Sales. Everyone wants (and needs) sales revenue. It takes good brand positioning, artful strategy, well-crafted communications and solid planning.
It also takes metrics. John Wanamaker, a man considered to be an early pioneer of marketing famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Today’s marketing is eminently more trackable than days of the past.
Where to Start?
Start with a vision of building your marketing efforts based on solid measurable data, then inspire and empower your team to access and analyze the metrics in order to apply good insights.
3 Ways to Consider Effectively Measuring Your Digital Marketing Metrics:
Focus on Sales and Audience Behavior
The ultimate metric is the sales or audience outcome that you most want to achieve. Awareness can be up, leads can be trending, website clicks may be improving, etc., but those don’t matter unless you are driving business impact.
Track 4 key metrics
- Your website traffic analysis will enable you to measure the metrics of website interest: visitors, time spent on-site, bounces.
- The number of new leads or potential customers that are coming to your website or in response to your email or other marketing tactics. This is the measure of potential—consider it the ‘funnel’ of pre-sales.
- The conversion rate from leads to sales shows the process of moving a prospective customer into a ‘money in the bank’ acquisition.
- The cost per advertising conversion is an efficiency measure. This is the amount of your advertising spend, divided by (based on your goals): phone calls received, email addresses captured, and sales generated.
- Look at audience demographics to see if you are attracting the type of customer that you are targeting.
- Use Google Trends to see how people engage with your industry.
- Look at queries. How are people conducting searches for products or services such as you offer?
Be focused on great data metrics to achieve success in your marketing efforts.