Published By: Admin
Posted On: 30 Apr 2018
Putting efforts in Digital marketing is meaningless until unless the success rate is measured. Knowing where you stand in the race and how you are performing in the market, especially while doing SEM marketing in your business model, this becomes an important concern. This statistic can set a difference between the wishful thinking and reality. There are essential Key Performance Indicators (KPIs) that can help in calculating and analysing your marketing campaigns. Every business has certain pre-set goals and depending on these goals, right KPI can be chosen to determine the success rate. Your business goals could be one of the following and based on the goals, there are methods to measure your accomplishment.
Majority all businesses focus on generating more and more leads, be it B2B or B2C. In both categories, your business focuses on increasing the clientele. To track the leads, there is metrics involved
Usually there are forms in the websites, either a contact form, or an enquiry form, or could be a feedback form. People fill up these forms and submit on the website. Google analytics is a powerful tool to help track conversions made though form filling.
For businesses that can push sales through mobile phones, tracking leads is very important. You can do this by setting up Dynamic Number Insertion (DNI) and know how visitors came to your website and from where.
There are many websites that offer live chat sessions for the ease of customers. The conversions made through these live chats can also be mapped through a built-in tracking system or connecting Google Analytics into your chat algorithm.
When you want to know how many people after visiting your website, how much time are they spending on the web pages, etc., Google analytics tool is there. It can give you detailed count, from which device you are getting more sessions, from which city, state, or country. You can set parameters in Google Analytics tool, based on your business type.
This is a very helpful pricing model for pay per click advertising where you pay for a specific acquisition like a sale, click, or submit a form. With CPA, you can come to know how many acquisitions are happening. Similarly, using Cost per Conversion, you can come to know the number of conversions through that click.
If your business aims to set up a presence for its potential customers, then the strategy should be decided, keeping the goal in mind. Here, in this case you will need to focus on other metrics mentioned below. Though the ones discussed above are equally important.
This is the basic metric that tells you how frequent your ads are being shown to the target audience. This helps to monitor the actual traffic on your website. Social media marketing is a great platform for this purpose. You can run ads n Facebook, Instagram, google, YouTube and keep a track of total number of impressions.
It basically tells you rate at which there are clicks based on the number of impressions. This can help you analyze how your keywords and ads are performing.
When you are creating a brand awareness among a set audience, it is very important to know how many new users are getting engaged. This definitely shows your impact on the potential customers. This can be found out using Google analytics tool.
The simplest way to know how much you are earning or how is your website performing on internet, in terms of sales, all this can be monitored by Google Analytics tool. There are other tools available as well, to track your online sales. All you need to do is pasting a small snippet of code on your website.
This tells us about the percentage of people visiting the website, whether though desktop, mobile or any device, and making a transaction.
It tells about the revenue generated by a single purchase on an average. This helps to keep a track of your business performance on a regular basis.
Thus, in e-commerce websites, revenue is nothing but traffic multiplied by Ecommerce Conversion Rate and Average Order Value. The value of these parameters might go up and down from time to time, but goal is the increase the revenue. With this formula, it will be easier to understand which factor is playing the game.
Wrap-up:
There is ample metrics available but making the right choice the most important. You should know what your goals are, what the outcome is, and your expectations from that, how you can bridge the gap between the goal & reality, and then only you can make a judgment. Ultimately, what’s important in your business is success, immaterial of how good or bad your web presence is.
