One of the best things about digital marketing is that everything can be tracked and analysed. . If your own web platform does not provide this service, Google analytics can do the same job.
The most important data categories include total visitors and new site visits. Once you’ve analysed these statistics, it’s time to relate them to your business goals. Setting key performance indicators (KPIs) is the best way to do this.
For example, if your goal is to increase sales efficiency, divide your total sales by your website hits and leads. If you’re not sure where to start with your KPIs, digital marketing consultants recommend the following:
Return on your digital marketing investment
Measure the amount of time, money, and effort you put into digital marketing, compared to the sales it generates.
Website conversion rate
Track your website conversion rate or how many enquiries your website generates by email, online form-filling, and telephone calls.
Analyse your cost and revenue per lead
Lead volume alone does not equate to success. You should also focus on keeping lead costs low so your profit margins are healthy. By measuring the leads you get from different web sources, you can see whether your digital marketing strategies are successful and profitable.
Percentage of sales from digital
Finally, know what percentage of sales come from all your digital marketing efforts so you can justify each campaign.
By tracking your KPIs, you’ll be able to gauge the most meaningful numbers and make better marketing decisions.