Digital Marketing Success KPIs are used by almost all companies to measure their marketing results. It is believed that 80% of your output comes from 20% input.
The same logic applies to marketing. Now the question is, where should you effectively focus your marketing efforts and resources?
The answer to the above question lies in an evaluation of the performance of your lead generation, SEO strategy, social media ads etc.
Marketing KPI (Key Performance Indicator) is a measurable value that brands use as a central metric of digital marketing. This is a sound method to evaluate success across all marketing channels. Want to know about the common Digital Marketing Mistakes..??
Setting and tracking KPIs is a reliable way of measuring the effectiveness of digital marketing. It helps many digital marketers in making decisions and also access their marketing data in a more informative and organized way.
In this guide you will find the top 10 digital marketing success KPIs to track in 2020!
1. Landing Page Conversion
It’s great if your landing page is up, beautiful and it follows all the best practices too. But does it actually convert?
A landing page that doesn’t generate leads is an indicator of bad digital marketing metrics. Irrespective of the traffic it is generating, a landing page that does not convert, does not serve your purpose. So, monitor the conversion rate.
If your landing page is getting a lot of traffic, but has a low conversion. Then it’s time that something needs to be changed on the page.
For Example: You can try A/B testing to see which one is delivering high conversion rate.
- Convey value in your CTA.
- Make written content more persuasive.
- Keep your form short.
- Add reviews, awards, social counts (social proof)
A thumb rule of how to measure digital marketing success is to monitor organic traffic. This business goal using inbound marketing is to have most of the traffic from organic search. So, as to control costs on online ads.
High organic traffic simply means, people are finding your website on their own. This means minimizing your effort of cost in attracting them to your site. Organic traffic is directly related to SEO strategy. So, make sure you look into your SEO strategy and use strong keywords.
3.Inbound Marketing ROI
Every Company obviously wants to see a Return on Investment (ROI). Calculating this inbound marketing ROI is a key metric of digital marketing. Which helps in assessing your annual and monthly performance.
Planning the strategies and budgets for the following month or year, on the basis of these ROI’s is equally important. Use these KPI results if you don’t want to continue burning money. Or increasing your budget for the upcoming activity that is costing your company money.
No matter what marketing strategy or activity your company is using. Your Return On Investment will help in determining the best way. Forward for the future of that particular activity.
4.Lifetime Value of Customer
With this kind of inbound marketing. The only measure of digital marketing metrics of customer value is achieved, by reaching out to your current customers.
Doing this will not only keep you in contact with your past leads. But also keep your customers happy. And by that virtue increase your customers lifetime value with you.
The best way of increasing the lifetime value of your customers is. By developing specific lead campaigns that are designed to reach out to your existing customers.
The end goal of every business is sales. Knowing your sales revenue through your inbound marketing campaigns, is an accurate way of measuring. The effectiveness of digital marketing.
Since no company would be willing to invest or spend money on something. That isn’t generating money. if the sales revenue KPI is not met. Companies can move that money to other marketing activities, that may meet digital marketing success KPIs.
Measuring the success of the sales revenue KPI through inbound marketing, can be calculated with a simple formula:
(total sales of the year) – (total revenue from customers acquired by inbound marketing)
6.Cost Per Lead
Cost-per-lead shows the cost of acquiring each new prospective customer. On the basis of this simple cost. You can measure the effectiveness of digital marketing. And justify the spends on marketing activities, and other resources to attract new leads.
This can be measured by summing up the time, resources and money spent on marketing activities. And compared with the acquired results to the number of monthly leads.
Analyse what type of campaign works best for you. And increase the budget and time spent on that campaign. Create and share quality content. To get free (organic) website traffic, and new leads.
7.New lead / Prospect
A new lead is a prospective customer who is signing up for a free trial. Or who is creating an account on your online site.
Monitoring lead generation weekly or monthly is how to measure digital marketing success in terms of new lead generations. It will indicate quantitatively whether your marketing efforts are moving in the correct direction or not.
Once you have the numerical results in hand.You can increase the budget of cost-per-click ads or create search engine optimized content that could be found through search engines. Have a look at the powerful marketing tips for conversion
8.Average Time On Website
This KPI is especially important for organic search traffic. As Google ranks pages based on their relevance. If a visitor is leaving your website straight after visiting, search engine will believe that the content they saw wasn’t what they were actually looking for.
Digital marketing metrics indicate that the higher the average time a user spends on a website, the more chances are of that website ranking well on search results and thus converting more visitors to leads.
You can use Google analytics to measure the average time on page of all the page categories such as home page, blog page etc. To increase the average time spent on site, provide more compelling and useful content. Also add more information on your pages, add colourful images to your landing pages. And use organized and easy–to-read text.
9.Call To Action Conversion
Create websites and web pages with a clear call to action wherever possible. Having a clear CTA increases the chances of conversions. This is one of the very straight forward digital marketing success KPIs.
You can again use Google Analytics to track this website KPI . You can also go with website events to track every click on your CTA’s and the content.
Higher page authority helps your content and landing pages perform well in Google search engine results. You can track the effectiveness of digital marketing and your page rank. With various SEO tools such as Moz and SEMRush.
You can use Moz’s browser extension for a quick overview of every single page’s authority. Page authority can be improved in various ways such as giving internal links. if you have a blog series make sure you get some inbound links from other domains.
These were some easy ways to track digital marketing success kpis. They help indicate clear digital marketing metrics and explain how to measure digital marketing success. And the effectiveness of digital marketing.
If you have any more KPIs to add to this list, comment below! The Dream Team in 2020.