This is a metrics-driven world. Every business knows that it lives and dies by numbers, and those associated with both internal and external campaigns determine success.
Understanding which digital marketing metrics to track can go a long way toward impacting your bottom line. Here’s what you should know about online marketing metrics.
Here’s what you should know about online marketing metrics.
The Digital Marketing Metrics We’re Tracking
When we send out monthly reports to our clients, we’re doing our best to take a holistic approach to both marketing efforts and the numbers associated with them. We look at Google Analytics, checking on a number of things like:
- How are visitors finding the website? Are they searching for certain services or products online? Clicking through from another linked source, or typing in the exact web address?
- How many visitors are coming to the site?
- When are visitors visiting the site?
- What are visitors doing once they reach the site? How many pages are they visiting, what are the clicking on, and what is grabbing their attention?
- What are the results of the actions of the visitors? Are they purchasing, signing up for an email list, sharing the content with someone?
These questions tell us about two things: user behavior and the overall effectiveness of the client’s website as a marketing tool. If a visitor is searching for a product or service, finds the client’s website, spends a lot of time clicking around, and eventually joins a mailing list or makes a purchase—well, the website is doing its job. It’s engaging the visitor, keeping him or her in the sales funnel, and eventually persuading him or her to take an action.
In contrast, if visitors are clicking on the site, spending a lot of time clicking around, but make no further action, something isn’t working as effectively as it should. If visitors visit the site and immediately leave, that’s an even bigger red flag. Understanding how the site is performing and how the visitors are interacting should shape digital marketing strategy. If things are working, your business should keep doing what it’s doing and further promote those efforts. If things aren’t working, and no conversions are happening, something on your website or in your digital marketing efforts needs to change.
Understanding how the site is performing and how the visitors are interacting should shape digital marketing strategy. If things are working, your business should keep doing what it’s doing and further promote those efforts. If things aren’t working, and no conversions are happening, something on your website or in your digital marketing efforts needs to change.
Digital Marketing Metrics to Track in Paid Advertising
Pay-per-click digital advertising (PPC) is a nuanced undertaking, but it’s relatively easy to see if it’s worth the investment. When we investigate the effectiveness of a PPC campaign, we take a look at these metrics:
- How much are you spending on the campaign?
- What is the return on investment (ROI) for that amount? (We calculate ROI based on the amount spent in both Google AdWords costs and the management/time spent on the campaign.)
- How many leads or transactions were generated by this campaign?
- How many sales have been generated by this campaign?
- How much product has sold because of this campaign?
At the end of the day, digital advertising is a marketing channel. If a channel isn’t performing, you need to evaluate if it’s a good fit for your business. Read this article for more information about whether digital advertising is a good match for your company or industry’s needs.
Other Digital Marketing Data to Track
These are must-track items in digital marketing (and in business in general):
- Conversions of all types—purchases, email sign-ups, information requests, downloads, and other actions taken by visitors
- Calls coming in and where they originate
- Conversions per channel and how profitable they are
- Conversion ratios—at each stage of the sales funnel, especially the closing ratio to the next stage
All data should be tracked against your company’s goals. This way, you can make adjustments the moment you realize something isn’t working as well as you’d like it to be, saving you countless amounts of time and money.
The Online Marketing Metrics We’re NOT Tracking
Traffic. What you track for your business is entirely dependent on your goals. If you’re just looking for new readers, new visitors, or new clicks to your site, and you don’t care what the users are doing once they get there, then traffic is a fine metric to track.
For most companies, though, the bottom line is about revenue and sales, and just getting a few extra people clicking on a website each month won’t cut it. A million visits with no conversions is a waste of money—after all, you’re paying for each of those clicks and no revenue is coming in. You could also be seeing millions of spam visitors if you’re only looking at traffic, and that is equally as meaningless. Traffic by itself is not a worthwhile metric to track.
Our Recommendations for Digital Marketing Metrics
To keep abreast of what’s happening in your company’s digital world, pay attention to your metrics for Analytics and AdWords at least monthly. AdWords will need to be checked more often in the middle of a big campaign, probably weekly or biweekly to get the most bang for your buck.
If metrics aren’t changing, you need to find out what’s not working before you waste your whole marketing budget. Dive in. Understand the process and make sure that everything is tracking properly. Sometimes diagnostics reveal that an important piece of website code was not fully installed, or that something minor just needs to be tweaked. An expert can run diagnostics on your current status to make sure everything is running smoothly, and to give recommendations as to how to get more from your digital marketing efforts.
Not sure if your company’s digital metrics are all they should be? We live and breathe digital marketing best practices, and we want you to get the most out of your marketing efforts. Contact us and we’ll set up a free, 30-minute consultation to discuss your marketing strategy.