We all know that we need to be tracking our marketing stats to ensure success, but what are the key metrics that we need to be keeping an eye on and what do they mean?
Expanding your reach:
Website Traffic – Website traffic is the total number of sessions that your website receives within a specified timeframe. This gives an overall picture of how effective your complete online marketing strategy has been.
Social Media Reach – This is the total number of people that have seen your social media activity. It’s useful for calculating the effectiveness of your ads, relevance of the content that you are producing, and quality of your audience.
Ad spend – This is the total spend on paid ads within a specified time period. From this you can calculate your return on investment (ROI).
No of leads – This is the number of enquiries (or leads) that your digital marketing has delivered. That could be sign-ups to on site forms, quote requests, lead magnet signups of requests for information via social media.
Time spent on website – This logs the amount of time each user spends on your website, and, along with page view stats, can show if you are attracting the right type of people to your website. Obviously, the more time someone spends, and the more things they view on your website, the better.
Subscribers/likes/shares on social media channels – This is the number of people that have interacted with you on social media. They may have clicked an ad, liked an image or shared a post. This shows how effective your social media activity and ads are, and if you are targeting the right people.
Converting leads into sales:
Sales – This is the number or value of sales you have made. If you divide the number of sales made by the number of leads you receive, you will get your lead conversion rate.
Revenue/Profit – It’s important to track profit from all orders so you can figure out your ROI. This can also help you to calculate how much you can afford to pay per lead if using PPC marketing.
Lead conversion rate – Your lead conversion rate is the number of leads that come in that result in a sale.