5 online Marketing Metrics you should be monitoring
Video content is at the centre of most marketing campaigns of any business that reaches a certain turnover. It is at this point that finding a video agency or video production company that specializes in video content for online marketing is essential. Marketing is a science. Anyone who thinks otherwise doesn’t understand the true nature of marketing. Research is the at the very core of any successful marketing strategy. Without it, most businesses would be stumbling in the dark, trying to make sense of it all. The science of marketing allows you to know exactly what your potential clients want and don’t want. It even enables you to find out what they will want in a few years. That’s why knowing the market and who your potential clients are can make all the difference between a success and failure.
Digital Marketing is not all that different from the marketing that isn’t based on new technologies. Its properties are most certainly different, but its purpose is exactly the same – to attract more clients and boost the sales of your products. The success of the online marketing campaigns can be difficult to measure, but there are certain parameters that you can monitor in order to get a better picture of how much attention your company or products are getting. Here are some metrics that you should monitor if you want to improve the performance of your online marketing strategy.
Projected Return on Investment
If you are losing money on your campaign, you are not doing something right. Projected Return on Investment (ROI) is the most important factor of any marketing campaign because it shows how much profit the campaign created. It’s pretty simple, if the ROI is positive the strategy you implemented is worthwhile, but if ROI is negative you need to rethink the path you have taken.
Calculating the ROI means that you have to compare cost per lead with lead to close ratio, and then compare that figure against average customer value. For example, if you invest 50$ per lead and you close 50% of your leads, each successful customer will cost you 100$. By making more than a 100$ customer value, you can safely say that the campaign is making a profit. If the customer value is less than a 100$ you need to look for another approach to the market. You can read more about Projected Return on Investment at this link.
Lead to Close Ratio
This is much less an indicator of how well your marketing campaign is going, then it is an indicator of how well your products are selling. If you are not able to turn the leads you acquired through the marketing into sales, then these leads are more or less useless. Lead to Close ratio is the best way to measure the efficiency of your sales team.
Calculating the ratio is rather simple. Count the number of the leads, over the period of time you wish to monitor, then count the number of actual sales that the leads created during that same period, and then divide the number of sales with the number of leads and multiply it by 100. You can find more information about how to successfully monitor Lead to Close ratio here.
New Sessions
The purpose of any marketing campaign is to increase the number of visitors on your website. At times it can be difficult to tell which visitors are new and which are recurring. Google Analytics has a feature that will allow you to know exactly how many new visitors you have in a certain period of time, which can be quite a useful tool that will enable you to see how well your campaign is going.
By monitoring the New Sessions, you will be able to tell whether or not the change of the website’s interface or the change of content resulted in more visitors. It will also show you how your recurring clients react to the changes you implement as a part of your latest marketing strategy. You can find more about this feature of Google Analytics at this link.
Total Visits
Your company’s website should be a magnet for new customers. It should be a place on the Internet where your potential clients can find out everything they need to know in order to purchase any of your products and services.
The total number of visits should give you a ‘big picture’ of how well you are doing. If the total number of visits fluctuates from month to month, it might be a good idea to take a different approach to your marketing strategy. The goal of every successful marketing campaign is to attract more customers and as a result, increase the sales. The fluctuations of the number of total visits to your website are a strong indicator that the current strategy isn’t working as well as it was supposed to. A good campaign should steadily increase of total number of visitors from month to month, which is why this parameter is one of the fastest and easiest ways to determine how successful the marketing campaign is. You can find more information about what are the best ways to monitor the number of total visits here.
Bounce Rate
Bounce rate is defined as: ‘the percentage of initial visitors to a site who “bounce” away to a different site, rather than continue on to other pages within the same site.’
This metric determines how good the content of a web page is in making people explore the website more. The logic is that if the visitor liked the content of the page they visited they will explore the content of the website, if not they will ‘bounce’ to another address on the Internet.
While having a low bounce rate is terrific, having a high bounce rate is neither good or bad. A high bounce rate suggests that your website is having a lot of visitors, and that can’t be a bad indication, but it also suggests that a large number of visitors have left after just looking at the content of just one page of your website.
If you notice that your bounce rate is high, you might want to consider changing the content of your website a bit or making it more engaging and interesting. If you would like to read more about bounce rate and how to successfully use it, follow this link.
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