When it comes to making an impact through your marketing advertising efforts, there’s no doubt that digital marketing has shown itself to be an effective strategy.
However, in order to be able to determine the success of your digital marketing campaign, you have to be willing to do cross-comparisons between your different digital marketing strategies and be willing to experiment with different marketing tactics in order to tailor them to the specific needs of your niche market.
How do I measure the success of my digital marketing strategy?
Marketers understand the problem better now than most. If you want to have a lasting impact when you make ads for your brand you will need to monitor the success of your digital marketing plan frequently. We’re going to look through the metrics essential to assessing the effectiveness of your strategies today and how can we assess our marketing efforts digital in this regard and adapt it to their needs.
1) Identify and set your business objectives
I cannot say this enough. If your business has no idea what it wants to achieve, your marketing won’t work. Any marketing agency or digital marketing consultant who tells you any different is lying. There is no point looking at channels, traffic sources and tactics if you can’t talk about your businesses main objective.
One key to successful marketing in digital is involving every aspect of your business into campaign management campaigns. Using SMART goals can help you do this. It can help you to get started with your own business objectives that genuinely matter.
These are real world goals that are possible and could bring great advantages and results to your organization in the short and long term say SalesForce research officials. The Top 5 Digital Marketing Performance Criteria for Success are based upon the Top 5 Digital Marketing Performance Criteria marketers from around the world have identified for success.
2) Identify why it’s necessary
While there are other aspects you should focus on, understanding if your digital marketing strategy is successful should be one of your top priorities. There are many ways that you can measure success, but identifying why it’s necessary will help you determine which metrics are most important. The reason that measurement is so critical is because it allows you to pinpoint what may be working and what isn’t. This information can be used for future campaigns.
It can also show you if there’s room for improvement or where you need more data in order to become more effective in your efforts. If your digital marketing strategy isn’t providing measurable results, then it may not be effective enough. Then it’s time to think about what your target audience want.
Your digital marketing strategy needs to resonate with them if it’s going to have any effect at all. Evaluate whether you have made an error in targeting, message execution, timing of posts, etc. Do You Have All Your Data? Another aspect that can affect how successful your digital marketing campaign is measured is missing data—or even too much information!
Sometimes having too much data will overwhelm you and cloud your analysis of effectiveness. This happens when companies are generating content using multiple platforms at once without any coordination between them all.
3) Set Up Effective KPIs
Key performance indicators are what digital marketers use to determine whether or not their campaigns are effective. It’s important that you set up KPIs that accurately represent your business goals—and it’s just as important that you review them regularly, so you can understand what your users want from your campaign.
What are KPIs?
KPIs are numbers using which a marketing campaign is tracked and measured by metrics. Lead numbers and sales can be indicative KPIs for these. Others also use business growth to calculate success of campaigns, and some will use revenue and pipeline to determine success.
Working with an a Digital Marketing Consultant means you could see your business focussed can see a variety of different KPIs to promote product and service online and out in-out campaigns, in particular those of an agency’s online advertising.
Why do I need KPI’s?
Each campaign should have multiple KPIs. For example, if you have an ecommerce store, one KPI could be number of sales generated by your ads while another could be total return on investment over time. This way, even if one metric dips at any given moment, another might still remain strong. Ideally, however, all your metrics will rise and fall in tandem—because then you know for sure that your ad efforts are paying off!
You can monitor each KPI directly through Google AdWords tools or with third-party programs like Trello, but make sure you also pull data from Google Analytics. While some metrics are easiest to measure through direct advertising channels, others can only be accessed through GA.
What are metrics?
It seems that metrics have much greater specificity than KPIs. These are standardised data points which digital marketers are using daily in their research about their product.
It is important to avoid ‘Vanity metrics’ These may look good to you but in fact do not guarantee the returns on your investment. Why do we focus on value metrics versus vanity values?
Vanity metric aren’t totally useless because they show that digital marketing activities have an effect. They should just never be taken as an end goal and should be focused on ‘value metrics’.
4) Decide how you will measure the success of your campaign
There are tons of digital marketing metrics that you can measure. To figure out which ones work best for your niche, first identify who you want to advertise your product or service too. Are they professionals, moms, young adults?
Once you’ve figured out who your audience is, take time to brainstorm ideas on how you can track results by using GA or some other type of web-based software. You can also sign up for email marketing platforms like MailChimp or Aweber to help provide feedback on what works and what doesn’t work when it comes to reaching your audience.
Next, come up with different ways you can reach people outside of just search engines and social media. This could be through print ads, billboards, TV commercials, etc., but think about what has been working so far and see if those areas have any room for improvement.
