You will never know the impact of your marketing efforts until you measure them. Once you create and implement a digital marketing campaign, you must quantify the results to see the effectiveness of your campaign. Marketing is a science and thus, needs to have authentic records and data to prove its functionality. It is important that you evaluate the return on your investment on marketing efforts to see whether it was all worth the money spent or not.
Below are a few marketing metrics you should be aware of that will offer you insight about the consequences of your marketing efforts and will enable you to eliminate the ambiguity associated with your digital marketing decision.
Number of Visits:
The traffic on your website must be measured to see the response of your digital marketing campaign. Therefore, it is important to keep track of the number of visits on your website. However, you can also measure the amount of total visits to other locations that are relevant to your marketing strategy, such as a landing page.
The amount of visits will give you a fair idea about how effective your marketing campaign is in driving traffic to your website. A steadily growing number of visitors; is a sure fire indicator of a healthy and successful digital marketing campaign. If you see a fluctuating or downward trend in the number of visitors, this means your marketing efforts haven’t been as effective and therefore, you must find a way to improve the current scenario.
This metric tell you the number of new visitors that visit your website. Found in Google Analytics, this metric helps you to see whether your website is good enough to encourage repeat visits by old customers and if it is able to get you new visitors as well.
For instance, if you change the content or structure of your website in an attempt to drive traffic and see a rise in new visitors but a fall in repeat visitors, this means your website has lost its effectiveness in encouraging multiple visits by old customers.
When online users somehow find your homepage and leave without clicking on any other link, they are known as “bounced” visitors. Your website should be engaging enough so that visitors who come to your website are compelled to explore other links and pages on your site. So, the bounce rate can tell you whether your overall website is engaging for a potential customer.
However, having a high bounce rate may not be a bad thing. If your home page contains most of the information a visitor is looking for, they will not feel the need to visit any other page.
This is a key metric to measure the overall profitability and effectiveness of your campaign. The conversion rate will let you know which potential customers were influenced enough by your marketing campaign to visit your website and purchase your product or service. A higher number of conversions are seen as a prominent victory by any marketer.
If your conversion rate is low, this indicates one of the following reasons;
- Your website is poorly designed,
- Your website was visited by customers not interested in your product or service
- Your offerings did not seem good enough to them
You need to figure out what is keeping your conversion rates from increasing. Once you know the reason behind the numbers, you can take measures to rectify the problem and enhance your marketing campaign to achieve the desired results.
Cost Per Lead:
This is a specific metric and will allow you to calculate the cost per lead. This metric is completely dependent on the strategy you used for a particular channel for lead generation. You can calculate your cost per lead by looking at the average monthly cost of a specific campaign and compare it with the number of leads that channel was able to generate.
For instance, if you spent $400 on a pay-per-click campaign and were able to get 10 conversions in that period, then your cost per lead would be $40. Also, it is important to take into account other expenses such as startup costs, peripheral expense and management time.
These are just some of the many marketing metrics that you can use to measure the effectiveness and success of your digital marketing campaign. Not only will this help you to calculate the return on your investment in a particular marketing campaign, it will enable you to make a budget for your future marketing campaigns as well.