Are you tired of not being able to track your digital marketing results?
And do you wish there was an easy way to quickly figure out what’s working, and what’s
not, so you didn’t waste your time and money on ineffective marketing tactics?
If so, then you’re in the right place, as on this episode we’re going be diving in
head first to take on the mistakenly overly complicated world of digital marketing analytics,
so you can quickly learn what you need to watch and measure, and what you can leave
behind.
Hello and welcome, my name is Adam Erhart and you are watching the Modern Marketing
Show.
Where we take different marketing tactics, tools, tips and strategies and break them
down into bite sized actionable clips that you can use to immediately take your business
to the next level.
The truth behind digital marketing analytics is that they can be as simple or as complicated
as you want them to be.
First off, there are tens, hundreds, even thousands of different variables that you
COULD be tracking.
This is what makes digital marketing so incredible when compared to traditional marketing tools
like the newspaper, radio, or TV.
With digital marketing we can track how many times our message was shown, who saw it, if
they did anything, what they did, and even how many times they did it.
We can normally see where they’re from, what kind of device they’re using, whether
it’s a phone, tablet, or desktop computer, and even what browser they’re searching
on.
With some platforms we can track their age, interests, and previous buying behaviour,
and we can monitor and track them for days, weeks, months, even years to better understand
them.
Creepy?
Yeah sort of, but it’s the reality of the world we now live in so as business owners
it only makes sense to dive in and embrace it.
Ignorance is no longer bliss, and the more you know about your customer, the better you’re
able to serve them.
So with all of this information available, where should you even start?
Well, here are 5 easy to use and easy understand digital marketing metrics that you can start
tracking today.
The easiest place to start is by taking a look at your website traffic and it’s number
of visitors.
While this is somewhat of a vanity metric, meaning that it may not directly relate to
the bottom line, it is helpful in measuring and tracking how many people are visiting
your businesses virtual store front.
It kind of goes without saying, but you want to be seeing a steady increase of visitors
over time.
If you’re feeling adventurous then dive a little deeper and try to locate which sources
are sending you the most traffic, and which pages are getting the most action.
This way you’ll know where to double down, and you can focus on maximizing what’s already
working for you.
Your bounce rate is the number of people who visit your site and then quickly leave, or
bounce off.
Here is where we want to see a low number, as this means that people are sticking around
and having more of a look through your content.
The longer people spend on your website, the greater your opportunity to convert them into
customers.
It also helps with search engine optimization rankings.
If you’ve got a high bounce rate, or you see it steadily climbing over time, try taking
a look through your website from a perspective customers eyes and see if you’re able to
quickly determine what your business does, and how easy the website is to navigate.
Just like with website visitors, you want to see a steady increase of email subscribers
over time.
It doesn’t matter what business you’re in, the odds are good that you could benefit
by using an email marketing strategy.
Try to encourage your visitors to leave their contact info with you by offering something
of value in exchange whether it’s a free ebook, pdf, video, or consulting session.
Your click through rate refers to how many people took action and clicked on one of your
posts or advertisements.
CTR is a valuable metric to watch anytime you’re creating an ad for any of the social
or search engine platforms, as a high click through rate means that what your ad is saying
is relevant and interesting enough for someone to want to click and learn more.
Higher click through rates are also usually rewarded with better placements and lower
costs, which means you get better results for less money.
Lifetime customer value can be one of the most challenging, but also one of the most
valuable metrics to watch and track.
While there are a number of pretty fancy and expensive software tools and services out
there that can help, even having a rough, general idea of the lifetime value of a customer
to your business is still beneficial to your digital marketing campaigns.
This is because if you know what a customer is worth to your business, then you know what
you’re able to spend in order to acquire a new one.
As an example, if an average customer is worth 1000 dollars to your business, then you know
you can spend up to that amount in order to acquire a new customer and still be profitable.
Once you figure this number out, and a way to market your business that allows you to
acquire new customers below that cost, you’re basically able to create an unlimited supply
of new customers directly to your business on autopilot.
So thanks so much for watching.
If you enjoyed this episode be sure to subscribe to the channel, give it a thumbs up, and if
you have any questions, comments or suggestions for a future video, be sure to leave them
in the comments section below.
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Take care for now, and I’ll catch you next time on The Modern Marketing Show.