For example, maybe you have been spending a lot of money on Social Media ads but haven’t been getting great return on investment. So try changing things up; pay more attention to hashtags on social media or images since those might be something specific to your target market; maybe even experiment with video marketing (depending on how much time you want to invest). Have a look at what your competitors are doing on social media too. It’s worth it – trust me!
Whatever mediums you decide to pursue within your digital marketing campaign make sure there is room for growth—if not now then at least in coming months or years ahead as technology continues to develop.
5) Compare Performance Over Time
Comparing performance over time helps you get an idea for what’s working (and not working) in your digital marketing strategy. Pay attention to how different campaigns perform throughout their run, and make adjustments based on what you learn.
Also, use analytics tools like Google Analytics or other third-party tools to track visitors’ behavior on your website—then pay attention to which behaviors (or actions) lead directly (or indirectly) to conversions. The more you know about who is engaging with your brand via digital channels, and why they are or aren’t converting into buyers, products or services users, then you can tailor future marketing efforts accordingly. Measure, evaluate, adapt. That’s how effective digital marketing works!
6) Execute real time improvements based on measurement results
This digital marketer’s career isn’t on the way but it’s happening now. Digital Marketing uses a systematic measurement approach enabling measurement of a campaign’s performance. With the tools out there all of the guesswork is removed and you can streamline and execute your campaign with accuracy and success. Don’t be too thrilled when everything is in your control or you won’t do anything. Track what should you do first then gather information about why you need to take it. This data is used to adjust or improve your digital marketing strategies to accommodate information provided as a collection tool. These insights should prompt immediate action and be completed immediately.
Other Digital Marketing Measurement top tips:
Calculating conversions: The micros and macros of your commercial goals
The sales process happens when you make the desired decision on your online store or site and the conversion rate drops incrementally. Micro-conversions: actions that have no effect commercially but may at least in the future via an effective nurturing campaign. Macro conversions: action that directly leads towards commercial value are larger intent-driven interactions. For nearly every business with an online presence, your aim will be improving conversions by capturing customer information (aka lead generation) so that you can move prospects into your sales pipeline. Micro conversions are small milestone stages of a small process. Macros if you look at them.
Tools to measure your digital marketing campaign
One way to effectively measure your digital marketing campaigns is by using analytics. By keeping track of key performance indicators (KPIs), you’ll have objective data you can use when discussing your campaign with clients or coworkers. If your social media account isn’t linked up to an analytics platform, it might be time for an upgrade.
There are many tools that can help you evaluate your social media strategy, including Facebook Analytics and Google Analytics. You can also use analytics to measure clicks, impressions, likes, shares and more—there’s an analytics tool for pretty much every type of digital marketing asset (websites, ads, content). One word of caution: Don’t mistake an increased number of followers as success; conversions are what count. Here are a few we love:
1. Google Analytics: Your ROI tracking toolkit
Google Analytics is designed to track the performance of your web pages and any possible marketing campaigns. Each time a user completes a task or interacts with your site you can view this information in a report. Assigning real dollars values at this level granularity is how one measures marketing effectiveness. The free and easy web leads dashboard in this app shows your prospects the value of the website traffic in their site and what sort of money the web leads will generate.
4. Keyword Planner
Digital Marketing Metrics glossary
Marketing metrics can vary massively, but we’ve collated together a few that you might find useful to get your on your digital marketing journey. These digital marketing metrics are useless without putting them into context, so make sure you know what you want to achieve first, and you can use these to measure the success of your digital marketing campaigns.
Cost per visitor (CPV) and Revenue per visitor (RPV)
If your RPV exceeds your Cost per visitor you will see greater profitability for each channel. Cost per visitor is calculated by dividing your total investment in a particular channel by the amount of visitors that it generated. This number also helps shape your budgets for certain types of paid campaigns. You should then calculate your total website traffic to the source for all of them (search, social media, email among others) and get some rough results. For example, the RPV for your Adwords campaign last month was $15 ($15,000/1,000=15). This gives you a hard limit ($15/site visitor or less) on your marketing budget.
Cost per conversion
Price per conversion correlates completely with your business model. It’s perhaps one to leave out if you’re not doing direct sale conversion online. However, if you are running one converting eCommerce site where consumers can add anything to a basket, CPC is a MUST-track metric. In simple terms these digital marketing analytics tell you how much it costs to turn a visitor to a sale.
Cost per click
Cost Per Click (CPC) is applicable at both pay-per- click marketing and social media channels offering a type of click-to-site advertisement. These online advertising metrics describe how much you pay for every click a user makes. Your budget goes only one way: lower the CPC — the further it goes.
