To know the success of a digital marketing plan, you need to know how people are interacting with your marketing strategies. Having data on these interactions can help a digital marketing team to know if they should continue putting efforts into those strategies or if they should stop and try something more effective. It can also tell a lot about the success of its content with the intended audience. This is because it allows the marketer to measure the success of past strategies and to know what to adjust to ensure success in the future. This is done by analyzing the data that comes back from interactions with performance indicators, like KPIs.
A key performance indicator, or KPI is a quantitative measure that reflects the outcome of your marketing strategies. KPIs are measured by numerical values like, but not limited to rates, cost per lead, and clicks. There are different kinds of marketing KPIs that can be used to measure the success of a marketing plan or strategy. KPIs are valuable in digital marketing because they give you essential feedback on how your digital marketing strategies are doing and how your target audience is interacting with your content, online business, or website. It is a good way to learn what attracts leads to your webpage and social media channels. It can also give major insights into what adjustments need to be made to your plan.
KPIs are most useful when measured over a recordable amount of time. For example, weekly, monthly, quarterly, or annually. It helps you to visualize and oversee how your marketing plan is doing with consumers over varying lengths of time. Without KPIs, it is hard to know how well your product or service is doing, because in digital marketing they are the best indicators of what your audience is interested in when they connect with your brand. To better know how to attract consumers you need to know what marketing strategies work the best and which might not be useful for your intended audience. If a business isn’t keeping track of what their potential customers are interacting with the most on their website or social media channels, they may be wasting marketing resources on strategies for goods and services that aren’t grabbing their audience's attention.
There are different kinds of digital marketing strategies and KPIs. This includes website traffic metrics, Social media audience size, return on investment, social media analytics, and more. To better understand how each KPI can be beneficial to your brand it is best to know what they each are and how they can be measured.
Web traffic is based on search engine optimization strategies and the analytics that you would get from leads once they visit your website and social media channels. Search engine optimization helps you to gain visibility online and helps to retain brand awareness. When combined with analytics you can track your business's ability to attract visitors to your site. Web traffic can be measured by keeping track of the number of visitors on your webpage, the time spent on the page, and views per session for each lead.
Social media audience size is one way to track the growth of your social media following and retention. Social media is one of the most useful ways to connect with your audience and to know how well your brand is doing. For example, if you start your brand with 100 followers and use one of the digital marketing strategies and your following has doubled since enacting that strategy, you can assume that it works and continue using it. This is useful direct feedback from one of your marketing strategies.
Average time on page is the amount of time a potential customer is remaining on your website. This is important because it informs you on what interests your potential client. You are then aware of what content attracted leads to your site and what got them to remain on your site for longer periods of time. For example, If you have a website that is about beekeeping and you notice that potential customers are are lingering for a longer periods of time on a page about where to buy bee keeping materials, you can include more information on where to get these materials. You have now learned what your visitors are really interested in and can focus more of your content on where to get be keeping materials.
ROI, or return on investment is what you made after investing funds into a digital marketing KPI. For example, if you use Facebook ads to promote a product and you get 2 sales from those ads, your return on investment would be whatever you made from those products after paying for promotion. Return on investment is a very important way to measure the success of your product/service. This helps to know what you should be advertising and how much money you should spend on your next ad. This can ensure that you get a better return on investment with your next ad.
Page authority is how well your website does on search engines, its relevance in your industry, and the strength of its online presence. For example, if someone searches your business's name does it come up on the first page of the Google search results or the 5th page? Essentially you want your page to be as relevant as possible so that potential customers will be more likely to click on your site. This is why a KPI in digital marketing is so useful and important. Using tools like SEO can help to boost your page authority by using relevant keywords that can bring your website closer to the first pages of someone's search results.
The conversion rate describes the number of leads that became customers after visiting and browsing your website. It can be calculated by taking the number of people who performed the action you presented on your site and dividing it by the total number of those who bought a product/service.
The CPL, or cost per lead is how much you spend in order to get each lead to your website. For each visitor, how much of the marketing budget was used to advertise and encourage a potential customer to visit your webpage? For example, If you pay $100 for an ad on Instagram to sell mugs and 50 people clicked on the link, the CPL would be the amount you spent on marketing divided by the number of leads you generate to your website.
Impressions and Clicks are also great ways to know how many times your website or ad has been viewed. There are different ways that impressions are calculated on social media or websites. For example, The Ad Manager on Google counts impressions based on each time an ad is loaded on a potential customer's device.
If you are a business owner or someone looking to gain more traffic to their website you should use at least 3 of these marketing strategies to promote your brand. When trying to decide what KPI would be most effective for your brand you should consider what channels you are using to interact with your audience. Some KPIs work better for social media and others work best with websites. It all depends on your target audience. Monitoring impressions on social media channels like Instagram can be very useful because they can be easily monitored through the app's insight section. Most websites also have measurable analytics that are easy to navigate and understand. There are many resources for individuals to learn about the value of using KPIs in digital marketing. Though most of the strategies should be manageable for anyone who isn’t super familiar with digital marketing, there are companies that can help others who are not savvy in that field of work. One company called Connection Marketing is located in Calabasas, CA, and is a digital marketing firm ready to assist with whatever you need to grow your brand or business! If you want to know more about how a KPI in digital marketing can help bring traffic to your website, there are resources on how to navigate marketing online. If that doesn’t help, reach out to your local digital marketing company, they will be able to help you to learn what tools will benefit your brand the most!
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