Subscribers Course

Text

Measuring Success With Metrics

5 Vital Marketing Metrics That You Must Monitor Closely


Do you know what does well for you online?

If not, then this lesson was written just for brand owners like you. We are going to talk about the most important key performance indicators (KPIs) for digital marketing that every business owner or manager should keep a close eye on. Do you want to know how your marketing plan is going? Or if all the work and time is worth it? These are questions that every business owner needs to ask themselves often, and there are different ways to find the answers.

The best way to keep track of your progress is to set up a system that lets them see metrics on things like ad engagement, conversion rates, traffic sources, and more. This will help them figure out which of their digital marketing strategies are working well and which ones might need some changes.

Why You Should Measure Your Digital Marketing

Here’s why you should measure the success of your online marketing.

1. Increase Website Traffic:

If marketing is what keeps a business going, then marketing measures are its heartbeat. Learning more about KPIs and tracking marketing performance will help you figure out how successful your marketing was and whether or not it brought more people to your website.

2. Establish a Baseline:

Having a baseline for your metrics is one of the most important parts of digital marketing to make sure that trends are going in the right way. Search engine optimization and website metrics are two of the most important business metrics you should keep an eye on.

3. Gain New Customers:

Another digital marketing goal is to generate more leads, which means generating organic SEO traffic that turns into paying customers or subscribers. The best way to do so is by campaigns directed at a target market. Marketing analytics software makes marketing more targeted and effective.

4. Weigh ROI:

Which marketing channel is the most effective? Making sure that marketing activities are working is important. Take a look at your metrics to find out which marketing methods are working. This will help figure out not only how well marketing works but also how much money it makes.

5. Learn From Your Mistakes

If your metrics are off track, then you know it's time to make a change and course correct. Take online marketing, for example Do the campaigns look promising? Or should they be removed from the campaign list? Measure marketing performance will help answer these questions.

6. Better Communicate With Your Team:

One goal of marketing is to give your team metrics that will help them understand how marketing is going and which outlets are working and which ones aren't. Using digital marketing KPIs for a "in-depth" analysis can help with communication, productivity, time management, marketing costs, marketing ROI, and marketing success.

7. Create New Marketing Ideas:

If the performance study of marketing metrics shows that marketing isn't working or that a campaign isn't doing what was planned, it's time to come up with new marketing ideas. Marketers can use the information they get from measurement tools to create fresh marketing concepts, campaigns, programs, or even strategies.

8. Reduce Costs:

You can lower your marketing costs by focusing on the channels that are working. You can do this by looking at your data and finding the marketing channels that aren't working. With this information, you'll be able to figure out where to put your marketing budget and put more money into the outlets that are working.

9. Save Time:

Metrics will save you time by showing you marketing trends, projects that need to be taken off the list, and digital marketing strategies that are working or not. It will also help you figure out why your marketing isn't working, so you can fix the problem and get rid of the marketing outlets that aren't working.

10. Increase Brand Loyalty:

Brand loyalty can be increased by making marketing efforts that are focused on your brand's message and marketing goals. After looking at the metrics, you can change marketing channels or strategies, get rid of marketing channels that aren't working, and add new marketing strategies to build on existing efforts. It will also help you figure out how much to spend on digital marketing, your return on investment, and how well it works. Keeping track of how well your marketing is doing will help you find strategies that support your brand image and marketing goals.

Now that you know the benefits of measuring success, let’s get into the different metrics to keep a close eye on.

The 5 Digital Marketing Metrics to Keep Tabs On

1. Basic Online Marketing Metrics

Below are essential marketing metrics you should master.

Marketing ROI:

This is how we calculate this metric:

(profit from sales - marketing expenses) / marketing expenses) * 100 

It's an important metrics marketing metric that shows whether marketing activities are generating profit.

Cost per Lead

Metrics for marketing A marketing statistic tells you how much money you spent on marketing leads. It's important to use this marketing metric to figure out which marketing efforts are bringing in the most leads.

Conversion Rate

Marketing efforts are made with marketing goals in mind, so you should keep track of your marketing strategies and goals to see how well you're doing. The conversion rate is the most important marketing measure since it shows how well your marketing plan is working.

2. Website Metrics That Matter

All digital marketers should check their website metrics every day because they are important business KPIs. These should be written down on a weekly marketing screen so that they're easy to see and keep track of over time.

You should keep track of how many visitors you get, how many pages they see, how long they stay on each page, and the percentage of users who leave right away. You can even count how many new visitors you get compared to how many return visitors you get. Then, you can focus your marketing on either group to reach your marketing goals.

Let's look at each metric:

  • Number of website visitors: This is the total number of visits to your eCommerce site. The more new visitors to your website, the greater the marketing exposure and brand awareness you have online.
  • Bounce rate: An important marketing aim is to get people to spend more time on your site so they can learn about you and your products or services. If you have a high bounce rate, the visitor leaves the website before viewing two pages. A low bounce rate shows they are engaged in what you're doing.
  • Page views: Website traffic sources will vary depending on what marketing strategies are being used. If your marketing goal is to reach more people through social media platforms, it is important to measure how many of them viewed other pages within the site in real-time.
  • Average time on page: This marketing metric measures a visitor's engagement with your content based on their visit length and also shows the quality of those visitors.
  • Pages visited: Campaigns comprise many marketing tactics, including content marketing like ebooks and white papers. You can measure how many visitors to your site actually download your marketing materials.
  • Traffic Sources: Traffic sources will vary depending on the marketing tactics being used. In the marketing world, marketing tactics. It is important to monitor where your website traffic is coming from so you can make adjustments based on what's working and what's not.
  • Traffic by Channel: Marketing channels vary based on what marketing strategies are being used. A digital marketer will want to analyze how traffic is being directed to the website and how marketing strategies are driving traffic.

