Creating an effective digital marketing campaign and measuring metrics will ensure that you are doing the best for your business. The metrics will provide a pretty accurate picture of how you are doing and where you need to place more efforts, and how to convert traffic into leads.
There are three categories you need to know. Traffic, Conversion, and Revenue.
TRAFFIC
1) Site Traffic – This metric will provide insight as to whether your digital marketing techniques are effective or not. Remember to focus on unique visitors your site receives rather than website hits and page views.
2) Source of Traffic – How did your visitors land on your site? Maybe the keywords you used brought them there, maybe it was a search query or even referrals. This metric will let you know what channels you should be focusing on.
3) Click Through Rate-The CTR of any digital marketing plan is the number of viewers who actually clicked on the ad/offer. A great way to increase CTR is to combine it with effective content and a strong Call to Action.
4) Mobile Traffic – More and more people gain access to the internet via their smartphones, new opportunities arise for bigger and better revenue sources. This metric provides insight on how to structure and plan your marketing strategy and achieve beneficial engagement with viewers.
CONVERSION
1) Conversion Rate – Conversion is the primary goal of your strategy. You need to convert traffic into sales/leads. Monitoring your conversion rate can help steer your strategy in the right direction.
2) Bounce Rate – If your site is irrelevant to the viewer, they will simply skip or ‘bounce’ off the page. Some insight into this will help you approach the right target audience.
3) The rate of Return – Your site’s popularity is not only defined by your traffic but also the rate of return by viewers. Knowing your rate of return can help improve your site so as to convert traffic into leads.
Cost Per Conversion – Also known as cost per lead or cost per referral. This metric determines your overall profit margins. A higher CPC may turn negative if the costs are so high that they reduce your net income.
REVENUE
1) Return on Investment – Insights on your ROI will determine which parts of your site are truly driving sales and bringing in revenue, and which parts require more improvement. Your ROI is the ultimate measure of your success as it proves your marketing campaign to be either profitable or not.
2) Cost Per Acquisition -CPA is all about revenue and is accounted for only once a visitor becomes a paying customer. This metric will determine how much you spend, to get a customer to spend on you. Tracking your CPA will determine whether the strategies you’ve employed to gain leads is working or not.
Digital Marketing Advantages
Digital marketing is nothing but the marketing of any product or service done via internet. It is a kind of “new-age” marketing technique which is different from the conventional or traditional systems of marketing. It is different from traditional marketing due to the fact that digital marketing offers the advantage of monitoring the entire aspects related to your marketing strategy. And of course, this monitoring can be accomplished on a real-time basis.
People spend a considerable amount of time over the internet. The boom of social networking websites in recent years has attracted more and more people to their desktops, laptops and mobile devices.
According to recent surveys, it is estimated that an active Facebook user spends an hour on Facebook each day on an average. People nowadays spend more time on internet compared to the past decade. The Internet has become an indispensable part of the lives of many. Digital marketing too exploits this situation to the maximum.
Digital marketing techniques are implemented via many means. These techniques make use of search engines like Google, Yahoo, Bing and also adopts methods like email marketing, creating websites, banners etc.
Advantages of Internet Marketing Over Traditional Marketing
• The greatest advantage of digital marketing is that it facilitates the scope of monitoring online campaigns, which is otherwise not possible in the case of traditional marketing techniques.
• You may make the analysis of your online campaign right from the start and can determine its progress that too in real time. Real-time analysis can be done in matters related to determining traffic to your website, knowing conversion rates, etc.
• Creating inquiries, generating visitors, reaching your target audience, branding-related possibilities and many other benefits are associated with digital marketing.
• World wide exposure – The information that you share can be accessed from any part of the globe. Even you can determine or make a preference over your target locations.
• Compared to traditional marketing, the cost of setting up a digital campaign is very less.
• In order to implement a digital marketing campaign, your essential requirements are a computer, internet connection and an in-depth knowledge of digital marketing.
The digital marketing is a great way to promote your business and grow your brand. You have to learn the strategies, metrics, and tips to create a successful digital marketing campaign for your business.