6 Digital Marketing Metrics You Need To Be Measuring
You may have a great digital marketing plan in mind, but have you set goals for 2018 yet?
Have you decided exactly what metrics you need to track to measure the success of your efforts? As the year comes to a close, we’re busy working with our clients to align on paid advertising goals so that we can figure out what metrics are needed to track them.
While information is good, information overload is paralyzing. It’s crucial to strip away the excess and focus on the paid digital advertising metrics that really provide valuable insight into your overall digital advertising performance.
Assessing critical paid digital marketing metrics at each stage along the customer journey will allow you to monitor and improve digital performance. Below are some of the top metrics we recommend every CMO track in 2018, no matter what your specific marketing objectives are for the year.
This one is simple, take a look at each of your core traffic channels each month to see growth or decline. This will help you note what initiatives are growing and what parts of your digital channels are in decline. The following metrics will help you understand overall channel growth:
Clicks by Campaign Type
Average Cost Per Click by Campaign Type
Click Through Rate by Campaign Type
The conversion rate is the percentage of users who take a desired action on your website. The most common example of conversion rate is the percentage of website visitors who buy something on your site. This conversion rate should be measured across the following goals:
Click Conversion Rate
Click Conversion Rate by Channel
Click Conversion Rate by Device
Customer acquisition can be defined as simply the act of getting customers to buy from your business. Understanding your customer acquisition cost helps you determine how much you need to spend on paid advertising to reach your new customer business goals. The following metrics will help you monitor new customer acquisition and new the cost of acquiring those new customers:
New Customers by Channel
New Customers by Campaign Type
New Customers Acquisition Cost
New Customer Acquisition Cost by Channel
New Customer Acquisition Cost by Campaign Type
Cost Per Order / Cost Per Lead
Cost per order (CPO), sometimes called cost per acquisition or cost per lead, is the dollar amount spent on advertising or marketing in order to end with a sale. The cost per order is an important part of any web-based business, especially those who want to set strict budgets. The following metrics will help you monitor cost per order across channels and campaign types:
Cost Per Order By Campaign Type
Cost Per Order By Channel
This represents the amount of money you’ve earned from paid search advertising over a select period of time selling products. The following metrics will help you understand how your sales revenue adds up by channel (or campaign) and compares with your other marketing activities:
Total Sales by Campaign Type
Total Sales by Channel
Total Sales by Customer Type - New Customer vs. Existing Customer
Average Sales Per Transaction
For marketers who want to use the most meaningful data, knowing your return on investment is critical. Understanding revenue from your paid digital advertising campaigns means tracking leads from click to close and measuring revenue on a per-channel (or campaign) basis. When you understand which campaigns and channels are actually generating revenue, you’ll know where you’re making or losing money and have a powerful data set to share with your fellow executives and any investors.
Return on Investment by Campaign Type
Return on Investment by Channel
Having these areas of your paid digital advertising measured and managed will bring incredible insight to your 2018 digital marketing plan:
Cost Per Order
Benchmarking these metrics will help you set informed and realistic goals for 2018 and allow you to look back at the end of 2018 to measure performance. Stop throwing all of your resources at scattered campaigns and know exactly how to make an impact.