With the emergence of online businesses in 2020, online marketers are getting more data for their marketing campaigns.
But many of them don’t know how precious their data is when setting up a campaign.
These marketers end up losing qualified leads or sufficient ad spend by not giving heed to the data.
Thus this blog will highlight how online marketing company can use their data to get better outcomes from their campaigns.
Most of the marketers perceive the success of their campaigns by measuring the leads and sales generated from it.
I bet you would also consider this metric to measure the success of your campaigns.
Ironically, this is not the right way of measuring your campaigns.
As the data is more accessible to us now, it helps us in measuring the effectiveness of our marketing efforts.
Though your marketing campaign can be measured by many other metrics.
Questions to Measure Outcomes
You can also question yourself to get much better answers for it.
- Do you want more organic traffic?
- Are you looking for a better email CTR?
- Should you be looking to reduce the bounce rate of your landing pages?
Your answers to all these questions can be found in Google Analytics.
You can keep an eye on all these metrics almost every day and every time.
These metrics can help you in improving your lead conversions, sales and other marketing efforts.
In digital marketing, data is inevitable and to prove the performance of your marketing campaigns you can use them in your detailed performance reports.
Almost every outcome that online marketers want from their campaigns has ROI linked to it.
This is needed to drive your sales numbers which are essential to retaining your existing clients.
SALES – LEADS, REFERRALS OR SIGNUPS
Here the term SALES doesn’t always represent monetary value, it can also be a referral, signup or leads.
The use of data and analytics to measure the performance of a campaign is not a new thing.
Online marketers are using these metrics to measure the success of their campaigns for a long time now.
You need to understand that the metrics all alone are just numbers, you need to consider them in a larger context.
For example, the marketing objectives related to the company’s growth.
With the emergence of online marketing, marketing activities are becoming more traceable.
With that, the management of data has now become so easy that firms can use it in setting up their policies.
Therefore, the decisions made in the organization are derived from the data which also helps in convincing the stakeholders of your companies.
By pleasing your stakeholders you can showcase the success of your marketing campaigns ran overtime.
9 Ways Online Marketers Can Use Data to Measure Outcomes
1. Mobile Traffic
Business owners are experiencing more sales from mobile users on their websites due to an abrupt increase in the usage of mobile devices.
Hence, it is recommended to make business websites more responsive for mobile devices.
This metric offers online marketers more opportunities to get their campaigns running on the most popular channels. For instance, text messages and notifications.
2. Complete Website Traffic
The performance of digital marketing campaigns is now measured by shifts in web traffic.
Here the tracking of the most popular channel helps in determining which campaign is running effectively.
For instance, instead of looking at the page views, you must consider the number of unique visitors on your site.
This helps in defining more potential customers for your business.
3. Click-Through Rate (CTR)
CTR is the most effective measure for determining the success of your paid campaigns.
Display and search ads campaigns are the most popular, hence acquiring more traffic from them gets you in a better position for driving more sales.
CTR can be calculated by the ratio of the number of impressions to the number of clicks on an ad.
Having a higher CTR value proves the success of your search or display ad campaign.
4. Bounce Rate
As per the rules of digital marketing, every visitor that visits your site will not make a conversion or purchase.
It is quite natural that your website does not match with the minds of website visitors.
On your website, you will notice that few of your site visitors will immediately bounce off because they found your site irrelevant or something else.
In digital, bouncing off a website is called a bounce rate.
This metric helps you in improving your website to minimize the bounce rate.
5. Conversion Rates (CVR)
Conversion rates can be defined as the number of website visitors that generated a lead or became customers to your businesses.
On your website, the conversion action could be getting your visitor’s email, getting them signed up or collecting any other information from web visitors.
Conversion rates give you an idea of what parts of your marketing campaigns are effective or ineffective.
6. Customer Acquisition Cost (CAC)
CAC is considered as the most important metric in digital marketing campaigns.
It is calculated by the total spending on an ad campaign to the number of customers or leads acquired from that campaign.
The results from this calculation are not always accurate but still gives you key insights relating to your campaign.
7. Cost per Click (CPC)
Cost per click is referred to as the cost you are willing to pay whenever an online user clicks on your ad.
CPC depends on the quality score of the ad, popularity of keyword and many other factors.
Now you can set your desired bid amount for keywords one by one or collectively.
8. Cost per Lead (CPL)
Cost per lead can be defined as the ratio of lead conversion of your marketing campaign to the total cost incurred in the campaign execution.
Your marketing campaigns are successful when your website can convert visitors into customers or leads.
This metric is highly useful in determining the profitability of digital marketing campaigns.
9. Return on Investment (ROI)
ROI can be defined as the return you are getting from investment in a particular ad campaign.
It helps online marketers to distinguish the potential efforts that are leading to higher sales and conversions.
It is essential to consider all the metrics mentioned above as a key to measuring the success of digital marketing campaigns.
Each of the metrics has separate value and represents a certain part of digital campaigns.
The main point to understand here is how well you can use the data gathered from these highly accurate marketing metrics.
The data from these campaigns help you in reviewing if your marketing efforts are successful or not.
Similarly, you can use the data for improving and optimizing your campaigns to get better results.
So now I would like to know which metric has helped you the most overtime in making profitable campaigns.
Please mention your favorite metrics as online marketers in the comment section below.
Also do let me know in the comment section if I have missed any other metrics here in this blog.
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2 replies on “9 Ways Online Marketers Can Use Data Effectively”
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