those that are successful in bringing in sales and profits.
To get the ROI, you simply need to calculate the numbers of new customers making purchases gained over a given period of time.
Cost of acquiring new customer
To deduce your cost of acquiring a new customer, you need to first get the total costs spent on your marketing and advertising strategy. This metric is then divided by the number of new customers who make purchases gained over the same period of time.
By all means, knowing the cost of acquiring a new customer helps you to know whether or not your strategy is a success.
Each of these metrics indicates how well or badly off, your digital marketing strategy is faring. You will find that they are relevant to different stages of your marketing campaign and hence, should all be used.
When you appreciate them, you will know your digital marketing strategies that tick and those that are a flop – and then be at liberty to make the necessary adjustments.