If we were to define it in a few words, we would say that it is the one developed based on Digital Marketing course metrics. How to build a successful Digital Marketing strategy? But more than that, it must be monitored and re-evaluated when necessary.
Defining Your Digital Marketing Metrics
To define the metrics that you will use in your strategy, you must understand the business and check your history with Digital Marketing course. That is, you must make a diagnosis of Digital Marketing course.
To carry out this diagnosis, first understand your market: your customers, competitors, the economic scenario, consumption trends, etc. Next, you must assess the stage of your business. Are you starting? Already have a good number of customers? Need to boost sales? Attract more leads (potential customers)?
Finally, check the strategies performed earlier. See what brought you results and what went wrong, and try to understand why. With all this information in hand, it is easier to set one or more goals with Digital Marketing. We will now look at 11 of the leading Digital Marketing metrics and why they are essential for your business.
- Conversion rate is the percentage of people who took specific action about the number of people attracted to that action. You can measure, for example, the number of people who purchased a product about the number of those who visited the link of an ad for the same.
- If your conversion rate is too low, it could mean that you are attracting the “wrong” audience. So, you can make adjustments to your ad or website to get an audience interested in taking the desired action.
- The number of visitors is the number of people who have accessed a page on your website. You can verify this data in a Google Analytics account. You can view data for the last month, the previous week, or any time range you want.
- With this number, it is possible to have insights when comparing the hits of a particular period with another or a specific page with another. However, it is essential to remember that this data must consider other data so that the insights are more accurate.
CAC (Cost Per Customer Acquisition)
- CAC is the cost per customer acquisition. How much investment is required for a customer to be acquired? It is essential to track this metric in each channel and specific strategy to understand it better.
CPL (Cost Per Lead)
- CPL (cost per lead) is invested for each information gained. It represents how much it is necessary to support each potential customer individually.
- It must be measured with the CAC (customer acquisition cost) so that investments and their results are better controlled.
ROI (Return On Investment)
- Return on the investment made. The following formula is used to calculate it: ROI = (profit – investment) / investment.
- Using this calculation for each specific strategy makes it possible to see what is bringing the best return and what is being “wasted.” So you can always review your investments to get a better return.
- The percentage of marketing emails opened by users about the number of marketing emails sent.
- It’s essential to evaluate the open rate to see what’s working and what’s not. So you can test new strategies and stick with the ones that result in the highest available speed.
- The percentage of people who landed on a page without taking any action.
- For example, when you have a high bounce rate, it can mean that you are attracting a different audience than the one that could be your customer. Furthermore, a high bounce rate can also represent that there are elements (content, information organization, design, etc.)
CTR (Click-Through Rate)
- Percentage of clicks on a given page or ad. This metric is commonly used in Google Ads, Facebook Ads and Instagram Ads.
- To calculate the CTR, you must divide the number of clicks by the number of impressions. The result, then, must be in percentage.
CPC (Cost Per Click)
- Monetary amount invested for a user to click on a link on a page.
- When the cost per click is too high, it can mean that the action is not very profitable. Otherwise, if the cost per click is low, the movement must bring a good return.
- Several people engaged with a given ad. Most used in social networks, it can represent clicks, likes and reactions.
- This metric is directly associated with the relationship. Therefore, it serves to analyze your audience’s feelings towards your brand.
LTV (Lifetime Value)
- How much a given customer spends on their entire relationship with the company. That is, how much he is worth to her.
- Lifetime Value (LTV) is essential to create specific Digital Marketing strategies for customers according to how much they spend separately.
How To Get Insights From Your Digital Marketing Metrics
Throughout your strategy, it’s essential to track your metrics and gain insights into them. These insights must be made by evaluating other metrics and the context. That is, metrics cannot be assessed in isolation. Having the insights in hand, you must then draw up a new Digital Marketing plan with actions that are based on them.