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Digital marketing metrics that you need to start tracking now

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Like all other digital marketers, you track and analyze a wide variety of metrics as part of your job description. Standard metrics in your analytics toolbox might include bounce rates, total visits, and total conversions, among a host of others.

But, if you want to stay one step ahead of your competition, you need to track other metrics—metrics that some marketers may not even be familiar with. Take a look at seven digital marketing metrics to start tracking right now, if you want to take your campaigns to the next level.

  1. Conversion funnel rate

Your business has a conversion funnel (or sales funnel), and that funnel is composed of these four stages:

  • Awareness

This is the starting stage of any conversion funnel. It’s where you attract potential customers and draw their attention to your products and services. Lead generation is an important aspect of this stage.

  • Interest

Now that your potential customers know about you, this is the stage in which you provide them more information about your products and services. Strategies used in this stage include targeted email offers and blog content that promote a specific product.

  • Desire or intent

If you successfully piqued your potential customer’s interest in what you’re offering, they will move into this next stage. They want to make a purchase, but they are still considering it. To increase a potential customer’s desire (and move the customer further down the funnel), you can use strategies such as offering free shipping or a discount.

  • Action

This is the last stage of the funnel, where a potential customer becomes an actual customer.

Measuring how many potential customers move through each of these stages in the conversion process can help you determine the things you need to improve in a specific stage. For instance, if a potential customer is ready to make a purchase but doesn’t go through with it, this could indicate a problem with the checkout process on your website.

  1. Exit rate

This digital marketing metric represents the percentage of visitors who leave (exit) your site from a specific page after viewing other pages on your site.

Exits are distinct from bounces in that the former is only recorded if a visitor viewed multiple pages on your website prior to leaving, whereas the latter is recorded if the visitor only viewed a single page on your website.

Tracking exit rates will reveal which pages on your website are problem areas. If your blog page has a high exit rate, it could be that you aren’t releasing high-quality content your audience is interested in.

  1. Lead to close ratio

You run multiple campaigns on a regular basis with the purpose of generating leads. You then want to convert these leads into paying customers.

If you want to calculate the lead-to-close ratio of a particular campaign, collect the number of conversions you earned from that campaign, divide it by the number of leads the campaign generated, and then multiply that amount by 100. Your final result should be expressed as a percentage.

For example, you sent out a new welcome email series containing a discount code for 20% off to 100 new subscribers (leads). Out of those 100 new subscribers, 20 used the discount code on their first purchase (conversions).

20 conversions / 100 leads = 0.20 x 100 = 20% = 1 conversion : 5 leads

Measuring the lead-to-close ratio of your campaigns will show you which of those campaigns are the most successful in terms of leads who actually convert.  

  1. Cost per lead

Similar to your lead-to-close ratios, tracking the cost per lead of your various campaigns will give you an idea about your strongest and weakest campaigns.

To calculate the cost per lead of one campaign, record the amount you spent on it over a specific period of time, then divide that number by the total number of leads you got during the same period of time.

Example:

You have a landing page that cost $2,000 to develop. Over a period of 60 days, you were able to generate 100 leads through that landing page. In this scenario, the cost per lead of your landing page is $20 ($2,000 landing page/100 leads = $20 per lead).

  1. Mobile traffic

Mobile marketing is on the rise. Whether logging into social media, checking emails, or making purchases, customers now prefer to go online using mobile devices instead of desktop devices.

More than 50% of all online traffic worldwide originates from mobile devices. Mobile users also spend twice the amount of time online.

This is why measuring mobile traffic is crucial for your marketing efforts. Monitoring your website’s mobile traffic enables you to see exactly how many people visit your website via mobile devices like smartphones and tablets.

You can also be more granular in your analytics and track data such as the browsers your visitors use and the type of device they’re on.

  1. Channel-specific traffic

You’re probably on Facebook, LinkedIn, and maybe even Instagram. You send email newsletters. You run PPC campaigns, and you have a website. Your business has a diverse marketing strategy.

The sources of your web traffic are likely as diverse, so you need to track channel-specific traffic. Doing this gives you valuable insight into two things: 1) where the majority of your web traffic comes from, and 2) which channels you need to work on because they don’t get much traffic.

If people are clicking links included in your email messages, then you know that your subscribers are opening your emails. This means your email marketing campaigns are effective and that you need to spend more of your budget on these campaigns to maximize them.

  1. Top landing pages

 Your top landing pages are those that are most visible across the web, especially on search engines.

If you have multiple landing pages, tracking the top ones makes it easier for you to gauge performance compared to other landing pages. If a certain landing page isn’t getting any views, perhaps you need to redesign it in order to make it more effective.

Wrap up

When it comes to marketing analytics, you need to think outside the box. Tracking these lesser known yet equally important digital marketing metrics will help you get ahead of the competition in 2019. Start monitoring these metrics today, and use the insight you gather to take full advantage of your marketing strategies.


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