Multiple digital interactions in a customer’s purchase journey provide invaluable marketing data to your business. You have multiple touch points for data collection including clickable ads, social media, websites, emails, website payments, and mobile apps. To evaluate your current digital marketing campaign, a data-based approach can give more concrete answers.
Here are a couple different ways to assess the performance of your marketing campaign using data analytics:
1. Measuring Sales Revenue
Whatever your industry, you likely want to attract more business and close deals regularly. Every marketing task in your campaign usually ties to promotion of sales.
To determine the success of your marketing strategy, find the best analytics tools to track sales revenue. The right sales revenue tracking tool not only gauges the performance of your campaign but also provides invaluable data for future decision making.
2. Tracking Site Traffic
Website traffic is an important metric for every online business. If you have invested in internet marketing, the volume of web traffic is an easy way to assess the success of your campaign. With higher traffic flow, you can increase the chances of conversion.
If you have a solid lead generation strategy, the traffic can translate to conversions. Similarly, if you have narrowed down your target audience, you’ll usually attract relevant traffic. Google Analytics is an example of an efficient tracking tool for your site’s traffic.
With the right analytics tools, you can check traffic by source, device, time on page, bounce rate, and user clicks. The data give a conclusive picture of your marketing techniques.
3. Measuring Lead Generation
Lead generation is at the heart of any digital marketing campaign. Without solid lead generation strategy, you’ll often have a difficult time meeting any of your KPIs. Successful lead generation campaigns translate to higher sales. With so much time and resources required to generate leads, measure the performance of your campaigns.
Some of the lead generation metrics to track include click-through rate(CTR), conversion rate, time to conversion, ROI, time on page, lead generation rate by channel, and cost per lead. As a business owner, you have a lot on your hands to keep up with the lead generation process and measurement. Digital marketing professionals can competently handle the processes in the background and deliver easy-to-read reports.
4. Tracking ROI
The return on investment (ROI) is a critical metric when assessing the performance of your digital marketing campaign. By tracking your campaigns ROI, you get a picture of how the money that you spent affects your company’s bottom line.
Measurement of ROI helps you determine whether the marketing efforts have paid off or you need a change in strategy. Common metrics to gauge the ROI of digital marketing include conversion rate, cost per lead, lead close rate, average order value, customer lifetime value(CLV), and cost per acquisition. With the best ROI analytics tools, you get crucial data to improve your future marketing campaigns.
5. Evaluating Social Media Marketing
As a business owner, social media is one of the most important marketing frontiers. About seven in ten Americans connect through social media networks. Social media marketing helps you target millions of potential customers. With the right analytics tools, you can track the success of your social media campaigns.
Key social media metrics to track include brand awareness, audience growth rate, post reach, potential reach, and average engagement rate. Other social media marketing performance statistics include viral rate, conversion rate, click through rate, bounce rate, and conversion rate.
Performance data critical the success of your digital marketing campaign. A digital marketing agency can help you with seamless marketing evaluation using the best analytics tool. Talk to us at Grow Team, and let’s link you to the best digital marketing agency that suits your business needs.