Of course,you can measure a digital marketing venture at its every part and can accomplish best returns on every single penny you spend. Measurability is one of the most significant factors that distinguishes digital marketing from the traditional marketing where in you can calculate ROI through readership or footfall only.
However, it’s not that simple as there is an ocean of metrics in digital marketing and you should have the correct insight about which metrics to consider and when. This is why in this post we are going to talk about the most important digital marketing metrics that you should focus on primarily. However, before that let us first have look to different situations that decides as to which metric to consider.
Situation I: Customer’s journey with your business
Now, this includes three things –first customer coming to your website, second they doing some activity on it and third the outcome. Depending on these three factors you have a number of metrics for each but in this post we are going talk about the most crucial metrics for each.
Situation II: The marketing channel is owned or rented
Whether mobile or desktop, your website is your primary owned channel. With it you own everything that’s related whether it is your domain, your blog or even the content management decisions.
At the same time, your rented marketing channels are your social existences i.e. your presence on social media sites like Facebook, LinkedIn, YouTube and so on. You do so many things here such as engaging with the audience, nurture them and so on still you don’t own this marketing channel.
“To have a triumphant marketing on web, you need both owned and rented channels.”
Now coming to the point lets go through different metrics according to these two situations.
Clicks tell you about your ads and its features as to how it is performing. You can analyze your ad copy, targeting, ad placement and so many other things and see if they are working for you and that people are getting enticed to click on your ads and go to your website.
Bounce rate helps you optimize your landing page for better results. A visitor who visits your site if does not find anything that he was looking for and that he expected while he clicked on your ad link, he will certainly leave your web page. So, this is how bounce rate helps you figure out what components are causing the visitors to leave your page depending on the series of activity they did on your website, I mean by their behavior here.
• Outcomes(Micro and Macro)
Talking about the metric to be considered for the outcome, there are two- micro and macro outcome. You can measure immediate success with macro outcome while micro outcomes help you evaluate your success in long term.
Situation IIA: (Metrics for Owned Channels)
The metric remains as same of situation I except for time spent that needs to evaluated to decide whether the customer visit on your site was successful or not. Besides, in this case you need to focus more on micro outcomes.
Situation IIB: (Metrics for Rented Channels)
When it comes to the rented channels a lot of things get changed whether it is your goals, participation options or the desired out comes. It’s less about conversions and more about brand marketing. Let’s have a quick look at a few metrics for rented channels.
You do marketing on rented channels mainly to do barding of your business and so you need a high share of voice, which is why impressions is considered as important metric in this case.
This one is an important metric for rented channels as it tells you about how effective your content and the marketing message was. It tells you about how compelling your ads are.
• Amplification Rate
It tells you about how many shares you have got on your posts and that how people are amplifying your content, which is again important for branding of your business.
• Applause Rate
As the name signifies, applause rate talks about the applause that you have got on your posts such as Likes, +1 etc. The metric not only tells you about your brand marketing but also informs you about how engaging your message was.
• Conversation rate
It measures the number of people commenting on your each post. We are on social channels to create conversation with the customers and this is how we are going to accomplish our task of using rented channels. So, you must measure the conversation rate.
Note:- To know more about other most basic social media metrics, you can read our article here where we have explained it in detail.
The best thing about digital marketing is it bestows you with a glut of data and metrics. All you need to do is to figure out which metric to considers and when. Hopefully, you must have learned about the thought process behind each metric you choose to focus on. Besides, one more thing that must be kept in mind that it is just the first step. Once you have figured out as to which metric you will be working upon you need to follow the entire step that includes measure, analyze, optimize and iterate.