Discover what the main digital marketing metrics are and analyze your strategy correctly
A marketing strategy is made up of several steps, each with its own importance. Therefore, it is necessary to understand them in depth and follow them all to the letter. One of these steps that is often left aside is the analysis of digital marketing metrics.
This is a very important process for your strategy, because it is through it that we can take increasingly assertive measures for a campaign. Furthermore, analyzing concrete data is a way to understand whether marketing investments are bringing significant results.
After all, this is our objective when we invest in a new strategy, or a different tool for the stages of a project. With that in mind, today we are going to change the view on this type of procedure, showing you the main metrics and their importance for your business.
So, if you have doubts about the subject, the time has come to resolve them all. Here we go!
Why does your company need to dedicate itself to analyzing marketing metrics?
As we saw earlier, Metrics are important information that can tell you everything about the progress of a strategy. Therefore, they cannot be ignored, after all, they are the ones that tell you whether you are spending money, or whether you can invest safely.
This is because allocating money to something that is not achieving the planned results is a bad decision, right? But how would you know this if you didn't analyze the right metrics for your business?
Furthermore, working with this type of analysis is essential to determine actions, so that your business stands out in the market and grows even further. As well as points that may indicate opportunities for your company. Between them:
- Positive and negative aspects of the campaigns;
- Helps in making decisions and investments;
- Opportunities for improving strategies;
- Reduction of the degree of uncertainty for the next steps;
- Easy access to return on investment (ROI);
- Clear view of a campaign’s performance.
Therefore, from marketing metrics to sales metrics, they are all important for identifying errors and points for improvement in processes. With that in mind, below I brought information that your team cannot leave aside, as well as ways to establish an analysis routine. Check out!
Key Digital Marketing Metrics to Watch
As we saw previously, analyzing digital marketing metrics is an important step for any strategy. But after all, What data can you not pass up?
To help you in this very important process of any investment, we have separated some of the main information to compose an efficient and useful analysis routine for making decisions for your company. Check out!
Visitors and conversion rates for opportunities and leads
If you establish a content marketing strategy, for example, you may want to know how many people are visiting your website or blog. This is very important, but we need to understand how efficient this is for your business.
That's why we look at two metrics: visitors, as we saw before, and the conversion rate of leads and opportunities. They are the ones that will demonstrate the efficiency of your sales funnel. After all, the lower the percentages, the fewer people are moving between the stages of your strategy.
With this, you can observe which stage of your planning is performing poorly, proposing improvements assertively.
Visitors are the people who are arriving at your website, whether organically or through paid media. Leads, on the other hand, are those who demonstrate interests that go beyond the first contact. In general, we see this through conversion on a material-rich landing page, for example.
But, we also have opportunities, which are leads that show greater interest in the product or service, therefore, a sales opportunity.
Sales and conversion rates for sales
Despite not being directly related to the success of a marketing strategy, sales are very important for improving processes. Especially when we talk about conversion into sales.
Taking an example again, a content strategy may aim to sell, but before that, we need to transact the lead through the sales funnel. Therefore, if visitor and conversion rates are good until the moment of sale, we need to analyze some points. Being them:
- Is your salespeople's approach adequate and up to the expected standard?
- Are the right people being impacted by your marketing strategy?
- Do you have arguments to overcome objections that may arise during the sale?
Obviously, these are just some of the questions you need to ask yourself when analyzing this type of digital marketing metric. In other words, expand to other areas that can impact these results.
10 digital marketing metrics to keep an eye on!
In more depth, we have some acronyms that may be essential for you to analyze the topics listed above assertively and, in this way, identify the best opportunities for improvement. Let's see what they are?
Return on Investment (ROI)
Measures the financial efficiency of a marketing campaign or strategy, comparing costs with the results obtained.
Customer Acquisition Cost (CAC)
Calculates the average cost to acquire a new customer, considering marketing and sales expenses.
Conversion rate
Evaluates the effectiveness of a campaign by measuring the percentage of visitors or leads that became customers.
Customer retention
It indicates a company's ability to maintain its customers over time, reducing the cancellation rate.
Lifetime Value (LTV)
Estimates the total value that a customer generates for a company during the period they are a customer.
Open and Click Rate (Email)
Measures the performance of email marketing campaigns, showing the percentage of opens and clicks on links.
Funnel Conversion Rate
Monitors the efficiency of the sales funnel stages, from lead to conversion into a customer.
Social Media Engagement
Measures followers' interaction and engagement with content published on social media.
NPS (Net Promoter Score)
Evaluates customer satisfaction and their willingness to recommend the company to other people.
Churn Rate
Indicates the percentage of customers who canceled or stopped using the company's products/services in a given period.
Differences you can find between digital marketing metrics
Finally, we need to talk about something that many companies still have doubts about. The differences that we can find between digital marketing metrics.
After all, there are two main types when we analyze and, in general, they are linked to the platform we analyze. No more mysteries, we are talking about social metrics and business metrics.
Social metrics, also called vanity metrics, can be found when we analyze engagement on social media, for example. This is because they measure the influence that your brand has on an audience, but it is not necessarily related to the success of a business.
This is because a company may be in the spotlight when it comes to followers on social media, but we cannot consider this as a sales success, as a large part of these followers may be interested in the content, but not in the solution it sells, for example.
Business metrics refer to what we discussed in the first topics of this article. In other words, they are numbers that indicate the results of your marketing strategy for the success of your business. Not reserved for this, but the results are quite noticeable in a company's sales.
Furthermore, it is important to highlight that both are equally important, but everything may depend on your marketing goals. In brand awareness, perhaps social metrics could be prioritized. When we talk about lead conversion, we need business metrics.
This article is just the first step for you to start understanding more about analyzing digital marketing metrics. On our blog, you will find countless content that can help you in this process. We even prepared a complete glossary with the main metrics that you need to analyze.
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