The analysis is what makes marketing a science rather than a game of chance. For many entrepreneurs, online marketing is an unnecessary expense, something that you will only dedicated budget to when all other areas are covered. This is because the result and performance of an online marketing campaign are uncertain: it may be a success and you can get new customers, or may be an apparent failure, in which you have lost time and money.
A regular and comprehensive analysis of the 12 most relevant metrics of online marketing will help you overcome this factor of unpredictability and ensure the success of your campaigns.
- In relevant sites
-Total visits: Visits can be measured both on the main website and in any other relevant site for the strategy as a blog or landing page. Total views will help you have a global focus on how the actions that aim to drive traffic and detect problems work when this value changes drastically in a short period of time.
-New Sessions: This metric can be found at Google Analytics and lets you know how many visitors are new and how many are recurrent. You can find out if your site has sufficient engagement or outreach efforts are fruitful and detect what effect the changes you make have.
-Specific Traffic Channel: Ideal for large campaigns, this metric available in Google Analytics lets you know which channels bring more traffic to your site (direct, through referrals, organic or social). Once you detect this, you can devote more resources to the most relevant channels.
-Bounce rate: This tells you what percentage of users left the site after visiting only the home page, ie without having interacted with the site. It is desirable that this percentage is low, so if you find that you have a high bounce rate you should analyze what improvements need to be introduced to retain visitors.
-Total Conversions: This is one of the most important metrics to measure the return on marketing investment. There are different definitions of conversion, so first you have to define your own (complete a form, a final purchase?) And mark your objectives. Scan this data with focus, low conversion could be the result of poor design of the strategy, bad deals, or a low quality of website visitors.
-Cost Per Lead: The CPL is different depending on the type of strategy chosen for each of the channels, so it is a much more specific metrics than those mentioned so far. To calculate, compare the monthly cost of a campaign with the number of leads generated in the same period. Also be sure to take into account the "invisible" costs, such as time, commissioning and other associated expenses.
-Return on investment: Without doubt, the ROI is the most important metric for any marketing campaign, since it allows you to get the return on investment. This will facilitate the optimization of the budget and help to improve decision-making. To calculate this, the following equation is used:
ROI = (Profit-Investment) / Investment
- In social networks
-Popularity: A global marketing strategy that is also made up of actions on social networks. Select those networks or channels you want to have present and closely follow the evolution of the popularity of your pages (likes, followers...). It tests what actions bring more traffic to your networks.
-Potential Scope: The scope lets you know how many people can get your message, and some networks like Facebook incorporate it in its statistics. However, when one of your posts is shared or re-tweeted, the scope is much higher. To get an idea of the potential scope use the following formula:
No. of followers + No. of followers of each user who shares you
-Interaction: Interaction includes all actions in which users engage with you on social networks. Keep track of your publications “likes” (applause rate) and “shares” (amplification rate). Both will provide valuable information about the interests of your followers so you can optimize actions.
-Engagement: This is made up of those actions of users that while they don’t generate a story about publications, they show us some interest on them. Some are reproductions of videos, displaying images, clicks on embedded links etc. And help us to have a deeper understanding of user behavior on the page.
- Conversion ratio: In the same way as the web site, we must define what is a conversion for us and with them, compare the number of actions performed with the conversions obtained through them.
Regularly reviewing these metrics will help your campaign to be much more effective and also have more control over the investment and its return. You just need time to refine your actions, so ... shall we start?
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