You've got a great campaign, so now it's time to sit back, relax, and watch the hits come pouring in. If sales are up, it means you're succeeding. If your content isn't driving traffic, it's time to scrap the program, right?
Campaign metrics are essential to tweaking and perfecting marketing campaigns. However, only 15% of marketers can prove the effectiveness of social media campaigns with hard numbers. The solution? Knowing how to measure your campaign metrics.
If you are serious about perfecting your digital marketing funnel, turning clicks into sales, read on to find out the key metrics you need to measure.
Not all users or website visitors are equal when your digital marketing funnel is concerned.
You need to be able to understand the complexity of your user base in order to understand how successful your campaign is.
Did the majority of your users check you out for the first time this month? Or do you have a bunch of faithful visitors but are struggling to draw in a new audience? What percent of users go on to become customers?
Understanding the unique makeup of your user base will allow you to plan your campaigns more effectively. If you notice that most of your base only visit once, you will need to target your campaign on retention. Or, if you're getting lots of hits but few purchases, you can focus on increasing conversions.
Do you know how much revenue your Facebook ads bring in compared to your email newsletter? Which of your marketing channels is costing you the most, and are they pulling in enough sales to justify the expense?
If you know the return on investment for each individual marketing channel, you can effectively plan the best way to spend your marketing budget. This can even be broken down into specific metrics: cost-per-click and cost-per-conversion, which will give you an accurate picture of how effective your spending is.
Remember that your budget also includes your time. Even if you're not paying for Facebook ads, they still cost you time. This needs to be included in ROI calculations and is essential for deciding on how to use your marketing resources.
Once you understand your ROI across your marketing channels, you can use it to build more effective campaigns.
You need to keep a close eye on click-throughs, form submissions, and email open rates. Without these metrics, you might as well be marketing blindly.
Knowing these rates allows you to make your campaigns more sophisticated and more likely to drive conversions. You can determine which calls to action work, and which lose user interest. Which subject lines drive opens and which get emails banished to the trash bin.
These metrics are even more powerful when you make use of A/B testing. This way, you can experiment until you find what your target base responds to most.
Understanding your user base makeup, knowing each channel's ROI, and keeping close track of click, open, and submission rates are absolutely essential metrics. With these, you can effectively plan your marketing campaign.
But these are only the first step for analyzing your marketing funnel. To really dig down into your data, check out what analytics can do for you today.