Nowadays, investing in digital marketing is necessary for any business that wants to reach its target audience, dependent on their electronic devices to search for products or services. However, as with any form of marketing, your digital marketing performance must be monitored to detect weaknesses so that corrective actions can be taken early. This should be done continuously so you can ensure the strategies you are utilizing are working. It can also help you determine when a strategy is not working so you do not continue investing time and money on a strategy that is not beneficial to your business.
Digital marketing performance metrics
Evaluating your digital marketing performance can be done in many different ways and it depends on the channels you select for your campaign. Setting clear goals and measurable KPIs allows you to identify your marketing strategy’s strengths and weaknesses. Although choosing the right KPIs depends on your industry and business’ goals, metrics related traffic, conversion and revenue are industry standards that can help you measure your digital marketing performance.
Firstly, embedding a tracking code into your advertisements to receive feedback is a popular method of evaluating your digital marketing strategies’ response. This tracking code can receive feedback each time an Internet user clicks through a particular advertisement. This is useful for letting the advertiser know which of his advertisements are attracting the most attention.
Suppose the advertiser uses two different designs for his advertisements. In that case, he may discover one design is attracting more attention than others and may decide to convert all advertisements to the more effective style. Similarly, when you run the same ad on several different platforms, you may discover that one platform is receiving more traffic than others. This would give you an indication of which ad platform to cancel and which ones to keep running.
The digital marketing performance should also be evaluated by carefully reviewing website traffic statistics after implementing any marketing strategy changes. This information is useful because an unusual spike in the amount of website traffic immediately after implementing a change in the marketing campaign can provide positive feedback that potential customers well received the change.
While this method of evaluating the response to a digital marketing campaign can be useful, it is essential to note that implementing multiple changes at once will make it difficult to determine which changes were the most effective. Therefore if you plan to use website traffic metric as feedback for how well your marketing strategy is working, it is crucial only to implement one significant change at a time so they can each be evaluated separately.
Another method to solicit feedback on your marketing efforts is to ask your customers to fill out a survey. Customer surveys can be as straightforward or as complex as you like depending on the amount of feedback you would like to receive. However, one of the most effective ways to find out how well your different marketing tactics work is to include a question asking the consumer where they first learned about your products or services. This is important because if you find many of your customers learning about your products or services through a particular channel, it is a good indication this advertising method is working quite well for you.
Digital advertising can be very competitive, and you must make decisions that are validated on actual data to boost your digital marketing performance.