Measuring the effectiveness of digital marketing is one of the biggest challenges facing businesses today.
Comprehensive digital marketing analytics must be used to be able to properly assess the effectiveness of marketing campaigns. However, when most marketers hear the term “digital analytics,” they think of web-based metrics related to well-known analytics such as Google Analytics, which analyzes traffic, bounce rate, and unique visitors. tend to.
But that’s just the tip of the marketing insights iceberg. Web analytics provide deep insight into website performance, but marketers need richer data to understand the impact of their marketing campaigns on conversion rates and buyer journeys. Digital marketing analytics, on the other hand, provides a broader perspective on what’s working (and what’s not) in your marketing strategy.
Learning how to understand and use digital marketing analytics is very important, regardless of how it fits into your company’s marketing mix. Analytics data not only tells you if your marketing is working, but also shows you exactly where and how you can improve. Anyone can benefit from this kind of insight.
We want you to master marketing analytics to grow your business better. Below we explain what marketing metrics you should monitor, how to read them and apply them to your marketing decisions, and how to use them to grow your business and profits.
How would you describe it in simple terms? Analytics draws the line between opinion and fact by providing businesses with data-driven insights about user behavior.
Before we discuss how to use digital analytics in your business, let’s talk about what marketing metrics you measure and analyze.
- 1 Digital Marketing Metrics to Know
- 1.0.1 Free Trial Conversion Rate
- 1.0.2 Pop-Up Conversions
- 1.0.3 Ratio of Generated Leads to Marketing-Qualified Leads (MQL)
- 1.0.4 Leads to Close Ratio
- 1.0.5 Open Rate
- 1.0.6 Opens by Device
- 1.0.7 Click-Through Rate
- 1.0.8 Bounce Rate
- 1.0.9 Unsubscribe Rate
- 1.0.10 Engagement Rate
- 1.0.11 Follows and Subscribes
- 1.0.12 Shares
- 1.0.13 Audience Growth Rate
- 1.0.14 Post Reach
- 1.0.15 Potential Post Reach
- 1.0.16 Share of Social Voice
- 1.0.17 Approval Rate
- 1.1 Best Metrics for Ecommerce
- 2 1. The Relationship Between Marketing Channels
- 3 2. People-Centric Data on the Buyer’s Journey
- 4 3. Revenue Attributed to Specific Marketing Efforts
Digital Marketing Metrics to Know
Digital marketing metrics are statistical metrics that marketers use to determine the success of various marketing efforts in the light of overall campaign goals and industry standards.
First, let’s clarify vanity metrics. These are superficial numbers that often lead you to believe that your efforts are paying off. These are often big numbers associated with vague concepts like “social media impact” and are more vague than fact. These make the marketing team feel good, but have little business value.
Free Trial Conversion Rate
Free trial conversion rate is the percentage of free trial users who become customers.
Popup conversions are the percentage of all completed popup forms that lead to customers.
Ratio of Generated Leads to Marketing-Qualified Leads (MQL)
The ratio of leads generated to MQLs is the total number of “matching” leads collected by the lead magnet compared to the total number of leads generated.
Leads to Close Ratio
Lead close rate is the percentage of leads converted to customers compared to the total number of leads.
best metrics for email marketing
Below are some digital marketing metrics related to email marketing.
The open rate is the ratio of emails opened to the total number of emails sent.
Opens by Device
“Opens by Device” is the total number of emails opened by device type (smartphone, tablet, desktop, etc.).
Click-through rate is the percentage of all email link (CTA) clicks to total email opens.
Bounce rate is the ratio of undeliverable emails to total emails sent.
Unsubscribe rate is the percentage of people who unsubscribed from your email list over a period of time.
Best metrics for social media
Below are digital marketing metrics related to content and social media.
Engagement rate is the total number of engagements (comments, clicks, likes, etc.) over the total number of views for a page or post.
Follows and Subscribes
Followers and subscribers are the total number of people who are interested in your content and want to receive updates when new posts and pages are published.
Shares are the total number of times a post or page has been shared on social media, websites, or blogs.
Audience Growth Rate
It refers to the growth of your social audience over time, usually expressed as a percentage. To check this, measure the number of new social followers over a period of time (such as 2 weeks or 1 month), divide it by the total number of followers, and multiply by 100.
The broader your social media posts, the better for your brand. With a digital marketing analytics platform, you can find out how many of your social followers have seen your last post. Divide this number by the total number of followers and multiply by 100 again to get your post’s reach percentage.
Potential Post Reach
It’s also worth evaluating how far your contribution can go. To find this metric, multiply the total number of mentions of your brand by the number of followers of the person or brand that mentioned you. The result is your “theoretical reach”, the maximum number of people you can reach with your current network. Potential range is typically 2-5% of this total range.
How do your social mentions compare to your competitors’ social mentions? First, look for mentions of your brand (both direct @Yourbrand and indirect Yourbrand promotions), then direct competitors over the same time period. Measure other companies’ mentions to see how your company is performing.
It’s nice to be mentioned, but it’s better to be liked. That’s the purpose of measuring support, to determine how positively your followers interacted with your posts. This includes likes, shares, reshares, and even sales conversions to ensure your marketing campaigns are on track.
Best Metrics for Ecommerce
The following are digital marketing metrics associated with ecommerce.
Shopping Cart Abandonment Rate
Cart abandonment rate represents the total number of online shoppers who added items to their cart but did not complete the purchase compared to the number who completed the purchase.
Sales Conversion Rate
More conversions means more sales. Therefore, it is important to measure conversion rates across sales. Of all the customers who visit your website, how many click through and make a purchase?
It’s also worth measuring “mini-conversions”. B. Navigate from the home page or category page to a specific product page to show the customer’s positive appetite for sales conversions.
