“Any marketer who has dabbled in Google Analytics can attest to the fact that the sheer amount of data available can be overwhelming.”
Digital marketing lets a brand connect with its target audience online through email marketing, Social media marketing, PPC advertising, affiliate marketing, and a lot more.
Digital marketing is one of those technologies that will continue to skyrocket in the future. Over the last few years, the desire of businesses to go digital has accelerated to a rapid phase.
To accurately measure your return on investment, it is crucial to identify all the key metrics that you want to track. The trends of digitalization have been constantly emerging towards a bigger goal and a more reliable network.
In this blog, you will see 9 powerful digital marketing metrics which will help you measure the ROI of your digital marketing efforts & show you the areas which need adjustments.
Is Digital Marketing The Next Big Thing?
The pandemic has transformed the marketing world with a major online hustle when it can’t be operated offline. This stage witnessed a profound change and terms like SEO Social media marketing, and email marketing are more prevalent than before.
Today, it has expanded to reach almost all digital devices in the form of content, blogs, videos, and surveys and penetrated to the deepest roots of the internet.
The main reason why it is upscaled is due to its cost-effectiveness and wider range which can be tailored as per the needs of the businesses. Also, it is comparatively easier to learn and implement as compared to other traditional marketing methods.
As a result, online marketing, in the future, will expand to reach more potential customers.
9 Powerful Digital Marketing Metrics
You must have identified the key metrics you want to track to cut through the noise and accurately measure the ROI of your digital marketing efforts.
Let’s take a look at 9 key metrics that will help you determine the ROI of your digital marketing efforts, as well as identify any deviations.
- Cost Per Lead
If you are generating enough leads on your website, the next step is to track the amount you are paying for each lead.
With this, you can have an insight into the performance of your marketing efforts and what you need to do for making better budget decisions.
- Lead Close Rate
Lead close rate shows the percentage of leads that convert. This data integrates the analytics and keeps a close eye on the lead close rates for showing up where you are lacking.
This ensures that your digital marketing efforts are going on the right track and controls irrelevant acts.
- Average Order Value
Average order value is a crucial metric for marketers to keep track of profits, manage revenue growth, and report a profit.
A small increase in average order value can result in thousands of dollars in new revenue, and it’s often as simple as improving the user experience and offering up-sell opportunities.
- Customer Lifetime Value
Customer lifetime value shows the total net profit with a particular customer which is another great metric for planning and measuring the next strategy.
It helps in knowing the market segmentation and a better focus on high-value customer segments for advanced decision making.
- Customer Retention Rate
Customer retention rate shows the number of customers who stay Vs the number of customers who leave. It can be set to any specific period like a month, quarter, or year.
By this percentage value, a business can see whether they are having a red or a green flag as per their mode of operation & take specific actions based on that.
- Cost Per Acquisition
Cost per acquisition (CPA) is a marketing metric that calculates the total cost of a customer taking an action that leads to a conversion.
It could be a sale, a click, a form submission, or an app download, but in most cases, it will be a sale, a click, a form submission, or an app download.
- Click-Through Rates
The click-through rates of blogs can provide valuable results to any business without any additional cost.
Since these blogs have high bounce and exit rates, you have to carefully implement every aspect to see significantly high growth.
- NPS (Net Promoter Score)
NPS (Net promoter Score) is a metric that indicates whether customers are recommending the products or services to other people.
It works on a scale of 1-10 which further helps you to measure and improve the new and successful marketing strategies and tactics.
- ROAS ( Return in Ad Spend)
ROAS (Return in Ad Spend) is a perfect metric to identify the functioning of your advertising and paid campaigns.
When reviewing performance, comparing channel spending, and forecasting for the future, this is especially important. According to Research, marketers who use this strategy generate three times more revenue.
The Bottom Line
In all countries, a significant portion of the population is becoming more internet savvy.
With both the online and offline worlds rapidly expanding, brands must seize this opportunity to enter the digital world to reach a larger audience.
Digital Marketing is the key to unlocking a new world of possibilities for you. There has never been a better time to begin your career in this exciting field.