Digital Marketing Metrics
As you will probably have heard us say (well read) before, marketing is a science. Digital marketing metrics are the reason we say this.
For many business owners, marketing is an unnecessary expense—something to spend money on only when the budget allows. One reason for this is that people believe marketing is unpredictable. Your ad could be a resounding hit, flooding your website with thousands of new hits and customers. Or it could be a complete flop, wasting your time and money.
Digital marketing metrics give you the insight to overcome this hurdle of unpredictability. As digital marketing experts (scientists if you will), we recommend that you familiarise yourself with the following metrics:
Measuring your total number of visits will give you an idea of how well your strategy is driving traffic. If you notice your numbers drop from one month to the next, you know to examine your methods and re-evaluate. A good campaign will have a steady increase in traffic.
Google Analytics enables a business owner to see how many of your site visitors are new and how many are recurring. It’s a good metric to understand because it tells you whether your site is giving people something to come back for as well as how effective your outreach efforts are.
Another great insight from Google Analytics is channel-specific. This tells you your customer’s journey to get to your site. This is especially useful because it narrows down which campaigns / channels are outperforming others. The four main channels to keep an eye on are:
Direct, which will tell you how many people visited your site directly;
Referrals, which include external links from other sites;
Organic, which includes visitors who found you after performing a search, and;
Social, which includes visitors who found you through social media. It’s an excellent way to gauge the strengths of your SEO, social media marketing, content marketing, and traditional marketing campaigns.
The bounce rate shows you what percentage of visitors leave your website before having a look around. The idea is to keep people on your site as long as possible in aim of converting. So generally, the lower the bounce rate, the better.
Total conversions is one of the most important metrics for measuring the profitability of your marketing strategies. Low conversion numbers could be the result of bad design, poor product or service, or otherwise disinterested visitors.
Customer Retention Rate
It’s important to if your customers are returning. A low customer retention metric can be a symptom of poor product or service, or an indication of lacking outreach programs.
Cost Per Lead
Your cost per lead is great for getting specific insight on each individual marketing method used. To calculate your cost per lead, take a look at the average monthly cost of your chosen campaign and compare it to the total number of leads you generated with that specific method over the same period. Don’t forget to build in invisible costs, such as management time.
Return on Investment
Your return on investment (ROI) is the single most important factor for any individual marketing campaign. ROI measures profitability. A positive ROI means your marketing strategy is effective, while a negative ROI indicates a need to reassess.
Are you looking for more insight on digital marketing metrics for your business? Email Sarah Whitticase on email@example.com or call her today on 0870 062 8760 to see how AIM Internet can help your business.