In today’s e-commerce-dominated world, digital marketing has become more vital than ever. And as more consumers continue to rely on the internet to look for information about a product they’re interested in or to make a purchase, the need for companies to include digital marketing as part of their marketing strategy also rises.
Take social media marketing, for example. Many people use social media applications every day. To a business, that can be an opportunity to spread brand awareness and reach new audiences. So, considering the potential revenues businesses may get from digital marketing efforts, it may be worth investing in it.
Now, different businesses will likely have different approaches to digital marketing
. After all, there’s no one-size-fits-all strategy. Even so, performance monitoring is an essential aspect of digital marketing. Without it, it’ll be impossible to tell whether a marketing campaign is effective.
That said, below are some insights on how to monitor your business’s digital marketing performance.
Invest In Reliable Tools
One way to help you monitor your business’s digital marketing performance is by choosing the right digital marketing tools. And depending on the digital marketing strategies in place, this includes analytic tools that can help track your online activity, such as your website’s traffic, ranking, and performance on search engines, your audience reach, and more.
There are also various tools designed to help manage and monitor your social media activities and insights all on one dashboard. This makes it easier to see the performance and keep track of audience engagement. Some of these applications even allow you to schedule posts and track activity seamlessly.
There are also e-mail marketing tools that can be used to assess the performance of an e-mail marketing campaign. These applications often have trackers too.
Overall, these tools allow you to understand how effective your company’s digital marketing campaigns are. They provide you with substantial numbers and insights, letting you assess areas in your current strategies needing modifications. These tools also enable you to understand your market better, helping you formulate and shape a campaign that will resonate with them. And to find out more about how digital marketing tools can help your business, you can check here
Have Clear Objectives
Objectives generally outline what you want to achieve. They attach purpose or meaning to your digital marketing strategy. And every objective you set has to draw you closer to achieving a corporate, divisional, or departmental goal you’ve established for your company.
When setting your marketing objectives, a good starting point for your organization could be following and adopting the SMART principle. It’s essentially an acronym that means that the goals you set have to be specific, measurable, achievable, realistic, and timely.
For instance, are you aiming to reach more audiences, increase leads, and boost traffic to your websites and social media platforms? Or perhaps, you’re after targeted marketing wherein you want to directly tap into your target audience to ensure successful conversion rates? Once you’ve established your goal, you can proceed to detail your strategies on how you can efficiently achieve it.
To sum it up, goals give you a direction and something to aim for, but more importantly, they also give you a yardstick to measure against. At the end of a given period, you can evaluate your business’s data and statistics based on the objectives you initially established.
Establish Key Performance Indicators (KPIs)
KPIs are essentially metrics that measure performance. Now, every industry has specific key performance indicators. And as a business owner, you need to pay attention to these because they’ll help you assess how well your strategy is performing against the industry standard.
That said, there are various metrics that you could use. Here are some common examples:
- Website conversion rates: Tracks how many people visited a website and were converted into leads.
- Click through rate: This metric measures the amount of traffic that a link or several links generate over multiple platforms. It shows whether your content is adding value to your audience.
- Bounce rate: shows how many people visited the page but left without being active on it.
- Response time: This shows the average time that it takes for your team to attend to a customer's phone call, message, or e-mail.
- Revenue per lead: shows the average revenue that is generated by every lead.
However, it’d be good to note that not all metrics may apply to your business model and objectives. That’s why having specific goals is critical. They help determine which KPIs are applicable and essential to your company.
Moreover, it’s always ideal to aim to measure your metrics against those of the industry average. Doing so can help ensure you aren't too far behind your competitors.
It’s essential to monitor your digital marketing strategies’ performance because there’s no other way of telling whether you’re moving in the right direction. Thankfully, there are various solutions and tools that can help businesses with this.
And with the results and insights you generate, you’re equipped to take actionable steps to improve your digital marketing campaigns and achieve your business goals.