Basic Digital Marketing Metrics to Consider
When so much can be measured using digital marketing metrics, it’s not always easy to know which metrics to focus on. You want to make sure your money is being invested wisely and also make sure you’re attracting new clients. To examine whether your digital marketing budget is working for you, examine whether your business goals are being satisfied by focusing on a few key metrics. This will help you indicate if your campaign is working.
- Traffic hits opting into your lead generation piece. It’s often the first impression a consumer has of your company, so whether or not you are acquiring conversions from the site is a vital component to measure. How are visitors arriving at your site? Do you send newsletters? Post on social media? Banner ads? Once a visitor arrives at your website, it should be your goal to get them to act — by answering a survey, sharing on social media, or signing up for your newsletter, the consumer engages with your brand. When they act, they are more likely to convert into a useful lead. To measure this, your Landing Page Conversion Rate (LPCR), you’ll divide the number of visitors who clicked through one of your “lead capture forms” (social media, newsletter, etc.) by the number of users who visit your site. A good conversion rate is between 2%-9% (depending on industry, offer and targeting within your traffic source) . Anything above that is outstanding.
- Investing in new clients. It’s true that it takes money to make money, but do you really know how much it’s costing you to acquire new customers? It’s not sustainable to spend more on your digital marketing efforts than a client will “give back” in revenue. By determining your Customer Acquisition Cost (CAC), you’ll be able to see if your marketing efforts are worthwhile. Calculate your CAC by dividing the sum of your marketing and sales efforts by the number of new clients you get during the time of your digital campaign. Make sure to include the price of salaries along with your marketing and sales budget to get an accurate amount. Now, compare your CAC to your CLV (Customer Lifetime Value).
- Traffic cop. Are you paying attention to where your site visitors are coming from? Are there certain platforms that produce more visitors to your site than others? Determine if your visitors are coming from email marketing, social media, or organic/paid platforms to see if you’re using them to your advantage. One method to consider is having more than one landing page that serves the varied interests of your consumer. Companies with multiple landing pages have seen up to a 55% increase in leads, according to research. A consumer is more likely to convert when your page makes offers geared toward their specific interest.
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by Thomas von Ahn | Chief Elephant Slayer
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