It doesn’t matter where your business is based, whether it be on the Sunshine Coast or overseas, the world has become more digital than ever. As a result, having a digital marketing strategy and tracking its performance is essential to a brand’s growth and success.
Your business should be analysing and understanding its digital advertising key performance indicators (KPIs) and using the data to modify elements of current marketing strategies to assist in achieving your overall marketing goals and objectives.
From basic website visitor figures to more complex conversion statistics, we now understand the mindset and behavioral patterns of our customers more intimately than we ever have before. The three marketing KPIs in digital that are a great starting point to analysing and gaining a deeper insight into your customers are:
- Website Traffic
- Click Through Rate (CTR)
- Conversion Rate
Why have we decided to focus on these three metrics over the copious digital analytics we could track?
Website traffic, which is analysed through the clicks to the website, is all the users that come to your website through your digital marketing efforts, to engage with your content and/or carry out your desired action.
Website traffic analytics has the ability to highlight how users are viewing your content and information, whether this is via a mobile or desktop represented as a percentage split. This seemingly basic metric will give you insight into which version of your website needs to be optimised based on the larger portion of where your traffic is coming from.
Your website may have a great user experience (UX) on a desktop, but adversely, be clunky and hard to navigate on a mobile. This could end up being a barrier for customers to carry out your desired action. For example, if your percentage split is 80% mobile users and 20% desktop users, you want to ensure that your website is mobile-friendly as this is how the majority of your traffic is viewing your brand.
A CTR is predominantly associated with paid advertising and marketing campaigns, indicating how many times your ad or link was clicked on. Represented as a percentage, this metric gives you the ability to understand your customers and what is or isn’t working.
Why is this important? If you’re spending money on paid ad campaigns you want to ensure you’re getting bang for your buck with optimised ads providing quality leads and results. Advertising elements that have the ability to affect your CTR are headlines, ad copy and positioning, call-to-actions (CTAs), and the ad creative (images, videos, carousel, etc.). Therefore, comparing and testing different versions of these are beneficial in understanding what works best for your target audience. It is also worth taking the time to curate specific online audiences for your brand, as a low CTR could mean you are talking to the wrong people, or that the audience is too broad.
Last, but not least is the conversion rate. This is ultimately going to tell you whether your campaign was successful or not. It is measured as a percentage, indicating the percentage of users that completed that action you highlighted as the objective of your campaign. The higher the conversion rate, the more successful your digital marketing or digital advertising campaign.
Utilising analytics tools, technologies and detailed reporting across all your marketing activities can help you achieve a number of objectives:
- Improve marketing performance and return on investment (ROI)
- Gain better visibility into your sales funnel, process, and conversion ‘best practices’
- Draw correlations and make predictions for future digital marketing activities and campaigns
- Attribute marketing effort effectiveness across channels
- Enhance customer lifecycles
- Accelerate interpreting results and deriving actionable insights from initial data collection efforts
We’re confident you value your time as high, if not higher than any other commodity in your business. Why waste any time or energy on a digital marketing strategy that misses the mark? Ensure you track everything you possibly can, and if you or your agency hasn’t been tracking and analysing data month-to-month, it’s time to question why.
Need help establishing a campaign or looking for a digital marketing agency on the Sunshine Coast? Book a free discovery session with our director today!