A fast-paced sector with ongoing new trends and insights emerging is digital marketing. For those trying to stay up, the amount of material can be daunting. This makes it easy to concentrate on the newest trends or new tools instead of spending time evaluating performance and guaranteeing that KPIs are satisfied.
There are so many various digital marketing KPIs available that one can easily become mired in the specifics and lose view of the overall picture. One should pause and consider what a company wants to accomplish with its digital marketing initiatives before monitoring a million various data. Finding the digital marketing KPIs that will enable the company to gauge success in reaching those objectives is considerably simpler once the response is at hand.
What Are Digital Marketing Goals?
Finding the objectives of a company for its efforts on digital marketing comes first. Although this could appear like a clear beginning point, it’s shocking how many marketers neglect to spend the time needed for this. Measurement of success in digital marketing is quite challenging if one does not know what they want to achieve.
For instance, “bakemeawish” is a bakery aiming at increasing its web sales. Their marketing objectives can be to lower the percentage of consumers who abandon their basket, raise the average order value, and boost the number of new consumers buying from the website.
Although there are many various marketing objectives, if one looks closer, one finds that they are all only variants on the same theme. Every marketing objective relates to expanding business, either by attracting more clients or raising their spending level.
Which Marketing Metrics Will Help Businesses Measure Success?
The following stage is to find the digital marketing KPIs that will enable evaluate success in accomplishing those marketing goals, now the company understands what they want to achieve. With hundreds of digital marketing metrics available, how can one determine which ones the company ought to be monitoring? Examining the KPIs the company now tracks can help one choose the appropriate digital marketing metrics by then linking them to initiatives in digital marketing.
Refer back to our bakery example. Assume for the moment that the “bakemeawish” bakery counts consumer visits to the business. In such situation, they take into account the average order value, the percentage of customers who buy, the number of salespeople working every shift, the profit gained on every shift, the overall profit made every month, etc. These KPIs should help to guide their efforts in digital marketing.
Measuring Brand Awareness
Increasing brand awareness is among the most often pursued marketing objectives by digital marketers. Although increasing brand awareness through ads has always been the main emphasis of marketers, this strategy has limits when trying to reach consumers who no longer listen to the radio or TV.
Conversely, digital marketing channels could reach a large audience independent of age, geography, or interests. Several digital marketing metrics let you monitor brand awareness; among them are the following:
- Monthly total of unique visitors to a website is shown here. Should the company have several websites, it can monitor certain visitors for each one.
- Often stated as an average over the month, website traffic is the overall monthly count of visitors to a given website.
- Conversions: On a website, this is the overall count of consumers that finish the intended action—buying, registering an account, etc.
- Click-through Rate: The entire number of impressions the adverts get divided by the quantity of people that click on them.
Using a trustworthy and efficient technology like Rankwatch, a company may evaluate all the aforementioned digital marketing metrics and change its present corporate development. By use of a thorough microanalysis, their “Site Auditor” tool enables you to identify all the factors preventing your website from ranking higher.
Measuring Customer Acquisition
Getting new clients is another often shared marketing objective among digital marketers. Though “marketing lead generation” can be used synonymously with “customer acquisition,” the latter usually relates to a smaller subset of possible clients.
For instance, Amazon offers a subscription-based service and might create marketing leads by registering users on their website.
Using the following digital marketing metrics helps one monitor acquiring of new clients:
- Metric #1: The monthly total of new visitors to a website. If the company has several websites, it may monitor fresh guests to every one of them.
- Metric #2: New sign-up count—that is, the total monthly new client count.
- Metric #3: New Sign-ups from Organic Search: Every month following website discovery by a search engine, the total count of new clients registered for the service.
- Metric #4: New Signals from Referrals: Every month, the total number of new clients registered for the service following referral by another client.
- Metric #5: New sign-ups from Social Media. After discovering the social media pages of the company, the total monthly new customer count.
Measuring Lead Generation
Tracking marketing lead creation for a company helps one to monitor the quantity of individuals offering their contact details.
Amazon creates a marketing lead, for instance, if it posts a sign-up form on the website and monitors that information metric.
Monitoring lead generation using the same criteria as client acquisition helps one to understand it.
Measuring Lead Quality
Their degree of product interest and their potential to buy define the quality of marketing leads. A company can monitor marketing lead quality using many digital marketing tools including the following:
- These are the marketing leads from organic search who register for the good or service following discovery of the website via a search engine.
- Referred by another lead, these are the marketing leads that register for the good or service.
- Social media quality refers to the marketing leads who register for a good or service after spotting it on social media pages.
Measuring Lead Direction
The way the marketing is directed shows their road to conversion.
Say, for instance, “bakemeawish” creates marketing leads by registering users on their website.
A fresh lead could check their website and register on their email list. That client’s marketing lead direction would be “Website > Email.”
The metric known as “marketing lead direction” gauges the number of consumers moving toward conversion down every avenue. For instance, 80% of the visitors do not sign up for the email list if 20% of them advance from the website to the email list.
Measuring Lead Value
The possibility of each marketing lead turning into a customer and their expected expenditure define their value. Although exact guidelines for calculating marketing lead value are not known, several best practices consist in:
- Under their source, the group leads: this statistic tracks consumer finding of the company. To find which channels are producing the most valuable marketing leads, a company might, for instance, obtain group marketing leads from social media and organic search in two separate groups.
- Get every lead source’s average value: This statistic will enable one monitor which channels need more development and which are generating the most useful marketing leads.
Conclusion about Digital Marketing Metrics
Although there are hundreds of other digital marketing metrics available, it’s important to remember that the ideal ones to monitor are those that propel company expansion. Measuring success is simpler the more particular the marketing goals of a company are.
To raise brand recognition, for instance, a company should monitor the metrics including more brand visibility on search engine results pages, social media, and other digital marketing channels. Assume a company wishes to draw fresh business. In such situation, creating fresh marketing leads via online advertising, referral programs, social media marketing, and other channels is the finest digital marketing statistic.
Like weight loss, a company cannot succeed in digital marketing if it does not invest the time to guarantee it is on the correct path. One should have a strategy covering all the marketing operations and monitoring advancement toward the marketing objectives of the company.