Email Marketing Opt-in
In addition to purchasing options, e-commerce websites often include email marketing opt-ins that keep consumers informed about new products and sales events. Measuring total opt-ins and opt-ins by source (mobile, desktop, or platform) helps you quantify your marketing efforts.
Customer Acquisition Cost
Customers are not always cheap. To find your total cost of acquisition, divide your total marketing budget by the total number of customers. The higher the number, the higher the expenditure and the lower the profit margin.
Average Order Value
It is also important to calculate the average order value. Divide total sales by the number of shopping carts. The higher the number, the better. Then look for ways to increase your average order value, such as offering additional items, bundle discounts, or even free shipping.
Revenue by Source
where does your income come from? This metric helps you identify where your marketing budget is being spent optimally and where it’s not performing as intended. For example, if your traffic analysis shows that your Facebook followers are associated with significant sales conversions, but your Instagram followers are almost none, then it’s worth re-evaluating your marketing campaign approach.
This section outlines key marketing metrics by channel. You may see different metrics depending on the software you use and the marketing channels you follow. Why is digital marketing analytics important? Why is digital analytics so important today, and how does it compare to (and improve upon) the insights that simpler web analytics can provide? or). It’s easy. Web analytics (like many of the metrics defined above) alone won’t help.
For marketers who need to understand how their work impacts the overall marketing and sales flywheel, the data provided by web analytics alone is not enough.
Let’s be honest, marketing today goes far beyond her website. This includes how your marketing channels interact, what insights you gain from their results, and progress tracked through reports.
This perspective provides the basic data needed to build a flywheel and satisfy existing customers in a way that enables new customer acquisition and retention. Web analytics measures what is important to a webmaster and her technical SEO specialist. Something like this: B. Page load speed, page views per visit, time spent on website.
Digital marketing analytics, on the other hand, lets you measure business metrics like traffic, leads, and sales to see what online events lead to conversions.
Digital marketing analytics includes data not only from websites, but also from sources such as email, social media, and organic search.
How Digital Marketing Analytics Connects Every Business Activity
Digital marketing analytics allow marketers to understand not just the effectiveness of their website, but the effectiveness of their overall marketing strategy. Using digital marketing analytics, marketers can see how their individual marketing strategies (e.g. social media vs. blogging vs. email marketing) compare to each other and determine the true ROI of their efforts. and understand how well you are meeting your goals. business goals.
The key question is how do you structure the right business objectives to most accurately represent your marketing team’s efforts? Thanks to the information that can be gleaned from comprehensive digital marketing analytics, marketers can also diagnose deficiencies in specific channels in their marketing mix and adjust strategies and tactics to improve overall marketing efforts.
You can spend hours analyzing data with web analytics tools comparing new and returning visitors from month to month. Ultimately, though, you don’t get a truly comprehensive picture of your marketing performance.
Marketers no doubt recognize the lack of ways to measure the effectiveness of their actions. Learn how comprehensive digital marketing analytics fills that gap. Digital marketing analytics is the first step in developing a strong digital marketing analytics strategy. This process allows you to structure your business goals into outcomes based on three broad categories:
Relationships between different marketing channels
Human-centric data about the buyer journey
Revenue from certain marketing activities
Let’s focus on these key differentiators.
1. The Relationship Between Marketing Channels
Digital marketing analytics provide deep insight into the direct relationships between marketing channels. While it’s great to be able to see the performance of individual channels (social media, blogs, email marketing, SEO, etc.), the true power of analytics comes from simply measuring the impact of multiple linked channels. will be Co-starring.
Suppose you send an email to a section of your database. Digital marketing analytics can tell you not only how many people clicked on your email and landed on her website, but how many actually converted to business leads after visiting your website.
Additionally, you can compare the impact of this one email send by him to other marketing strategies. Did that email generate more leads than the blog post you published yesterday? Or was the content you shared on Twitter more effective?
2. People-Centric Data on the Buyer’s Journey
As mentioned earlier, the main difference between web analytics and digital marketing analytics is that the latter is person-centric rather than pageview-centric.
With digital marketing analytics, you can track how individual prospects and leads interact with various marketing initiatives and channels over time. How did a single lead land on your website in the first place? From Google? Facebook? direct traffic? Are these prospects an active part of your email subscriber base and are they converting by clicking on marketing offers presented in your email? Are they reading your blog and /Are you downloading content that may indicate interest in the service?
Full-stack digital marketing analytics provide a wealth of information and provide invaluable lead information to help orient future campaigns.
All of this information helps you understand your prospects and prospects trends, and what marketing efforts are valuable at different stages of the buyer buying process. You may find that for many customers, the final conversion point was a specific e-book or white paper. With this data, you can implement an effective lead management process that can score and prioritize your leads and identify activities that contribute to your business’ Marketing Qualified Leads (MQLs).
3. Revenue Attributed to Specific Marketing Efforts
One of the most useful features of marketing analytics is the ability to attribute specific marketing efforts to revenue. Sure, your blog is effective at generating leads, but do those leads actually become customers and generate revenue for your business? Closed-loop marketing analytics can tell you that. increase.
The only requirement for this is that the digital marketing analytics system is connected to a customer relationship management (CRM) platform.
This non-public data helps determine whether individual marketing efforts are actually contributing to the company’s bottom line. This allows you to identify which channels are most important for driving sales.
You may find that blogging is the most effective channel for customer acquisition. Or conversely, you may find that social media is only effective as an interaction mechanism, not as a sales channel.
By measuring relationships across marketing channels, tracking person-centric data, and analyzing what actions lead to what revenue, you can set goals that support revenue. Now let’s talk about how to use these marketing analytics effectively.
Read more on digital marketing, visit Mezink, download now!