Today, I’m going to discuss Measuring Digital Marketing Success, where learning different tactics.
and tools which can help you in taking actionable decision for business growth.
Every Marketer must have a unique marketing Strategy but whatever might be the marketing strategy it should include evaluation. Without evaluation, there is no point in investing in marketing.
If you want to leverage your marketing Performance you need to understand Digital Marketing Analytics.
The Truth behind the Digital Marketing Analytics is that they can as simple or as complicated. Because there are tens, hundreds and thousands of different variables which you need to consider for the tracking.
This is what Digital Marketing so Incredible when compared to traditional Marketing like Radio, Newspaper or Television.
With Digital Marketing We Can Track how many times the message was shown or who saw it.
How they came to the website, whether they have taken any action on the message.
Normally we can able analyze that,
- Where are they from?
- What their gender and Age?
- Which device are they using whether Desktop, Tablet, Mobile?
- Even which browser they are searching whether chrome, safari.
- And in some, we can track their interest and Previous Buying Behaviour.
You can able to monitor days, weeks, months even years to understand it better.
As Business Person, you know more about the customers there are better ways to serve them.
So, all the Information Available where should we start from?
There are some metrics to Evaluate Online Marketing Performance lets have a look one by one.
Key Metrics to Evaluate Online Marketing Performance
1. Website Visitors
Measuring the website traffic and its number of visitors.
This is something which may not adversely affect but it is something helpful in tracking.
And Measuring how many people visiting your business website.
If you want to get into deeper dive in and see which source/medium is sending most visitors.
whether Direct, Search, Organic or Referral help in sending traffic.
You can also able to see which pages are getting most actions. This way helps you understand and put a double effort and focus on maximizing which already working for you.
2. Bounce Rate
You may aware of the bounce rate which a number of people visit your website and quickly leave.
Here we have to see at the low number as people are sticking on your website and look through more content.
The Longer people spend time on your website, the great your opportunity to convert them into customers.
It is also helpful in Search Engine Optimization Ranking.
If you have a high bounce rate for a specific time, try looking at your website from the customer perspective
and quickly determine what your business does and how easy is a website to navigate.
3. Email Subscribers
Similar to website visitors you need to see there is a steady increase in the Email Subscribers over a time.
It doesn’t matter what business you are into, it is good that you could benefit by using an email marketing strategy.
Always try to Encourage your visitors to leave their contact information by offering something of value in exchange. It can be Free E-book, PDF, Video or Consulting session.
4. Click Through Rate
Click Through Rate refers to how many people took a call to action on one of your post or advertisement.
It is the most valuable metric to watch anytime you’re creating an ad for any of the Search Engine or social platform.
If you have High CTR means that your ad is saying, it is interesting and relevant enough for someone want to click it and learn more.
Higher Click Through Rate (CTR) also usually rewarded with the better placements and lower cost
which means you get better results for less money spent.
5. Lifetime Customer Value
Lifetime Customer Value can be most challenging but it is one of the most important metrics to watch and track.
Well, there is a number of pretty fancy and expensive tools and services out there that can help, even having a rough and general idea about the lifetime value of a customer to your business.
This is because you know what customer is worth to your business, then you know what you’re able to spend to acquire new customers.
Let say an example if an average customer is worth 10000 rupees to your business,
then you know can spend up to that amount in order to acquire a new customer and Still be Profitable.
Once you figure it out and ways to market the business that allows you to acquire new customer below that cost. Then you’re basically able to create an unlimited supply of new customers directly to your business automatically.
Tools needed for Performance Evaluation
Companies try to use various techniques to evaluate marketing KPI’s.
Here marketing performance management, ROI, are some of the metrics that the company will try to use connect performance of your marketing.
Now let us see what are the different tools that are necessary for every organization to check their performance level?
For an example,
If you want to see how much traffic (viewers) are visiting your website whatever the products and services are offered.
