Many business leaders and owners look upon digital marketing as an unaffordable luxury. It is an expense that adds to the costs of doing business. For them, the sales function on the other hand contributes directly to the bottom line.
Money can be allotted for digital marketing only when the budget is flexible and large enough to allow it. In a few cases, ROI on marketing is unpredictable. In some other cases, marketing has no idea if the enquiries generated by a digital marketing program resulted in a sale. In most cases, entrepreneurs have very little knowledge on how to measure Digital Marketing Campaign ROI.
Launching a digital marketing strategy doesn’t happen overnight. You can see returns in a month or six months. It depends on the stategy, comptetion and conversion process.
Measurement of Digital Marketing Campaign with meaningful metrics can help overcome the problem of unpredictability. It can give marketing a rationale on the basis of which they can seek more budgets at the annual review. Here are some metrics pertaining to the measurement of digital marketing activities.
Each company has a website where it attracts customers and prospects. Measuring the total number of visits gives you an overall idea of how many visitors the website is driving. You can see the difference in total visits during months of intense digital marketing activity or lean months when there is no activity. Multi-media brand campaigns and promotions can explain unusual increases in the total number of visits to the website. Similarly, you must investigate when you notice your numbers drop.
The bounce rate measures the percentage of visitors who leave the website without visiting other parts of it. Here the visitor exits from the home/landing page without clicking on any other page link. Bounce rates must be kept to the minimum.
New Visitors versus Regular Visitors
Compare the total number of new visitors and regular visitors to your site. Google Analytics can provide this data. It’s good to know how effective your outreach efforts are in attracting repeat visitors.
Traffic by channel type
Google Analytics also gives you the number of visitors to the website based on their channel of origin. This metric is useful when you have digital marketing campaigns across multiple channels. The numbers tell you which channel is doing a better job in attracting visitors compared to other channels. ‘Direct’ indicates the number of visitors to came to the website directly. Organic visitors are those who found you after a search, while social are visitors originating from social media.
This is a very important measure that gives the conversions from your overall marketing efforts. Depending on the way your website is built you can measure conversions yourself. Or you can track it through Google. It includes visitor actions such as filling out an enquiry form, requesting for a call, a quote or a salesman visit. Low conversion numbers are a source of worry as they are indicative of poor content or ineffective campaigns.
Lead to Close Ratio
This ratio measures the success of your sales person. It is obtained by dividing the number of sales orders by the number of leads. It is needed to understand the context of your total return on investment.
Customer Retention Rate
Customer retention is a measure of percentage of repeat buyers. It is difficult to track in categories where buy cycles are long. Low customer retention can be a symptom of products which do not sell. It can also indicate a lack of outreach programs.
Cost Per Lead
Dividing the cost of the digital campaign by the leads generated gives the cost per lead.
Projected Return on Investment
The ROI for any individual marketing campaign is a measure of its
Profitability. ROI for a campaign compares the cost per lead with the lead to close ratio. The comparison leads you to the cost per new customer acquired. If this is less than the average customer value, you have generated a positive ROI.
When monitored regularly, these metrics point to the effectiveness of your digital marketing campaign. займ на карту онлайн займ онлайн займ у частного лица москваполучить займ на яндекс деньгимфо лайм займ