You’ve gained more followers on social media and an impressive number of visitors on your website last month. That’s fantastic. You can pat yourself on the back or even pop a bottle of champagne for a job well done.
However, the job isn’t done just yet. You’ll need digital marketing metrics for your business to be sure these numbers translate into actual conversions or sales.
Marketing metrics give you a comprehensive insight into how your digital strategy has performed. When well measured, they can help you understand how visitors react to your business and give you a clear picture of how to improve your digital marketing strategy.
These metrics are usually measured based on the goal of the business and the marketing channels employed. For instance, a business’s goal may be brand awareness, and as such, reach and unique visits to the website would be a crucial metric to be measured.
Here are 9 Digital Marketing Metrics You Should Measure for Your Business.
1. Website Traffic Source
Tracking the source of website traffic will help you direct your marketing efforts to the best-performing sources from which they originated. It will also help you improve your SEO or social media marketing strategy (if any is suffering from low performance).
2. Unique Visitors and Returning Visitors
When you understand your visitors’ behavior, it will help you figure out certain patterns about them including what content they prefer and how they engage with the different pages on your website.
You can track their session duration up until eventual sales or conversions. Getting unique or new visitors is great.
However, getting returning visitors is way better. This is because the more returning visitors come back to your page, the greater the likelihood of conversion.
3. Reach
Tracking metrics such as reach can let you see unique visitors that come to your web page or social media pages. It is best measured for businesses and organizations seeking to achieve brand awareness.
4. Bounce Rate
The bounce rate indicates the average number of visitors that leave your website after visiting just one page. Bounce rate is not always a bad sign.
Although it isn’t great to have a constantly increasing bounce rate, however, it can be an indicator that shows visitors came to your page, found what they were searching for, and left.
You can distinguish this based on the number of sessions visitors spend on your page. The longer the session, the better the chances of having a returning visitor.
If your website’s user experience is poor, you might get a high number of negative bounce rates.
5. Leads to Qualified Leads Ratio
Some leads are not regarded as marketing qualified leads. A marketing qualified lead is a prospective client that has indicated more interest in what your business offers than your average lead.
Measuring the lead to qualified leads ratio is awesome as it lets you evaluate the quality of leads funneled to your sales team while adjusting the criteria for business qualified leads.
6. Cost Per Click (CPC)
Cost per click is the amount of money deducted from your account for each click gotten from your targeted ad campaigns.
Naturally, you’d want a low cost per click, however, this is determined by a number of factors including the quality score of your website, keyword bidding, competition, Google ad rank, etc.
7. Click-through Rate (CTR)
Click-through rate is the number of clicks on the link on your email or ad campaign. CTR lets you measure how successful your ad or email campaigns are performing. They are mainly calculated by dividing the number of clicks by the number of impressions.
8. Conversion Rate
Aside from ROI, the conversion rate is the most important metric for your business as it tells you how useful your marketing efforts were in attaining your marketing goals. Generally, it measures a website’s visits to the point of conversion.
Conversions vary among businesses; thus, it could be a sale for an e-commerce website, an e-book download, newsletter signups, etc.
Conversion rate is calculated by taking the total number of visitors and dividing it by the total number of conversions multiplied by 100.
9. Return On Investment (ROI)
Return on investment is the overall measurement highlighting how your marketing investment is impacting the success of your digital marketing campaign. Measuring your ROI helps you evaluate whether the digital marketing spend was worth the revenue.
Data from ROI can also help you improve performance on digital campaigns that weren’t successful while helping you better manage the marketing budget. ROI data is calculated by dividing the net profit from a campaign by the cost of investment multiplied by 100.
Conclusion
There are several digital marketing analytics tools you can use to measure your digital campaign metrics. They include Google Analytics and HubSpot for websites and Hootsuite or BuzzSumo for social media campaigns.
