For marketers and brands alike, digital marketing analytics is the best way to understand how your digital marketing strategy is actually fairing. They can help you hold on to your strong suits and figure out areas of improvement. It’s essential to narrow down important and relevant analytic metrics to work out an actionable digital marketing strategy. Observing digital marketing metrics that aren’t relevant to your brand’s digital growth will add little to no value.
We attempt to steer you in the right direction when it comes to tracking relevant and actionable metrics for your brand’s digital and overall growth. Let’s look into the insights that can help you retain and expand your audience.
Sales Revenue – The first and most relevant metric to monitor for your digital marketing growth is the revenue you’ve made out of direct sales. Without this data upfront, you have no way of knowing how your digital marketing strategy is paying off.
You can monitor sales revenue appropriately by using specialized software to track your sales data and other key performance indicators (KPIs). The purpose is to track the growth of sales on a timely basis and work out the differentiating factors that are paying off your digital marketing strategy.
Customer Retention Rate – There are a number of ways you can retain existing customers while acquiring new ones. Certain digital marketing strategies can also help hold on to your client base. Current clients or users are the most valuable assets your brand has. Keeping them interested in your product or service is crucial to your business’s potential growth.
Monitoring client retention rate is crucial to the survival of your business. Tracking client retention history is pretty straightforward if you’ve been keeping tabs on information like repeat purchases, the time between purchases, etc. Having this data accounted for can help you determine the tactics you need to implement to keep your current customers and potentially gain new ones.
Digital marketing campaigns can help you increase the retention rate across a period of time by targeted marketing, loyalty benefits, etc.
Social Media Behavior- Digital marketing campaigns invest a lot of attention and effort into social media and that’s for good reason. It has immense potential to make your brand known and get that traction. Your brand’s social media engagement across time can tell you how people have responded to your campaigns, new launches, and your brand’s unique voice.
Social media scheduling apps can be a lifesaver while maintaining consistency across social channels. They can also help measure how your brand might fair in the long term with its current engagement level.
The most relevant metric to track with your social channels is the engagement rate, which includes views, engagement rate with certain types of content, number of interactions such as likes, comments, and shares. Instagram, Facebook, Twitter, and other social media platforms differ in their average engagement rate. Twitter tends to see a lower rate, whereas Instagram sees a higher engagement rate.
Pay Per Click: This is an advertising technique used by most businesses to rank up higher on SERPs. The analysis of pay-per-click advertising can tell you how well you’re reaching your target audience who are more likely to click on your ad. As the name suggests, it’s the number of clicks you’ve had on a digital ad with respect to the money you’ve spent on the advertisement.
The analytics involved to measure pay-per-click ads are called cost per click (CPC) and they can be monitored for almost all online ads. CPC analytics can also tell you how your social media advertising campaigns are fairing. If for some reason, you’re not able to measure the CPC for online ads run on search engines, affiliate links, and social media, you can easily calculate them by dividing the number of clicks with the money spent on advertising on each platform.
Website Traffic: PErhaps the most obvious metric to analyze so you can gauge the success of your digital marketing campaign. If your website itself isn’t garnering enough eyeballs, you need to rethink your strategy altogether.
There are multiple avenues to measure your website traffic. WordPress comes with inbuilt analytics on website traffic and you can also install various plugins to get a detailed analysis. Google Analytics is the most popular way and easy way to measure your website traffic along with demographic, time, and other finer details. Website traffic analysis can provide you a bird’s eye view of where you’re headed as a brand and work on areas of improvement.
To get the best site traffic analysis, we recommend you install traffic data plugins on your website and use Google Analytics to get a more refined picture. Incorporating both of these analytics together will you give a better idea of your website traffic and what digital marketing strategies are paying off.
Website traffic data can also help you create awareness about your brand’s positioning in the market, who your target audience is, and refine your buyer personas over time.
ROI (Return on Investment): This one’s pretty straightforward. After all, it’s crucial to know how your investment is fairing. A more direct metric to measure your return is ROAS or return on advertising spent. This metric can help you measure the number of returns you got on the money spent directly on the advertisement. ROAS can help you analyze your spending on advertisements and the return you’ve got from sales linked to advertising campaigns. ROAS is a pretty easy way to make sure your making more than your investment and monitor if your investment is ringing the cash register.
ROAS can be measured by comparing the sales revenue data, particularly sales data linked to advertising campaigns with the overall spending on ads. The higher the revenue, the better your ad campaigns are doing. If the results are quite satisfactory, you can make the necessary adjustments. Tracing ROAS is absolutely essential to understand what type of ads tend to strike a chord with your target market and where to direct the funds.
Conversion Rate: You would want to pay attention to your conversion rates because it tells the amount of audience actually engaging with your ad campaigns. IT tells what percentage of your visitors turn into leads by successfully going through the buyer-centric funnel. High conversion rates are the foremost indicators of a successful
marketing campaign.
It doesn’t matter if you’re a business-to-business or a business-to-customer platform, following the simple equation below can get you your conversation rates.
CR = number of conversions / number of sessions
All of these numbers can be acquired through google analytics of site data plugins. Conversion metrics are defined by your brand’s ultimate marketing goals, if you want to increase the volume of orders, get visitors to fill your form or click on your CTAs.
