Author: Ajay Chauhan, Co Founder, SalezShark
As most business functions have gone online, there are more and more companies investing increasingly high amounts of money in all things digital. At a stage where everything – right from advertising, to marketing and selling- has reached digital platforms, it is even more critical to truly understand where these companies are deriving maximum profits from.
Putting in bucks blindly on digital outreach strategies is probably not the wisest decision. As a digital marketer, one should define certain parameters that could actually help measure the growth of the company.
Just to define the importance of these metrics, let’s say, that these parameters will be a sure shot success formula, only if you optimize them in the right way.
1. Sources of Traffic- The digital space can be a little complex, as each product would probably have to adopt a different approach on this landscape. From SEO, social to paid search and email campaigns, this space is almost reaching the brink. Digging into it and pointing down which channels have been working the best for you can be quite a task, but, a task not to be ignored.
2. Number of Leads: At the end of the day, all that a digital marketer aims to achieve is a good number of Leads. Assessing this figure can give you a good insight into your digital marketing strategy. Attracting visitors, and relevant ones is one of the basic objectives of digital marketing. More often than not, this is the one single foundation for building any digital marketing strategy.
3. Conversion Rate (Leads to Sales): Another good indicator of your success on the digital front can be your conversion rates. If you are able to find out the number of people who are actually converting into your valuable customers, you will know what’s working in your digital plan. On the other hand, if the number of conversions are not very satisfactory, that would be your hint to change the game!
4. Investment in Content: Another key component of any digital marketing strategy would be the content being pushed online. If you are investing the right amount at the right places, including blogs, social content, ads, SEO articles etc., you will definitely receive some great outcomes. Measuring your growth against the content can actually prove to be a very helpful factor for determining your digital marketing plan.
5. Page Views & Unique Visitors: You would definitely want to know whether you are actually attracting new visitors or is the same set of people visiting your site or page over and over again. If you have a growing number of unique visitors, you know that you are reaching out to a wider audience, who are actually interested in your product. This gives you a good indication of the size of the audience that your product/ business might be catering to.
6. Rate of Return Visitors: Once you find out that a particular visitor has decided to visit you again, it’s a straight indicator of his interest in your business! All you gotta do is, optimize the opportunity and figure out a way to convert this return visitor into a real Lead!
7. Keyword Performance: To improve efficiency of your Google and SEO activities, relevance of the keyword play quite a critical role. Instead of having a bunch of keywords that are not relevant and will only lead you to putting in wasted efforts to yield results next to nothing. So, spot those low performing keywords and get rid of them!
8. Engagement on Social Channels- Spectacular Content wins it all! While businesses spend millions of their money on increasing their visibility on social channels, they should actually be investing in building impressively engaging content. Once you see a rise in the social media engagement, you would know that your digital marketing strategy is moving in the right direction.
9. Average Time on Site: May marketers make the mistake of overlooking bounce rates and average time spent by a visitor on their site. I call it a mistake, because this important number can actually tell you that your website might be lacking somewhere! With these numbers you get an insight into how your visitors are probably interacting with your website. In fact, analyzing a report on this would also help you build a more specific content plan for your digital platforms.
10. Mobile Traffic: Mobile has completely taken over the digital space. In a situation like this, ignoring mobile traffic can be fatal to your business. From companies optimizing their websites for the mobile platform to businesses releasing mobile applications, everything points at the drastic growth potential mobile holds today. Have a mobile marketing strategy in place and maximize it to its best.
Digital marketing can be a tricky task at times. But, measuring your ROI on anything that you are closely involved with is probably the best way to understand its worth. It helps you decide whether you are headed in the right direction or not. In addition to this, it also lets you maximize on the effectiveness of certain strategic as well as tactical decisions.
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