Understanding which metrics work best for your business allows you to take advantage of those that are already solid and also highlights those that need refinement. Simple Metric Analysis Includes:
- Front-end Metrics: click-through-rate and engagement ratio reflect whether your content is relatable enough to inspire the audience to act.
- Middle Metrics: note track conversion rate and bounce rate which indicate the number of leads inching closer to client status.
- Back-end Metrics define whether your marketing efforts cost too much relating to the revenue generated ... This data reveals your financial ROI.
Check out the information below defining the three basic marketing tools linking your business and your prospects or customers. These simple steps show you how to monitor and gauge how you are doing.
E-Newsletters, E-inquiries, or Purchase Confirmations are all reliable vehicles for information and communication with your audience. Given today’s technology, emails deliver solid ROI metrics. And email campaigning continues to be a good strategic approach to reach those important to you.
Indicators to Evaluate:
- Bounce Rate: Failed Emails. A high bounce rate counts negatively towards your campaign and might even label your email as SPAM. Help avoid this common glitch by removing ‘bad’ emails from your list.
- Open Rate: Opened Emails. Vary your headlines; use words that your target looks for-keep them brief.
- Unsubscribe Rate: Growing number says your consumers are turned off by your content. Change it.
- Clicks & Click-Through-Rate: Tracking WHAT was clicked give clues of what is working, or not. Watch that a link or image relates to your headlines and images. Make your images compelling. Wow them.
- Conversions-Conversion Rate. Count follow through to your email’s ‘trigger’ action. Conversion is goal.
- Leads. Tabulate all email conversions, note replies or frequent subscribers.
The success of these metrics depends on bringing in as many conversions to generate a monetary return.
Ask These Questions:
- How many conversions converted to quality leads? What is pipeline-to-cost ratio for duration?
- Revenue generated by this campaign and at what rate?
- How much did each email, open, click and conversion cost? How much did it earn?
- Where can this campaign improve to help these ROI metrics grow?
These metrics provide solid analysis of your email campaigns, identify adjustments and record ROI.
2. Social Media
Facebook has insinuated itself in all of our social media platforms. Business ads are entering real brand competition there. If you’re engaged there, it’s important that your marketing campaigns take precise aim rather than random blasts. Build on your strategy and use those that worked and eliminate all that haven’t.
Campaign Metrics to Consider:
- Engagement & Engagement Ratio: Do people react, comment or share your boosted posts? Irrelevant content is the leading obstacle to consumer engagement. Ascertain what gets them to act – NOW.
- Clicks/Click-through-rate. Engagement works, but are consumers just clicking on your call to action? Seek the clicks that lead more people to your website over the ones receiving blind-shares and likes.
Facebook offers minimal front-end engagement ratio, metrics-clicks and click-through-rate data on website conversions/conversion rates. For advertisers on Facebook, to track ROI, one fix is to implement the Facebook pixel on your website for “conversion tracking, optimization, and remarketing feedback.” Measure leads you generate from your social marketing efforts and include tracking parameters in the URL you are advertising. To get the full picture of your paid social campaign’s success, you’ll want to pull reports from both Facebook Insights and your web analytics platform.
3. Website Landing Pages
Your website is where current or potential customers go to find quality content and information on your products or services. The metrics below help you fully monitor and understand the arena:
- Traffic. Track how many visits your landing page received from your campaigns.
- Unique/Returning Visitors: The # of individuals who came to your page and how many returned!
- Total Page Views: Note any other pages visited on your website after your landing page.
- Time Spent on Page: Observe how long people are on your website, but also determine whether those visits engaged or were immediate exits.
- Conversions: Whether making online purchase or event sign-up, find the value generated from users that complete a goal on your website.
Your objective is to take conversions from campaigns to website and finally to purchase. Pulling consumers in through email and social media is the first step. Watching the bounce rate and exit rate on your landing page/website determines if guests exit at a high rate without converting. Also ascertain if your website generates newsletter signups and email inquiries. These are leads! Signing up for a newsletter or filling out your website “Contact Us” form are also potential leads. Be sure to examine every function of your campaign, all the way to purchase, to ensure that your tools are doing their job right.
So How Are You Doing?
Done well, email and social campaigns should work directly with your website for a refined customer experience. Ask these important questions:
- What metrics do you measure for your digital channels?
- How have you adjusted these as the digital world’s innovation keeps changing?
Email, social media and website basic tools are the bridge between your business and products with the outside world. To tell their story, every company has a website and uses email and one or more flavors of social media. If you are already using metrics to evaluate and enhance your outreach, great! If not, you are missing out of business tools that keep your business engine running.
HQZ Experts practices these steps for our own business. Give us a call and learn ways of improving your company’s email, social media and website performance.