In the present era, digital marketing plays an important role in the success of any business. These 11 fundamental indicators will allow you to gauge the effectiveness of your online marketing strategies, inform that your efforts are effective, and will show the areas where you may need to make adjustments.
Anyone who’s not experienced the thrill of having played with Google Analytics can attest that the amount of data that is available can easily overwhelm even the most powerful Avenger. Fighting Thanos. On Ego. Along with all of his Avenger friends.
Let’s look at it this way You must become a Guardian to the Galaxy to be able to tackle the daunting task of sorting through the plethora of information. Facebook
Before you can signal The Marvel Bunch to help to measure the return on investment of your digital marketing campaigns You must first learn some basic statistics. Since we all know that without the right tools even the God of Thunder is useless.
1. Cost per Lead
If your site is collecting leads to allow you and your team of salespeople in order to “close,” you need to know the amount you’re spending per lead.
If the cost for each lead is higher than the amount you earn by closing leads, it is a sign of a reverse return on your investment.
2. Lead Close Rate
How do you keep track of the closing of your leads? I’ll bet that you’re doing this offline which means that data isn’t integrating into the analytics or online data you’re collecting.
This is fine, however, it is imperative that you are keeping an eye on the lead closing rate to ensure that you are comparing it against leads that are generated. This will allow you to ensure that your online marketing efforts will yield leads in a profitable manner.
This data can also be helpful to be used as a safeguard against any new marketing initiatives. If you experience an increase in leads, but you notice they are closing at a slower rate, you might require adjusting your marketing efforts.
3. Cost per Acquisition
With the above information and the information above, you should be able to calculate the cost per purchase.
It is done by dividing your marketing expenses by the number of sales you’ve made.
Now you know the cost to make an order that will help you gain a better understanding of the return you will earn. Twitter
4. Average Order Value
While you’d like to see the volume of orders you place pay attention to the worth of a typical ticket that can yield you significant profits.
An increase of just a few percent in the average order value can result from thousands of dollars in new revenue. It is often as easy as improving the user experience and creating opportunities for upselling.
5. Conversion Rates by Channel
We want to know which sources our traffic comes from. If it’s through organic, paid social media, other channels, this information will reveal where the majority of our clients are, and/or where our marketing efforts generate maximum buzz.digital marketing
But that’s only part of the story. Conversion rates can be a good gauge of success and will provide you with the most lucrative opportunities are.
Let’s say that 75 percent of your traffic is organic marketing, and 25 percent is from PPC. Yet you find that your PPC rate of conversion is more than double those of organic.
What you can learn from this is easy Make sure you invest more money in PPC. If you can improve PPC traffic to be able to compete with organic traffic, you’ve just boosted the return on investment.
6. Conversion Rates by Device
Like the process of determining conversion rates for each channel, you’ll want to perform the same thing with a the device.
If a device has poor conversion rates, it could be time to invest more in that sector, especially if observing that the traffic on that device growing (mobile or not? ).digital marketing
7. Landing Page Performance
There are plenty of factors to consider the ineffectiveness of the landing pages such as bounce percentages, CTR, conversions rates as well as conversion assist.
Check for pages on landing pages that don’t help convert visitors. They must be improved or removed, or the advertising that drives the page’s traffic has to be changed.
Whatever the case, you’ll want to check the performance of each page.
8. Blog Click-Through Rates
Blogs can be a fantastic way to drive the attention of your site however, what do you do with all that traffic?
While some blogs have notoriously high bounce and exit rates it doesn’t mean you need to accept these pathetically useless figures.
Instead, make use of them to establish goals to drive traffic to your main website. A slight increase in blog click-throughs could bring in new business opportunities with virtually nothing in terms of marketing expenses.
9. Customer Lifetime Value
You won’t be able to fully understand the value of your marketing strategies until you have an idea of what the average consumer will spend throughout their life.
For instance, let’s say that it costs $500 to make an additional client or sale. They only buy $500. This is net loss once you look at the cost of everything else, which is beyond the marketing investment.
What if you could know that the customer would continue to spend each month $500 over 5 years. The lifetime value of the client is $5,500. So, a $500 investment to acquire the client isn’t too awful, does it?
It’s not that you should be with a loss for each first-time client, but if your initial investment results in a significant long-term gain, you can be more confident in claiming the initial purchase as a marketing expense and be confident that the profits will be earned in the future.digital marketing
10. Brand/Non-Brand Factors
Pay attention to the search results and differentiate between brands and non-brand search results.
Brand searches typically are more popular and have higher click-through rates as well as conversion rates than searches that are not brand-related because they’re targeting people who are already familiar with your brand.
Disaggregating this information gives you more information about what’s working or isn’t working as well.
11. Comparisons of YoY
Also, when you are comparing data, don’t try to compare month-to-month since that doesn’t consider seasonality or other related monthly irregularities.
Examine year-to-year comparisons in order to get a real sense of how your campaign is performing.
Are You Getting ROI?
This is the most important issue, particularly for people in the C-suite. For a more informed answer, it is essential to be aware of these numbers. Let the numbers describe the results of your marketing campaign, and then adjust in line with the story.
