5 Key Digital Metrics Every Marketer Should Know
- What is your website conversion rate? This is a fairly easy # to find out and tells you how many people that are coming to your website are making a purchase or taking a further action. The higher your conversion rate, the better! Just take the # of form submissions/phone calls your website gets within a given time and divide it by your unique visitors to your website and you will have your conversion rate. ie; if you have 20 visitors to your site in a given day and you receive 5 phone calls from those visitors then your conversion rate is 25%. It’s always a good idea to constantly be evolving your marketing strategy to achieve higher conversion rates. It’s an never ending process in reality.
- Where is your website traffic coming from? Google analytics can be a great tool when you are analyzing and probing your digital advertising. Using Analytics or another 3rd party stat tracker for your website to see how you are acquiring visitors is a must for any marketer that’s creating and evolving a digital ad strategy . Whether you use a tool like Google Analytics, SiteMeter, or another resource be sure you are able to track where your customers are finding you. By knowing where your visitors are and are not coming from, you can fine tune your online marketing efforts. For example perhaps you notice you are acquiring a lot of visitors from organic Google for a specific keyword but not from Bing. This tells you perhaps you should focus on Bing search keyword rankings and create a strategy based on what you are seeing in your analyses.
- What pages are your visitors exiting your site from? I always like to look at this metric because it’s an indicator that people may not be finding what they are looking for on your website. If I have a page on my website with a high exit rate (meaning people leave the site from the page) I always evaluate the content and titles to make sure it’s relevant and people will want to see the info on that page. ie; If people are looking for a dog to adopt form a pet store and they land on a pet store page for goldfish, that page Is going to have a high exit rate. Identify what pages have high exit rates and address the issues to solve the problem.
- What is your cost per lead or cost per sale? Being a digital marketer, this one is very important to know. By understanding what your cost per lead (or cost per sale) is can help you make educated decisions on where to spend your budget. If you are tracking your web ads with unique URL’s and tags, then tracking your cost per lead online can be a walk in the park. Knowing what your cost per sale (or cost per lead) can make the difference between a successful and unsuccessful company. Checkout sites like Call Metrics and Call Fire for good web and phone tracking platforms. You can also contact us directly and we can recommend a solution for your situation. To get your cost per sale (or cost per lead) simply divide your marketing dollars spent by # of sales for the time period.
- What is your ROI? Knowing you are getting a positive ROI on your investment is a must. When it comes to direct online sales like Adwords and Bing Adcenter make sure you are using call forwarding and form conversion tracking. These technological features make tracking ROI a breeze. Tracking social media and SEO ROI can be more difficult but it’s still possible. By tracking your ROI with landing pages, and 3rd parties you can keep tabs on what you make for every dollar you spend. ROI is a must for any digital marketer if they want to be able to make informed decisions that will result in the highest profit margins possible. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment.