10 key online marketing metrics for your business
Sometimes it helps to remember the cliche. What cannot be controlled cannot be measured. Assuming your brand has adapted to be digital savvy and connected with important users for your bottom line. Online marketing strategies have been carefully designed and intelligently implemented. But what about tracking these efforts?
Measuring performance and comparing results against an established performance line is key to identifying areas of success and weaknesses in your online marketing programs. Although there are several metrics that need to be measured, here are the top ten for your dashboard that you can’t miss! We’ve divided them into three specific categories: traffic generation, conversion, and revenue metrics.
1. General site traffic: The Google Analytics dashboard is a treasure trove of metrics! Use it to measure your overall site traffic, which not only includes overall page views or number of website visits, but also the number of unique website visitors per week and monthly.
2. Traffic sources: This is a great metric to evaluate if a certain set of keywords or channels works for you or not and if your traffic distribution is ‘healthy’; relying on a single source for the majority of your traffic can cause problems if that source changes or ceases to exist. Access channel and source / medium reports in Google Analytics for detailed traffic information such as traffic source, referral traffic, and promotional activity traffic. Additionally, you can also incorporate metrics to understand your mobile audience.
3. Email subscribers: Free tools like Feedio provide metrics like email subscriptions per post and subscriber tracking. These metrics will help you understand what topics and content resonate well with your audience.
4. Social sharing counts: Social sharing metrics help you track the number of times each post is shared on each social media site. You can use tools like Social Metrics to track the shareability of each post; Per-post level tracking helps you understand what content your social audience likes and dislikes, and you can implement improvements accordingly.
5. Click-through rate: CTR is a metric that measures how many people actually clicked on your pay-per-click (PPC) ads each time your ad is viewed and an impression is created. A higher CTR means a better Quality Score, which translates to lower Google AdWords PPC costs.
6. Conversion rate: Also known as call-to-action rates, CVRs measure the number of website visitors who convert to valuable leads. Understanding your CVRs can help you evaluate which aspects of your digital marketing campaigns have performed best, so that you can set benchmarks for your next set of campaigns. Use tools like Bit.ly and Kissmetrics to measure your CVRs or CTAs and work to optimize your campaigns.
7. Bounce rate: Another metric that helps you assess your content’s resonance capabilities with your audience, bounce rate measures site visitors who leave your site immediately upon arrival if they find your content irrelevant. Bounce rate helps you improve the quality or impact of your content.
8. Returning visitors: It is important to measure the rate of return of your site traffic to get an idea of the ideal goals for converting leads. The higher the return rate of your visitors, the more interested they will be in your brand’s activities online. Use this metric to target returning visitors with offers that are hard to resist.
9. Return on investment: The ROI metric measures website traffic that becomes revenue generators for your business. This metric helps you identify areas of your digital marketing campaigns that are working well to drive your revenue and results and areas of opportunity.
10. Cost of customer acquisition: Better known as Cost to Acquire a Customer (CAC), this metric is measured by dividing the total cost of online marketing efforts for a particular period by the number of new buyers for that period. This can be further divided by source to evaluate the best conversion sources.
These 10 key metrics are a must-have for your digital marketing dashboard as they help you get incredible insight into what works for you, what aspects of your campaign can be improved, and what features you need to remove. Measuring your campaigns from the traffic generation stage to the revenue generation stage is a wise step in establishing overall control of your digital marketing efforts.