Top 3 Metrics to Evaluate the Effectiveness of Your Digital Marketing Strategies
There is a common misconception that all digital marketing companies are the same, but this couldn’t be further from the truth. Basically, there are digital marketing companies that will help increase your revenues many times over what you pay them and other ones that will not.
The unfortunate thing is that a lot of digital marketing agencies out there promise the world but end up not delivering. So what metric should you and your marketing company be tracking to see if your marketing strategy is working?
When working with a reputable digital marketing agency the most important thing to keep in mind is that you need to identify some key performance indicators to evaluate how your campaign is performing.
Any digital marketing campaign produces a predefined expected outcome if implemented correctly and any metrics should align with the marketing goals of the client. Here at Zivvy, we focus on making sure that the growth strategy of our clients is aligned with their business strategy as well.
We often hear our prospective clients saying stuff like, “we don’t know how our marketing is performing” and the most common one we hear is that “we’ve been burned before by another agency.” They often see reports that say they’re getting impressions and clicks but no indications about whether this traffic is translating into actual phone calls or conversions to actual sales.
Simply put, there was no data or metrics to show conversion growth or optimization.
There are two types of performance indicators that we focus on. The first ones are leading indicators such as Click-Through Rate, Page Sessions, and Views. The second ones are lagging indicators such as Qualified Leads. Both metrics are useful for any type of business whether you’re a service company, manufacturer, or ecommerce company.
In this article we discuss the top 3 metrics all companies MUST use to understand whether or not their digital marketing campaigns are working successfully.
The conversion rate is the indicator that shows how many leads converted into sales. It’s a very simple yet important metric since it provides insight into which lead sources are sending the best performing leads to your website and also which pages are converting more than others.
This insight gives you a clear idea of which marketing channels are working well and which areas need improvement on your website.
The second metric represents the mapping of the customer’s journey which is called lead performance over time.
This metric is about lead nurturing and how long it takes to convert one lead into a sale and how conversions happen.
This key metric can give you great insight into what happens to the lead once received up until he converts which allows you to optimize the customer’s experience over time.
It also helps to understand which sources are a waste of money and which ones are actually helping get more customers and increasing your revenues.
This model of lead attribution is about identifying your customers’ first point of contact with your business which is called the lead source. This metric can help you understand how your digital marketing investments are working for you and which channel is performing better than the others.
It can show you which marketing avenue to double down on and which one is costing you more than what it is bringing in. For example, do you need to invest more into organic search, increase your paid ads spending, or stop wasting your budget on a certain channel that is not producing the expected results?
When running a digital marketing campaign, you need to have data to evaluate your results. Without detailed information, you will not be able to see which marketing strategies are working and which are not.
That’s why these 3 metrics are very important because they let you know which digital marketing channels are positively impacting the growth of your business.
When you have these metrics in place, it makes it easier for you to justify your digital marketing investments and understand how it impacts your business.
You also need to keep in mind that these metrics are here to assist you with the ongoing improvement of your digital marketing efforts but it’s not a magic tool that will solve all your problems. It simply tells what works and what doesn’t and the rest is yours to decide how to move forward.
At Zivvy, we incorporate all three metrics into our reporting system to help our clients understand how their marketing campaigns perform. Also, our dedicated account managers walk you through the entire process and explain every single aspect of your reporting so we don’t leave you in the dark trying to figure out random numbers.
We pride ourselves with the results that we achieve for our clients and as a marketing company ourselves, we actually use these marketing metrics to educate our clients and that has increased our retention rate to over 95%.
When working with us, rest assured that we don’t leave any detail behind or any avenue untapped and since we work in partnership with our clients, we align our goals to match theirs and that helps us as one team to make data driven decisions.
If you need help with your digital marketing campaigns or think that your current marketing efforts aren’t producing the expected results, don’t hesitate to give us a call for a Free Consultation and one of our digital marketing experts will help customize a marketing plan that will get you results while staying within your budget.