Digital marketing is the use of digital technologies to create, manage, and measure the results of marketing campaigns. It involves creating a digital presence for a brand or product and using various online channels to reach and engage customers.
In this article, we will talk about how to measure a digital marketing strategy, so you can adjust when needed to reach success.
You would need to measure the success of your marketing campaign based on a certain goal and KPIs. Having said that, there are many different ways to measure the success of a digital marketing strategy, but some common measurements include:
- Conversion rates – This measures how many website visitors convert into customers. For example, if you have a website that sells products, and 10% of your visitors purchase something from your site, your conversion rate would be 10 out of 100.
- Engagement rates – This measures how often website visitors visit your site and interact with your content (for example, by clicking on links or leaving comments). It can also measure how likely people are to become newsletter subscribers or customers from a lead generation campaign.
- Audience size – This measures how many people have seen your content (for example, on social media), and how big a share of the population they represent.
- Cost per acquisition (CPA) – This measures the cost of acquiring one new customer compared to the cost of retaining an existing customer.
- Cost per thousand (CPM) – This measures the cost of acquiring 1,000 new customers compared to the cost of retaining 1,000 existing customers.
- Social media followers – This measures how many people have liked or followed your brand or product on social media.
But first, let’s understand what is a digital marketing strategy.
1) What Is Your Digital Marketing Strategy?
Your digital marketing strategy is the overall plan that you use to grow your online presence and promote your products or services. The goal of the best digital marketing agency in Kansas City is to attract new and current customers, as well as increase brand awareness. You can measure the success of your digital marketing strategy by assessing how many customers you’ve attracted, how much traffic you’ve generated, and how much money you’ve made.
2) How Do You Measure The Success Of Your Digital Marketing Strategy?
Measuring the success of your digital marketing strategy can be difficult. You may not know where to start or what to measure. In this article, we will provide you with some tips on how to measure the success of your digital marketing strategy.
Step 1: Calculate Your Conversion Rate
Your conversion rate is the percentage of visitors that convert into customers. To calculate your conversion rate, divide the number of visitors that converted into customers by the total number of visitors.
Step 2: Calculate Your Avg. Time on Site
The average time on site is the average amount of time that people spend on your site. To calculate your average time on site, divide the total number of minutes spent on your site by the total number of pages visited.
Step 3: Calculate Your Page-View Rate
The page-view rate is the percentage of pages that are viewed per visit. To calculate your page-view rate, divide the number of pages that were viewed by the total number of visits.
Step 4: Calculate Your Traffic Generation Rate
Your traffic generation rate is the percentage of visits that generate traffic that leads to sales or leads. To calculate your traffic generation rate, divide the number of visits that generated leads by the total number of visits.
Step 5: Calculate Your Revenue Generation Rate
Your revenue generation rate is the percentage of visits that generate revenue. To calculate your revenue generation rate, divide the amount of revenue generated by the total amount of visits.
Step 6: Compare Your Results With a Benchmark
If you want to improve your digital marketing strategy, it is important to compare your results with a benchmark. Benchmarks can be found in various industries, such as web design, advertising, and e-commerce. By comparing your results against a benchmark, you can identify areas where you need to improve.
Step 7: Keep Tracking Your Campaigns’ Performance Over Time
It is important to track your campaigns’ performance over time so you can see the impact that your changes have had. You will need also to keep comparing it with competitors since their performance may change, which will affect your results as well.
Take Action Based on Your Results
Based on your results, take action to improve your digital marketing strategy. For example, if your conversion rate is low, you may want to focus on improving your website design or advertising campaigns.
Conclusion
In summary, to measure the success of your digital marketing strategy, you should calculate your traffic generation rate and revenue generation rate. You can then compare your results against a benchmark to identify areas where you need to improve. Finally, take action based on your results.
By following the steps provided in this article, you can effectively measure the success of your digital marketing strategy.