Businesses interested in improving their performance can easily benefit from understanding the following Digital Marketing Metrics. These are collected and analysed by setting specific goals and monitoring the progress made towards achieving them.
After all, it’s the metrics that matter.
This is considered the best metric for measuring your marketing campaign’s effectiveness. ROAS calculates the revenue you obtain for every £ spent in your advertising budget by being able to understand what strategies are successful and how they can be better optimised in the future. This metric is calculated by dividing the amount spent on a campaign by the gross revenue it has generated.
Cost per click monitors the average amount of money your business spends for every click on an advertisement. This is worked out by dividing your campaign’s total cost by the number of clicks it achieves. This measurement helps businesses develop appropriate budgets and specific bid amounts, so they achieve the highest number of clicks without spending too much on advertising.
Monitoring revenue per channel can inform your campaign in many ways. This metric reveals consumer trends, allowing you to anticipate how much you’re expected to make, and will allow you to allocate your budget accordingly. Tracking revenue per channel means you can precisely refine your marketing strategies to generate leads and encourage conversion.
A high bounce rate indicates that a page may be unattractive, unhelpful, irrelevant or that tracking or coding errors are preventing your page loading. By analysing your bounce rate, you can then understand how many visitors leave your site and at what point, allowing you adjust your web content and design to better resonate with your audience.
Conversion Rate monitors the percentage of visitors to your website that perform a desired action, such as registering as a member, subscribing to a newsletter, or buying a product. A high conversion rate is based on factors coming together effectively to achieve optimal results, including the degree of interest from the customer, the appeal of the products, and the ease of completing a conversion.
Impressions are defined as single occurrences of a digital advertisement being presented online. The number of impressions represents the number of instances your advertisement displays to an audience of potential consumers. So, tracking the number of impressions served lets you understand the number of impressions required to be at the front of your consumers’ minds throughout the whole purchase process.
In a CPA model, each action correlates directly with a specific type of conversion, such as product sales. This provides data that measures how visitors behave as the direct result of your marketing campaign’s success, helping you maximise your return on investment in advertising expenses. If your goal is to increase conversions, tracking your CPA will help optimise your marketing strategy.
Utilising these metrics is key to enhancing your business, as it provides you with all of the data you need to inform strategic and operational decision making. By understanding these metrics, you’ll be able to enhance your digital marketing strategy to boost your brand awareness, site activity, customer engagement, conversion rate, and overall revenue.
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