Is your marketing campaign going great? Are your profits setting records? Is your business growing faster than light? If not, you may not be paying sufficient attention to the advertising metrics.
These days, many companies spend millions of dollars on advertising only to get minuscule returns. The reason is that they don’t spot the problem timely. Advertising campaigns start producing obvious results only after some time passes. So for a while, you can’t see whether they are giving you what you want profit-wise.
However, you can understand how well the campaign is going by measuring a few metrics. Experts from a programmatic marketing agency War Room agreed to share them.
Traffic metrics are highly important for your advertising efforts. They can be broken down into the following categories.
- Total website visits – a monthly check of this metric can help you get a good idea of how well the marketing department is working. If the indication grows from month to month, you are doing good. If it drops, you need a few changes.
- New visitors vs. Return visitors – return visitors are obviously more valuable. The higher the number, the more interesting and catchy your content is. If you are getting mostly new visitors, you are unlikely to get any profit from them.
- Interactions – how many pages does a user visit? How long do the visitors stay on the website? Do they leave comments, reviews, put items in the cart?
- Bounce rate – the number of users that leave the website right after arriving. These visitors are highly unlikely to convert. Usually, a high bounce rate is an indication of a poor marketing effort.
- Mobile visitors – today, the number of mobile users is quickly growing. If not enough visitors come to the website using mobile, you need to pay attention to the design, load speed, and interface quality.
How many potential customers have made purchases or taken advantage of your services?
- Total conversion number – the number of visitors who become customers leave information or subscribe to mailing lists. Low total conversion rate means that the marketing efforts are poor.
- Conversion funnel rate – learning which steps a potential customer makes on his or her way to becoming a real customer can help you make decisions about further marketing efforts.
- Click through rate (CTR) – for a paid ad campaign, the high CTR decreases the cost per click, thus making your marketing campaign less expensive.
- Cost per lead – high cost per lead makes the conversion less profitable and vice versa. High costs per lead are a sign that the approach to digital advertising needs to be adjusted.
- Lead to close ratio – dividing the lead number by the total number of closes gives you the lead to close ratio. A low ratio requires adjustments to the advertising efforts.
By paying close attention to the above-mentioned metrics, you can identify the digital advertising campaign problems before they lead to formidable expenses. Any marketing campaign needs to be checked on a daily basis even if the business is doing well.