The 4 Most Important Digital Marketing Metrics (and Why You Need To Pay Attention To Them) [Bookmarkable]
Ever wonder how or why some companies––maybe even your competitors––are rapidly growing their digital presence and doing well for themselves, while at times it seems your business might be hitting a plateau? As the emphasis on Search Engine Optimization (SEO) and email marketing continues to grow, it’s important to focus on the details, tracking the metrics you may not have realized were important for your company. If you want to keep up with or outpace your competitors, these are the digital marketing metrics your company needs to pay attention to: web traffic, open rate, impressions and click-through rate (CTR).
1. WEB TRAFFIC: Who visits your site and how are they getting there?
We start by checking our new vs. returning visitors to our website, woodfloorbusiness.com. Honestly, we like to see a healthy amount of both sets of users. Once we know our break out of new vs. returning visitors, we break it down from there, looking at the traffic from these four channels:
You can find this data in Google Analytics by clicking on “Acquisition,” then “Overview.” Each of these subcategories have their purpose, and, when you pay attention to them, you can gain a better understanding of what your audience wants and improve your connection with them online. For example, because we’ve been consistently dedicated to being the No. 1 industry resource for all things wood flooring, we’ve been able to increase our web traffic by 41% in 2017.
2. OPEN RATE: What percentage of the target list opened your email?
You can craft the perfect email with a subject line you think is catchy and intriguing, but there will still be people who do not open it (and that’s okay). In fact, the average open rate falls right around 20 percent, according to MailChimp’s research on email marketing benchmarks.
3. IMPRESSIONS: How many people were actually exposed to your brand message?
Impressions are the number of times your advertisement is actually seen (1 view = 1 impression). Arguably, this is the most important stat when measuring the effectiveness of your campaign––the more times your ad is seen, the better! The number of impressions you have is relative to your total web traffic and open rate, but it isn’t always the same thing. For example, we have an average of 45,000+ monthly website visitors, but with rotating ad space along the top and sides of our site, not everyone who comes to our site will see a given advertisement. However, specific ad space such as our Premium Partner logos along the top of our website would be the same as our total web traffic since everyone who visits our site will see the logos:
Suggestion: The more places your brand message can be found, the higher your impressions will be because you’re creating more opportunities for your prospects to see your message. This is why cross-channel advertising is so important for brands that want to grow.
4. CLICK-THROUGH RATE: How many clicks did your campaign receive?
Getting prospects to visit your website or open an email is only part of the marketing puzzle. People actually performing a desired action such as clicking on your banner ads, pop-up ads, email links, etc. is the next step in the process. That’s where your click-through rate (CTR) comes in. The CTR shows the number of people who click on those ads compared to the total number of impressions (the number of times your ad was seen).
Regardless of our results, we use this data as we develop any customer-facing advertisements we produce. If something performed well, we determine what about it might have struck a chord with our audience and on the flip side, if it didn’t perform well, we try to determine where it fell flat.
Another channel in which you could track your CTR is through pop-ups. For example, our pop-up promoting subscription renewals has a CTR of 2.7%, which might sound low, but is actually a good metric when it comes to pop-ups (where the industry average CTR is 2%). We track our ads and are constantly adjusting messaging and imagery based on the number of clicks and conversions we receive, which is a best practice we suggest all of our media partners implement across all platforms.
Suggestion: Test out different calls-to-action, link styles (button vs. hyperlink) and link placement to determine the strategy that yields the highest CTR.
As a result of dedicating the time and resources to look through and analyze our digital stats, we’ve been able to increase our website traffic by 41% in the past year, see a click-through rate of 2.7% on our pop-up ads and maintain an email click-through rate of 37%. We want to share our success with you, so we’re here to be a resource––if you have any questions or want to discuss ways to improve your digital marketing strategy, contact Kendra at firstname.lastname@example.org.