Marketing is an area that has always been evolving and changing, but now it changes more rapidly and evolves more quickly. Marketers today need to always be aware of new trends along with emerging trends on the horizon. Also, best practices continue to develop and be refined by experts in the industry. You might not be completely new to digital marketing, but things change so quickly. What was important as little as a year ago might not be important today.
In this post we’re going to take a look at 7 digital marketing metrics that you should be measuring in 2019.
1. Mobile Traffic
More and more people are visiting websites on their phone instead of on a home desktop or a laptop. Many sites are now reporting that mobile users exceed other users, which has led to mobile first web development.
Why? Simply because almost everything can be done on a phone or tablet. We can use our handheld devices to order groceries, shop for clothes, and plan full overseas holiday.
What if you’re not much mobile traffic reaching your website? It could be that your website isn’t optimized for mobile or isn’t mobile friendly. Google does consider mobile optimization in search. If this situation sounds like yours, it’s time to sit down with your web development team or contact 3 Cats Labs to determine how your website can be improved.
2. Channel Specific Traffic
The traffic coming to your website is generated from a wide variety of sources. Some of your website traffic sources might include:
- Direct Traffic: This is when visitors come to your site without clicking on a referral link. For example, when a user types in your website’s URL in their web browser.
- Referral Traffic: When a user clicks a link on a different website that directs their browser to your website.
- Organic Search: When users find your site via a search engine.
- Paid Search: When users find your site through paid ads and sponsored listings.
- Social Media: When a user clicks a link on a social media site that directs them to your website.
- Email: When a user follows a a link that was embedded in an email and it directs the user to your website.
Monitoring traffic sources is important. Traffic analytics will help you identify your audience and where people interested in what you have to offer can be found. You’ll also be able to determine which sources are the most valuable and you can effectively allocate resources.
3. Cost Per Lead
This is a measure of how much it cost for a specific campaign to generate a lead. Calculating the cost per lead for your digital marketing campaigns is easy because you only need to use simple math.
Cost of Campaign / Number of Leads = Cost Per Lead
Example: $1000 / 10 Leads = $100
Your Cost Per Lead is $100.
Knowing the cost per lead will help you measure and gauge the effective ness of your campaign. Simply, the lower your Cost Per Lead the more effective your campaign.
4. Close Ratio
Looking at your Close Ratio is another way to measure the effectiveness of your digital marketing campaigns. How this differs from Cost Per Lead is that the Close Ratio measures conversions.
Calculating this ratio is also easy to do. You’ll take the number of conversions (i.e. successful sales) and then divide that number by the total number of leads generated by the same campaign. The multiply by 100 to convert the ratio into a percentage.
Number of Conversions / Number of Leads x 100 = % Closed
Following on from the example used in the previous Cost Per Lead example, we’ll use same number of leads (10) for continuity.
Example:
Step 1) 3 / 10 = 0.3
Step 2) 0.3 x 100 = 30%
Your Close Ratio is 30%
5. Conversion Funnel Rates
No matter the services or products you’re offering, you’ll almost certainly have a sales or conversion funnel. This is the name for the process of turning potential customers into leads and then ideally into paying customers.
Be mindful and monitor how users behave throughout the entirety of the funnel. If you a notice that a stage of the funnel appears to have a high dropoff rate, you;’ll be able to try to improve that area before it becomes a serious problem. Maybe the headline is poorly worded, the page design is confusing, or the benefits aren’t clear.
6. Exit Rate
The Exit Rate is a measure of visitors exiting from a particular page after viewing multiple pages on your website. However, an exit is NOT the same as a bounce. A bounce is when a visitor who leaves after visiting only a single page.
Exits are only counted after a user has visited multiple pages during a single session. Monitoring exit rates will help you identify which pages you can improve on your website.
7. Top Landing Pages
Landing pages are critical to your marketing strategy because they simultaneously drive traffic and generate leads. Due to their importance, its necessary to understand which landing pages are the most and least effective at capturing leads. Measuring and improving these pages will maximize your future lead generation.
Understanding key digital marketing metrics will be integral to your future success. If you aren’t already incorporating the above 7 metrics in your analytics, you might want to to seriously consider including them so you can market your business effectively and continue to grow well into the future.
Let’s Talk About Your Brand
shane@3catslabs.com | Call +65-3159-4231
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