There are websites, like Google Analytics, that let you track your business funnel. This marketing funnel is where you set your marketing goals. As a website visitor goes through your marketing efforts (traffic sources), you can keep track of each step to see which marketing strategies are working and which ones aren't. You will also be able to see what method of marketing each strategy uses.

There are marketing tactics that are used in every marketing effort. These tactics help you reach your marketing goals. Let us look at a case of marketing: The goal of your marketing is to get more people to subscribe to your blog so that you can sell more things. Your marketing goal is to get 20 leads every month as well. And marketing goals include getting more people to follow you on social media and visit your website.

As a marketing leader, it's your job to come up with marketing plans that make people more aware of your brand, get them more involved with your marketing content, and ultimately help you get sales leads. To see if their marketing strategies and tactics are working, marketing leaders need to keep an eye on key data.

3. Sales Metrics

Every business should keep an eye on their sales data every day, or at least once a week if they can. Without metrics, it's impossible to find ads that aren't doing what they're supposed to. You can make changes to your marketing plan based on how well it works by keeping an eye on numbers on a regular basis.

  • Total Number of online orders each month (or year)
  • Average order value: this marketing metric is the marketing metrics marketing metric that measures the amount in each order.
  • Total Number of marketing leads generated per month (or year)
  • Total Number of marketing contacts added to the marketing contact list
  • Total marketing expenses: this metric marketing metric is crucial because it allows you to monitor any budget overspending which, if not checked, could lead to financial insolvency.
  • Lifetime Customer Value: lifetime marketing metrics marketing metric analyzes the total marketing costs, minus marketing expenses, divided by the number of existing customers. This metric reveals how much you'll generate from each customer over their lifetime within your marketing activities.
  • Sales Close Rate: this metric is calculated by dividing the number of new sales that were closed in a marketing period by marketing leads generated over the same marketing period. This marketing metric gives you an idea of how well each marketing lead was nurtured to close the sale, and what sales conversion rate your business can expect from marketing leads.

4. Email Marketing Metrics

You can connect with your target group through their email inboxes with email marketing. Open rates are one of the most important measures to keep an eye on because they tell you how relevant they think your marketing materials are, which will affect how likely they are to work with you again.

There are marketing metrics that you can measure for every email marketing segment, which include:

  • Total Number of emails sent and received per day, week, or month.
  • Open Rates: the marketing metric is the percentage of people who open the marketing email.
  • Click through rates: CTR measures how many people clicked on a link, image, or CTA in your email. It shows you how engaged your audience is
  • Unsubscribe rate: this marketing metric measures subscribers' willingness to unsubscribe from receiving marketing emails from your campaigns.
  • Bounce rates: marketing bounce rate is the use of email marketing to send marketing information to a list of people who have agreed to receive it in exchange for a free prize or gift, although they are not interested in your marketing message or products. You can measure this marketing metric by looking at how many bounced.
  • Email campaigns: bulk marketing automation isused to reach out to targeted contacts based on demographic data such as age group, gender.
  • Delivery rates: campaigns can be measured by their delivery rate because it aims to measure how many marketing messages were delivered successfully to a marketing segment based on marketing segments.
  • Bounce rate: this marketing metric is another sign of the overall performance of your email marketing campaign. Bounce rates show the percentage of marketing emails that bounced because the recipient's address was invalid or no longer exists. A higher bounce rate could show a marketing channel that needs to be updated.
  • Click-through rates: unlike open rates, click-through rates measure any marketing segment's engagement with your marketing messages when they are actually delivered in their inboxes.

5. Paid Advertising Metrics

Organic search traffic is great, but it takes a while to build up. That's where paid ads like pay per click come in handy, since they work more quickly.

Paid marketing is any kind of marketing that uses paid ads. This can be marketing that happens online or offline.

Paid advertising metrics for your ads include:

Clicks:

The number of times your ad was clicked on. If you only want people to click through to your landing page but not make a purchase right then, you can use a 'CPC' or cost per click marketing model. This lets you pay each time someone clicks on your ad. You should also monitor other marketing metrics, such as the number of times they showed your ads, impressions (how many people saw it), and CTR (Click Through Rate which is how often people actually clicked on an ad).

Click Through Rate (CTR):

The rate at which people click your ads. You can monitor this by comparing the number of impressions with the number of clicks you received. This lets you see if more people are clicking through to your site or not. For example, an ad that receives 10,000 impressions and 50 clicks would have a click-through rate of 5%.

Target CPA:

Your marketing campaign's cost per acquisition. This is the amount you are willing to pay for a visitor or customer. You should constantly adjust your marketing budget and bids to achieve this number. Look at both ROI (return on investment) and how much profit you're making per marketing dollar spent.

Cost per Click (CPC):

CPC is the amount you pay every time a user clicks your Google ad. Your cost per click is the maximum amount you’re charged for a click on your ad.

Return on Ad Spend (ROAS):

ROAS means the return on ad spend. It’s a digital marketing metric that measures the amount of revenue earned for every dollar spent on advertising.

Measure The Marketing and Optimize For Growth

Digital marketing tools have made measuring digital marketing success simple. You can scrutinize your digital marketing strategy meticulously and analyze your digital marketing numbers.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
Content copying is prohibited.
>