Measuring results is a crucial aspect of every digital marketing strategy. Your results help you evaluate your strategy’s effectiveness and show areas you can improve.
Digital marketing metrics like conversion rate and content view help you do that. Generally, your choice of metrics should depend on your marketing goals.
But the metrics for evaluating digital marketing performances have evolved with changes in marketing strategy.
This article will look at the top 4 digital marketing metrics every business owner or digital marketer should track in 2022.
1. Content Views
A major objective of most digital marketing campaigns is brand awareness. Well, that won’t work if nobody is seeing your content. In fact, you can’t meet any of your marketing goals if nobody sees your content.
The interesting thing about content marketing is the compounding effect. The more views you get, the more organic views you can expect.
So, if ten people find your content interesting or informative, only one or two might engage with it. If 100 people like your content, ten or twenty might engage with it. These ten people draw in an extra 100 people from their network who might share it with others within their unique networks.
Therefore, the more views you get on your content, the more likely your content will go viral. So, getting as many views as possible on your content is essential.
Here are some ways you can tweak your content to get more views:
- Put out high-quality content
- Use attractive and catchy content design
- Use images, videos, and animations
- Post your content with click-worthy captions and titles
- Build your social media reputation
Increasing page views might seem challenging, but it gets easier with time. As your page gains traction, you will experience more organic increases.
Apply the following tips to increase your page views:
- Optimize your website and social media accounts
- Add fresh, relevant content regularly
- Promote your website and other channels regularly
Measuring views is straightforward. You can check your website admin dashboard to see how many views and engagement your page gets. You can also use the platform’s analytics tool or third-party tools for social media channels.
Third-party and advanced tools like BuzzSumo and Sprout Social can help you measure and generate compelling content.
2. Cost per Lead
The end purpose of any content marketing campaign is to generate sales. Lead generation is a vital part of that sales process. It is the crucial key to finding new clients and retaining old customers.
However, as many businesses cut operating costs to break even, there is the need to ensure that every dollar spent on lead generation provides significant returns.
Tracking the cost per lead metric allows you to streamline your digital marketing strategy to make the most out of your investment in lead generation.
The best way to measure cost per lead is to measure the metric for each marketing campaign. Divide the cost of the campaign by the number of leads it generated. The final result gives you the average amount you spend on each prospect.
We recommend Social Pilot for measuring and optimizing your marketing strategy across your website and social media platforms.
3. Conversion Rate
Lead generation is only the first step. You also need to convert these leads into buying customers or paying subscribers.
The conversion process is not often straightforward; it depends on the prospect’s intent and their level on the buyer’s journey. A lead that just wants information will take longer to convert than a customer actively looking for solutions to their problems.
But your marketing strategy also influences the conversion process. These include your website experience, ad copy, relationship building, incentives, and CTAs.
When measuring your conversion rate, you should only focus on factors within your control. If you are measuring the conversation rate of your website, you want to focus on:
- Website design and navigation
- Marketing content
A good benchmark is 2-3%. That means 2 or 3 people out of every 100 visitors should perform the desired action, such as scheduling a call, subscribing to our email list, or making a purchase.
You need to work on your website if you are not hitting this benchmark. Implement A/B testing until you find the suitable elements to help you convert visitors to activate customers/subscribers.
For other digital marketing types like email marketing and social media marketing, you must highlight what is not working with your campaign and work on them.
For example, the critical factors for email marketing are:
- The subject line
- Delivery times
You can modify one or two elements at a time to find the right option that helps you convert your readers to take the desired action.
You can also employ powerful marketing automation tools like ActiveCampaign to accelerate conversion rates and provide relevant stats for optimization.
4. Customer Lifetime Value
The customer lifetime value (CLV) metric measures how much value you can expect from a customer over time. It looks at how much the business has received and how much it can expect the customer to spend on repeat and new purchases.
But CLV requires many factors to compute accurately, including customer behavior, brand loyalty, and spending habits. It also considers the importance and satisfaction the product gives the customer.
A great way to increase a customer’s lifetime value is to make it easy and rewarding for them to purchase from you. You can do this by providing excellent customer service, offering regular discounts and incentives, and providing personalized e-commerce experiences.
There are many approaches when it comes to calculating customer lifetime value. One simple and common practice is multiplying the average order value by the number of orders placed over the customer’s lifetime.
Wrapping it Up
There are so many metrics to measure when it comes to digital marketing. To get the most out of measuring digital marketing metrics, you should:
- Choose one metric to measure at a time
- Gather relevant data
- Analyze the data and look for areas that need improvement.
- Take action based on your analysis.
The key areas to focus on are content marketing, lead generation, conversation rates, and customer lifetime value.
A digital marketing strategy built on these four factors will provide significant investment returns. The principal requirement is to constantly evaluate your marketing strategy’s performance and make improvements when possible.