Enhance Your Decisions with Online Marketing Metrics
When starting out, in business digital marketing campaign the weak area is often analytics. The marketing decisions are mostly based on hunches and predictions. This may lead to failure even if you are getting everything right.
To overcome this issue there are some solid metrics which helps in removing unpredictability. And if you are just starting out or you need to overhaul your existing strategy, get yourself familiarized with following key online marketing metrics that will guide you to make better business decisions:
For almost every business, generating traffic online is essential. If there’s no traffic to your website, online store or blog, you won’t generate leads and so you will not have sales. Traffic generation is an indicator of your marketing performance whether it is on track or not, or people are mainly finding your business and who they are. This information will help you in improving your site’s ranking in search engine and also help if you are planning to invest in Pay-Per-Click advertising.
- Overall site traffic: this indicates how many unique visitors you are getting every month, letting you know if your reach is growing or not.
- Source of traffic: discloses the source from where you are getting traffic and which keywords brought them to the website. So, with this you can decide the channel you should invest in and primary keywords to make use of in your next campaigns.
- Mobile traffic: mobile search is increasing becoming common as users have shifted to smart devices, so it is essential to measure the traffic your site is getting via mobile access. This will give you an understanding of the relevance of mobile friendly sites, mobile apps and ads and how it might support you in expanding your reach and business.
- Click Through Rate (CTR): When you do PPC marketing you will want to know how many people actually clicked on those ads. CTR is the ratio showing how often people see your ad. This metric is used to measure how well your keywords and ads are performing. A high CTR ratio indicates that those who click your ads find it relevant and useful.
- Cost Per Click (CPC): refers to the actual cost you pay for each click in your PPC campaigns. The cost is determined either by a daily budget that you have pre-set or through a bidding process.
As a conclusion of whole campaign you only want to know how well your marketing spends is returning you money in sales. Following metrics will help in tracking the same.
- Conversion Rate (CVR): the percentage of visits to your site that results in a “conversion”.
- Cost Per Lead (CPL): This metrics defines the lead conversion ratio of a particular campaign and corresponding cost; this shows whether a digital campaign is profitable or not.
- Bounce Rate: this indicates the rate at which new visitors visit your landing page and leave immediately. A high bounce rate may indicate many things- irrelevant sources of traffic and landing pages that are not optimized for conversion.
- Average Page views Per Visit: More page views means more chances for engagement with website visitors.
- Average Time on Site: This is the amount of time (in minutes) visitor spent on your site.
- Average Cost Per Page View: More page views per visit means more chances for engagement with website visitors.
- Rate of Return Visitors: As the name indicates, this metric tells you the visitors returning to your website. They may be your existing customers or previous visitors coming back for a reason. A low rate means you need to optimize your website to entice repeat visitors.
- New/Unique Conversion: This is important because new visitors interacts with your site very differently and so you need to isolate them from the conversion rates of your returning visitors and find out what they see in your website and how you can improve that experience.
- Exit pages: A bit related to your bounce rate. They are your final call to action or page where you lost your visitor. This will allow you to study your exits so you’ll find out at what stage in the process your visitors are exiting the site. And then you can make the optimization accordingly.
To know the success of your marketing efforts you will have to measure your revenue metrics. The purpose is to allow you to make adjustments on how you can optimize your content or landing page for better engagement, higher conversions, and higher revenues.
- Return on Investment (ROI): It will help you identify which area in your digital marketing campaign is driving sales and revenue, and which areas need improvement.
- Cost to Acquire a Customer (CAC): It is the total of your marketing and advertising costs for a particular period of time divided by how many new paying customers were generated during that same period.
These are all the online marketing metrics you can monitor, but not necessarily all of them that too every day because that would get exhausting.