Digital marketing metrics are a pivot to brand success. Why? Chiefly because brands differ in their approach to tracking metrics.
Also, not every metric applies to all brands. However, without effective tracking, you’ll be lost in the woods.
Here’s a look at seven tried and tested ways to measure digital marketing metrics to maximize traffic, conversions, and revenue. Dive in!
1. Sales Revenue
It’s always challenging to relate your sales figures to your marketing efforts. Frankly, that’s quite unrealistic, but it’s the only way to ensure your digital marketing strategies are working.
Now, there’s a better way to go about it: embracing a sales analytics program to track and measure sales figures in line with your KPIs. Once you figure out the differences on a month-to-month basis, you will have a better understanding of where you stand against your competitors.
2. Exit Rate
If your website has multiple touchpoints, keeping a tab on exit rates is vital. It will help you identify specific positions where customers leave your site before completing a transaction.
Once you figure out what’s wrong, you can optimize the page to boost engagement and ensure the thread isn’t lost. In other words, measuring the exit rate helps you make informed decisions.
3. Bounce Rate
A high bounce rate is a sad situation for a brand website. It means a prospect has left your website without performing the desired action, like filling out forms or downloading ebooks to act as lead magnets, clicking on CTAs, or completing a purchase.
Nevertheless, bounce rate is a crucial metric because when someone leaves your site midway, it sends a negative signal to Google that the user is either not interested or it’s an irrelevant search result for him (something Google isn’t fond of). While a 40-50 percent bounce rate is the industry average, anything more than that is concerning.
You can easily track the bounce rate for your website using an analytics platform like Google Analytics.
4. Conversion Rate
Want to form a solid understanding of how well your landing pages are doing? Conversion rate is the metric you should be tracking.
Measuring the conversion rate for a website will give you an idea of the percentage of visitors who click to convert. It could represent anything from leaving valuable contact info to downloading free resources or sending requests for additional product info.
In essence, a conversion rate presents a granular level of data to differentiate between qualified leads and customers.
5. Click-through Rate (CTR)
As a brand, there’s no alternative to investing in ads, but how do you know who clicks your ads? And how many times? The answer lies in click-through rates or simply CTR.
Tracking CTR is essential to gauge the performance of target keywords in your ads and product listing. A high CTR is often an indicator of a relevant listing, which, in turn, is based on multiple factors like the industry you serve, the number of players in the domain, and respective ad positioning.
Remember, a positive CTR rate is indispensable to PPC success. So, the better your CTR is, the higher the quality score will be for all your PPC campaigns.
Pro tip: To maintain a positive CTR, ensure your ads use relevant keywords. Other ways to enhance your CTR include:
- Testing different formats of ad copies
- Creating competitive offers
- Optimizing landing page designs
6. Return on Ad Spend (ROAS)
Return on Ad Spend (ROAS) is another crucial marketing metric that tracks the revenue earned by a brand for every dollar spent. In other words, by monitoring ROAS, one can gain compelling insights into their ad performance.
Ideally, a brand should make more than what they spent on ads. So, tracking ROAS is an effective way to monitor whether your investment comes bearing fruits.
7. Cost per click
Cost per click, as you might have guessed, tracks how much it costs a brand for each click an ad receives. Now, compared to other metrics, this is different, as you don’t want a higher rate.
The trick is to set a realistic expectation for how much you plan on spending for a particular ad. Usually, the more generic the term used for an ad, the higher the CPC. And while brands are drawn into competitive bidding against each other, there’s a max bid you can’t cross.
Besides max bid, the amount you pay to get a single click directly depends on factors like quality score and ad ranking. For a lower CPC, you’ll have to begin by boosting the quality score for a PPC campaign.
Closing Thoughts
Tracking digital marketing metrics can be overwhelming. And that’s why it’s necessary to hire a digital marketing company to act as a brand growth partner.
A functional digital marketing agency can benchmark both paid as well as organic traffic and track subsequent performance against your competitors. That way, you will always know what works best for you and implement changes as and when required. It will help you monitor brand progress, lure new prospects, and retain existing customers in tandem.
If you are looking to track and measure digital marketing metrics for your brand, kickstart things by scheduling a discovery call.