Whether your viewers are spending enough amount of time on Website, can be easily tracked by various tools.
And even it would be easy to monitor the campaign’s Performance.
1. Analytics tools
Having General Analytics tools for gathering information is not only enough also you need to store it somewhere and then analyze it.
It is really depending on the business and kind of websites that you want to track using these tools for the right purposes.
You can also consider kiss metrics it’s just a different data model and also their Adobe analytics which provide some greater insights.
And then there is a tool which provides specialized solutions like a mixed panel which is very good at tracking events.
It all depends on you which tools you choose but always consider that one solution which gathers all the information and Analyses it, ask queries in order to get the most out of your data.
2. Tag Management System
Tag Management that is something you should consider for measuring the analytics from your website.
I always consider Google Tag Manager to ensure the data quality, Enrichment of data from time to time and being flexible when implementing tracking.
In the whole Performance evaluation Process that measurement part is really important because you need to ensure you have clean and consistency Data.
So that you can analyze and see the insights. If you don’t have a tag management system available then it might make web analyst job bit harder.
You can always consider a tag management system to add that to your tracking stats.
3. Survey Tools
Having a Great Survey tool is can give you great insights into your data. It is not something classical Quantitative data you can gather on google analytics or Adobe analytics.
But Surveys really give you path inside into mind of your customer or the user who visits your website.
In understanding about your customer and the data, you have attached in a Google Analytics to it.
Especially for a Start-Ups, I would recommend surveying the customers in order to make most of the quantitative data that they have in their systems.
So, if you haven’t tried the survey tool yet, then I would recommend getting the survey tool installed
sending out a survey with like Survey Monkey or survey Gizmo to learn more about your customers.
4. Data Analysis and Presentation Tools
As you know Google Analytics and Adobe Analytics have a great capability of analyzing your data but sometimes you want to connect data from different tools together.
Here what you need is one Data Repository where you can pull all the data in. For most of the companies, this is still Microsoft Excel or Google Spreadsheets.
If you want to get more sophisticated then I would recommend that you look into statistics analysis language such R Language or get a license for tableau which makes really easy to takes a data and present it to somebody with more advanced graphics.
The Crucial Part of Performance Evaluation is the Analysis and the Presentation to the stakeholders or the decision makers.
So, having a good insight analysis tool and Presentation tool to your disposal is one of my recommended Essentials for tracking.
5. Action Tools
Having Action Tools, it sounds a little bit vague, and I admit but it is really important to take your data and then go over action to do something with the data in order to get results from your analysis process from all your Performance Evaluation Efforts.
So, having action tool is bit crucial in order to take the last step, what is an action tool well you can think about the data you have been gathering how can you take this into the next level and actually make money with this.
The Best Example is Google Analytics in combination with Google AdWords. Because you can remarket to the audiences that you gathered in google analytics straight away through connection to AdWords.
That makes your data and Segments in Google Analytics super actionable.
Another Example would be if you have Email Marketing tool having to write email marketing automation installed with the help of google tag manager phone can make it easier to identify in your analysis and take it to the test by sending out an email to those specific users that you might have identified in your analysis.
But it is also could be customer database and you send letter afterward or you can also incentivize people directly on your site by putting up personalization tool such as an Optimizely.
So, Action Tool will make your Performance Evaluation cycle complete to the full Circle Gathering the information, analyzing the information, Decision Making and then implementation.
Hope you understood, measuring the Digital Marketing success considering different tactics with the help of tools available for Performance evaluation.
My Personal Favourite is Google Analytics which led you to understand your website analytics in an effective manner.
This Led the Completion of Digital Marketing Overview where you have learned about
- Introduction to Digital Marketing
- Why is Digital Marketing Important?
- Digital Marketing Process
- What is Visitors Engagement?
- Increase brand visibility online
- What is Target Traffic?
- How to Convert website traffic into leads?
- Online Customer Retention, Importance, and its Strategies