Measuring Results—Both Online and Offline—by Integrating Digital Media
The old saying goes, “You can’t manage what you can’t measure.” The beauty of mediums like the web, social media, and mobile devices make it extremely easy to measure and report on results. The reporting is automatic, accurate and incredibly detailed.
But the real power of digital media is when it’scombined with traditional (radio, newspaper, billboards, etc.) Digital media provides a way to measure your traditional campaigns. Suddenly, your billboards and radio ads have a measurable component that you can use to evaluate your efforts.
Before the digital age, you would put ads in the paper, throw up a few billboards, and call the station to book some ads. Great start! This generates a lot of buzz and casts a wide net. But how do you know which of these ads and mediums are reaching your customer? Which ones are causing them to take action? These are the kind of questions that digital media can help you answer. All it takes is making them work together in a smart way, and using the measurements provided through your website, social media & mobile presence to find out.
Here’s 7 Key Metrics To Measure Your Marketing Campaigns With Using Digital Media
The click through rate, or CTR, is the percentage of visitors who arrive at a web page and click on a call-to-action you want them to click. The call-to-action can be a banner ad, a link at the end of a blog post or white paper, or even a QR code. This is a key measurement showing you how well your online advertising, such as Google AdWords or banner ads, are enticing your customers to keep going. It can also be used to measure how well your website, social media, or mobile advertising is converting visitors into leads and customers. The higher the CTR, the more effective your message & targeting is.
The bounce rate indicates the percentage of visitors that come to your website and leave after seeing the first page. This metric tells you two things:
- Whether you’re attracting the right visitor to the page;
- Whether the page is effective at making them take action.
A highly relevant page will keep visitors at your site and encourage them to navigate to other pages, fill out a form, or otherwise show continued interest in what you have to offer. A poorly designed page will have visitors leaving in droves. This measurement is useful to improve your website and generate the most leads possible.
Visitor-to-Customer Conversion Rate
This is the rate that visitors turn into buyers on your website. This mostly applies to websites and Facebook pages that take orders online. The visitor-to-customer conversion rate is an overall measure of how effective your website is at grabbing, retaining and converting browsers into customers. It is more powerful when evaluated in conjunction with the other metrics.
Visitor-to-Lead Conversion Rate
If you have a longer sales cycle where people don’t typically buy on first contact with you, you’re likely interested in getting new leads. A lead is a potential customer that’s provided you enough contact information to follow up and develop the relationship. Visitors become leads when they:
- Fill out a form.
- Sign up to your newsletter.
- Take some other specific action you define (register online, download something, etc.)
For any business that tracks and values leads, your visitor-to-lead conversion rate is one of the most important metrics to watch. This measurement tells you how much potential business your website is generating. Using the other measurements, like click-through rates, bounce rates, etc, you can also measure how each point along the path is contributing to your lead conversion rate, and improve each one to maximize the overall response.
Lead-to-Customer Conversion Rate
After a visitor becomes a lead, the next step is to make them a customer. This is the metric which measures how effectively your sales team is converting leads into customers. This metric is normally tracked offline, through your CRM or other software. But in some cases, such as digital businesses who use email, live chat and social media to sell to customers, this might be tracked online too.
Average Time to Customer Conversion
You also need to know how efficiently your marketing is pulling the lead through the funnel. The longer a lead stays in the funnel, the more resources it takes to close the sale. By tracking your leads, and seeing how long it takes them to convert into a customer, you can gauge how effective your marketing is at helping them take action sooner than later.
Split or A/B Testing
Less a metric than a marketing practice, split testing, aka A/B testing, lets you implement more than one marketing approach at a time to a particular campaign, product, or service. You can set up two ads that are identical except for their wording and measure the click through and bounce rates to determine which version is more successful. This will help you determine the best approach to use for that particular audience or channel. Split testing can be used online and offline in a large variety of areas to measure what works best.
Here’s to Your Success
These metrics & practices can help you separate the good marketing from the not-so-good (which you now know how to improve). This data can also be used for future marketing ideas, developing sales efficiencies, and finding effective approaches to selling your brand. If you’re not sure where to start, or how to successfully set up measurement of your marketing, get in touch. We’re here to help!