Let’s be frank, the ultimate goal of digital marketing is to increase your bottom line. However, this is easier said than done. Sometimes marketing efforts fail, while others are meant to guide the customer closer to where you want them. With this in mind, not all digital marketing campaigns can be evaluated in the same way. Enter digital marketing metrics, which provide a sophisticated means of evaluating, measuring, and comparing how useful your marketing efforts have been in several critical categories. For your convenience, here is a list of the most important digital marketing metrics your business should be paying attention to.
Conversion Rate Metrics
Ever wondered how to track how many online visitors engage with your advertisements, social media posts, and emails? Ideally, this could be accomplished with an array of conversion metrics. Key conversion metrics include bounce rate, conversion rate, cost per lead (CPL), cost per conversion (CPC), and conversion funnel rates.
Each of these rates are measures differently within the context of different businesses. In an e-commerce business, the conversion rate is typically measured based on the total percentage of visitors that complete a checkout. Conversely, conversion metrics prove especially useful for lead generation businesses. Here, the conversion rate is dictated by the percentage of online visitors that fill out a form or contact you by phone.
CPL, ROAS, And Overall ROI
Cost-per-lead (CPL), return on ad spend (ROAS), and overall return investment (overall ROI) metrics encompass several areas and vary from business to business. The primary purpose of these metrics is to reflect the efficiency of your marketing campaign.
CPL is the amount of money you pay for each lead. Setting the CPL value as a threshold helps you save money by making sure there is a bold line in the sand to measure against. Once established, it will be up to your marketing team to accumulate more customer data and exponentially reduce the CPL amount.
ROAS represents the total amount of money spent on adds and the amount of sales those adds generated. Determining your minimum ROAS is very similar to determining your CPL and helps yield more precise results.
Overall ROI is more of a manual process than its counterparts, but is crucial nonetheless. It is essentially a manual overview of your marketing expenditures that allows you to gain a better perspective of what you are spending on specific marketing efforts and whether those efforts are yielding results. Doing so will help you allot funds more effectively, as well as cut useless programs and procedures.
Google SEO Rankings
Google rankings are a substantive indicator of how the company evaluates your business against the competition. As such, companies should conduct regular ranking reviews to see what keywords are trending and whether their output could be improved. Fortunately, SEO best practices, such as keyword and image optimization, are relatively easy to implement, meaning getting started is usually simple. If you’re a retailer or brand who is finding all of this slightly overwhelming, fear not. Many modern eCommerce platforms contain specific fields for the most important SEO-related data.