The role of a marketer revolves around two essential elements, proposing great stories and monitoring data. We used to blend these two elements frequently and represent it to our clients. For us, data is the biggest challenge, as we only have numbers to showcase the growth of the promotional campaigns and without digital marketing analysis, we can’t do that. So, the question is “how do you evaluate the success rate of your digital marketing efforts?”
It all begins with the selection of correct metrics or KPI (Key Performance Indicators), as per the goals of your marketing campaign.
Defining the desired outcome is the first step to choose an accurate KPI to track the results. Here, we’ll discuss the three primary marketing goals and metrics to measure the success: Improving Leads, Creating Brand Awareness and Generating Sales.
Goal 1: Improving Leads
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As a marketer, our primary concern is to generate more leads from the client’s website. In B2B industry, companies are now handling monthly sales and purchases. Hence, it becomes vital for such companies to have a sufficient new leads to grow their organisation. Here are some of digital marketing metrics to track the growth.
Goal Conversion Rate
Out of the visitors coming to your site, what percentage of them fill the query form or call you and get successfully converted into leads is called the Goal Conversion Rate. The average conversion rate for B2B sites is 2.23% which happens to be a good benchmark.
Marketing in a real sense is a number game. If your website gets more number of visitors, then you have to get more leads. Although, I keep Goal conversion rate at the top as only increased site Traffic will not indicate improved lead generation.
For instance, if your targeted monthly traffic is 400 visitors per months with 2% Goal conversion rate that means your average is 8 goals per month. However, if your traffic increased to 600 per month but Goal Conversion Rate cut down to 1 %, then you slip at 6 goals per month.
Cost Per Conversion
If you’ve invested some amount in paid marketing, then you must know about the cost per lead that is generated. It is beneficial to know about the worth of your customer so that you can estimate about your ROI. If you’re paying $100 per lead and they’re only worth $75, you need to make some changes in the way and follow some digital marketing tips from pioneers of the field.
Goal 2: Creating Brand Awareness
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For organisation willing to target a niche specific market or introduce a new product, the essential goal of any customer acquisition strategies is to create awareness about your brand/products/services. Though the metrics mentioned above are valuable still it is essential to know about the effectiveness of your awareness campaign, and you can do this by using the following parameters:
To present your brand in front of a new audience, you need to utilise an advertising platform such as Google AdWords Facebook Ads. Impression will give you an insight into the frequency of your ads shown to the targeted audience. Most of the ad platforms will provide you with an idea about the number of the potential audience you’ve reached (called “Impression Share”) which will give you a sense of how well your ads have penetrated the target audience.
It is the percentage of clicks on your ads compared to the total impressions. However, the definition of “good” CTR changes as per the industry stands, but the averages by ad type are:
- Display Ads – 0.05%
- Rich Media – 0.1%
- Facebook Ads – 0.9%
- AdWords Search Ads – 1.91%
While working on branding campaigns, your ads may show people who don’t know about your company or services. Therefore, your digital marketing focus is to create compelling messages to attract the audiences toward you.
New Users (And % New Sessions)
Google Analytics uses a metric known as “New Users” where it tracks the number of new visitors your site is receiving. If someone comes on your website for the first time, he or she will receive a cookie with a unique ID. The first session marks them as “New User” and as they return they categorised as “Returning User.”
However, it’s a useful metrics but has some demerits too. If someone visits your twice one time by desktop and second time by phone, then Google mark both of them as “New”. Moreover, if someone deleted the cookies from browsers, then their next visit will count as new.
It is known as the Google Analytics Campaign Tagging; this metric empower you with a deep insight into your marketing campaign. Here you defined tags and add them to the links in various ads on across your platforms. Suppose, you are promoting a new product on Email, Trade Publication Websites, and Display Ads, Facebook, it would be useful to collect all of that data in one easy-to-access location while still being able to separate the effectiveness of each channel.
It will allow you to define your campaign’s parameters and give you a unique URL to use on each channel. Thus, you can collect all these links under a specific Campaign Name, but define the Campaign source as per the platform. After that inside the Google Analytics’’ Campaign reports, it becomes accessible to digital marketing analysis for those specific ads.
Goal 3: Generating E-commerce Sales
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Some of the parameters are specific to online sales and must consider along with the metrics used to generate more leads.
As the name suggests, you can compare the income of your previous sales and those after implementing digital marketing techniques. You can extend your limit by monitoring the margin on your sales.
Ecommerce Conversion Rate
It shows the visitors’ percentage converted into an E-commerce transaction. Both marketer and client must know about its benchmarks for both mobile and desktop user. However, to provide an overall mark, averages across all industries are about 3% (4.31% for desktop, 1.50% for mobile, and 3.55% on a tablet).
Average Order Value
It states the average revenue generated by a single on-site purchase. It is affected more by your site rather than marketing efforts. However, it is essential to keep a check on it to track the sales.
The following formula will clear your head for generating more e-commerce revenue
Traffic x E-commerce Conversion Rate x Average Order Value = Revenue
Before implementing any campaigns site, monitor these three digital strategy metrics stand today and set goals for your efforts. Improving any one (or more) of these metrics while maintaining the same output from the others will lead to increases in revenue.
However, there are numerous metrics, but keeping your digital marketing focus on the right ones creates a difference. Ensure that the data you’re monitoring is as per your marketing goals, and then compare that data to your previous performance to judge success. At the end of the day, how your site performs may not meet the “industry standards” but that doesn’t mean what you’re doing isn’t working.
If you are looking for reliable digital marketing agency, then don’t forget to check the work they have done in the past and how they will benefit your organization. If you are looking for the best then you must search for the Digital Marketing agency in Delhi, as they can help you pan with your startup.