4 Digital Marketing Metrics You Should Be Tracking
If you have just started your foray into marketing online using email, social, text, IP targeting or any combination of the mediums, you may be wondering how to figure out what’s working and having the most impact. If you want to market effectively, it is important that you actually track metrics in a meaningful way. That does not mean these numbers have to be complicated, but they do have to be concrete and timely. Read on to learn about some of the best strategies for measuring your digital marketing success.
Revenue Month-by-Month
While you are almost certainly already tracking your revenue, the time increment you track it by matters. Yearly evaluation can be useful, but monthly is even more effective. You can get a more detailed picture of how different strategies and promotions are working and adapt them in real time. Similarly, weekly tracking is too frequent and doesn’t give you enough time to collect accurate data.
Ad Cost per Click and Click-Through Rate
These numbers are important to see if your digital ad placement is having the desired effect on your business. The average cost per click will tell you how much you are really spending on these ads as a value measure, and the click-through rate will tell you how often people are interacting with your ads. You can find these numbers on your advertising platform, such as Google or Facebook.
Unique Visitors by Month
If your business is entirely or mostly online, this metric is even more important. You can’t sell anything if you can’t get customers to your website and product pages. This metric is especially useful if you have recently started a new advertising campaign. If your unique visitors per month or year over year is pretty consistent, and you notice a change in your website traffic, you’ll know it was likely a result of the new strategy. Alternatively, if your unique visitors is high, but your sales are lagging, you’ll know advertising and getting people through the door isn’t the issue, but you are not effectively closing.
Lead Conversion and Cancellation Rate
If you work in a service-based business, it is vital to track both of these numbers. When you compare them, you can see the actual effective number of leads you convert into sales. This can also help you estimate how many new clients you can expect over a given period of time if you change nothing about your strategy, which establishes a baseline for later changes.
Learning the ins and outs of a successful digital marketing strategy can leave business owners unsure where to start or just plain overwhelmed. Graphic Media Solutions can track all these metrics for you and more, we are here to help!