Value per visit
There is no revenues; it is primarily linked to the interaction number. Tracking this measure can give you an insight in the way that you’re converting your customers into a specific value-added act over time. Many marketers attach an arbitrary value to these consumer actions before calculating the total product price including purchases for specific period of time. They then divide those numbers by the total number of visits to arrive at VPV metrics. Tracking a person’s interactions with your site gives you information about how to create actions that add value. In a business case, leaving review online is a simple solution.
Bounce rates are the percentages of people who leave your website after only seeing a particular page. If a new product is promoted but the link sent on the website goes to the website main site, most people will return. A 3% return could be the cause. Try and counteract these by sending people to an page highly connected to the road on which to travel. An overview of average bounce rate for some situations is given below in a chart by Kissmetrics. There are more resources to help reduce website bounce rates to help you get the best possible bounce rate to have the safest application for web development in the country.
Unique visitors refer to the number of visits at the site over a timeline. Number of clicks on an independent site indicates how many times you have visited them. This number is an important indication indicating the traffic volume a website reaches. If number of unique visitors are greater than page views then people can simply click on several pages and search results. Page views mean people find the content fascinating and click more pages to view more content. The number of visit to your website can vary significantly depending on the business size of your organization.
New vs. returning traffic
Based on consumer purchase cycles you may want to increase new or old users. As a general rule of thumb for getting more traffic from sites it is best to find the number of visitors. If you find that customers who come again to the site often want to order more items from you and make more online purchases, you may want to develop a strategy to get people to come back to the site and examine the percent of the website. The goal should be to learn what matters most to you at the beginning of the campaign and have ensure that you design a specific goal to achieve that goal.
Overall website traffic
Your website acts the core of your brand. Any effort to promote your website is likely solely about driving the traffic. Monitoring the traffic from your web site can provide insight into the performance of different campaigns. If you notice declining traffic in your website you should think about troubleshooting it. A broken Link is a Google-friendly URL which deters the website user from returning.
Time on site
This is a complement to interactions per page and gives you insight into visitor interest at your website. Visitors who spend a lot of time on your website are likewise likely your most loyal customers. Taking into account where the visitors are most likely to spend their time on the site improves the content on the page to build up lifetime value for the customer. This information represents the best indicator of how well the site is performing and because visitors who find useful information are likely to find you.
You must construct your marketing ROI framework in terms of valuable metrics that apply on business. Do you have a KPI on the web you should not be worried about? Sales and revenues, overheads, time spent buying products, repeat visits and the likes. These are ultimately the best indicator of marketing performances. They are also primary indicators of digital success.
Interactions per visit
An analysis of your interactions per session helps you find out which activities and behaviors attract visitors to your site. Don’t confuse interaction with conversion but let’s hope for more of your interactions such as subscriptions, purchases. Analyses provide you insights into what can be done for more visitors on your site and what needs to be done to keep these visitors. For example leave a review about how long a user stays on a particular page is spent on a page and how many pages each page is visited on.
Average session duration
Average session duration (time spent on site) can give you a general indication of how much time users spent on your site. The process also helps you understand the effectiveness of user-friendly websites. A Brafton paper said these average session duration numbers varied across industries. The time on the site may vary in relevance to your campaign. More resources to improve average session duration and user experience at your website are included with these resources. This could come through organic search, paid ads and social – the list goes on.
If you’re looking for a definition of conversion or conversion rates, a good number of anonymous visitors converting your website to digital pages for CRM and marketing are able to identify. Poor conversion rates signal a variety of problems from badly designed websites to unattractive offers. This is the final measure of the success of a marketer. Your financial department will most interest you; the number of the marketing staff you should hire.
Google counts this in increments of 30 minutes which means this data metric is generated only half hour before each logged visitor. Imagine Amazon for example: You would activate a session in the morning for shopping and again later in the day in a session there for purchasing a new purchase. Therefore this number represents the number of people on your site within a half an hour period. Google has taken the opportunity to recognise the uniqueness of all the sessions. It could also be a good indication of your brand awareness. Again, traffic here can come from organic search, paid ads, social – you name it.
Applying your knowledge for digital marketing success
So now you have the knowledge to apply to your online marketing, it’s time to take it and apply it to reach marketing success!
Any marketing agency of digital marketing consultant will be able to help you with the execution of your online marketing efforts. If you are ready to have a chat about your marketing strategy or how you can make your business more successful online, then let’s have a chat! Get in touch for a free 20 minute consultation and some tips on how you can improve your marketing effectiveness.