The beauty of internet marketing lies in numbers; not just the number of methods, but the number of results—and the statistics that come with it. While wading through all those figures can be intimidating, it’s a crucial part of measuring your success in terms of usable data. Fortunately, Key Performance Indicators (KPIs) come in many forms.
Every great marketer needs to employ KPIs to know whether their marketing approach is, in fact, working. And on that note, here are seven ways to effectively measure your marketing efforts:
#1: Website Traffic
Website traffic is a great way to translate results because it yields a lot of numbers through many forms: hits, user signup, average session time, sessions by device type, and bounce rates. Also, it’s important to identify through what channels users are coming from: organic, direct, or social media referrals.
Hits or visits lets you know how many people are coming in thanks to your reach. When you’ve engaged visitors well enough, you’ll have people register for your services and possible signup bonuses. User signup can also be a result of effective calls-to-action (CTA).
The average session time speaks a lot about the ability of your site to hold visitor and consumer attention. Most of the time, especially with the rising device adaptation, the friendliness of your site for mobile, tablet, and desktop use affects the time spent on your pages.
A crucial traffic metric you should never forget is the bounce rate. This helps you identify the number of users who are visiting a single page of your site but leaving almost immediately.
#2: Landing Page Conversion
Content that resonates with visitors and consumers almost always converts, but you have to make sure the right people are drawn to it. This is the ultimate goal of your landing page: to use CTAs to filter potential convertible leads. To make them more potent, ensure your call-to-actions are optimized, or use A/B testing.
You will also have to determine the number of visitors your landing pages get on average and what percentage of them complete your capture forms. This way, you’ can understand just how much of your conversions can be attributed to your landing page.
#3: Lead Conversion Rate
The ultimate goal of your internet marketing is to close deals with consumers and nurture them for repeat transactions—and possible organic promotions. The best way to measure this effort is by looking at your lead conversions, where you’re able to track the percentage of leads that go all the way through to sales.
If the numbers are low, you can try presales services and other lead nurturing actions to help dispel doubts from potential customers. You can then track progress after you’ve implemented these tactics by dividing the number of sales by the number of leads who had the opportunity to buy.
#4: Sales from Leads
Apart from knowing the lead-to-sales conversion rate of your marketing efforts, it’s also crucial to define—or estimate, at the least—the sales value of each lead. This is extremely helpful in knowing where your quality leads are coming from in order to invest more in that channel.
Because your future sales are heavily dictated by these quality leads, it’s important that you know how this measurement works. To calculate, divide the sum of assigned income by the number of generated leads.
#5: Return on Investments (ROI)
In the bigger picture, all these measurements will dictate your ROI. This measurement calculates the loss or profits generated in regards to your initial investments. Ideally, your ROI should reflect significant profits, otherwise there must be something amiss in your efforts.
Your internet marketing efforts are pretty useless without proper planning and measurements. Before you venture in, ensure you know the numbers you’ll need before exhausting all your efforts. While daunting, seeing positive yields in numbers justifies a great deal of your extra investment in your marketing.