How to Measure your Digital Marketing Campaigns
Measure your Digital Marketing Campaign results
In this post, you will discover the main marketing metrics to analyse so you can tweak and make changes to get the most out of your digital marketing efforts. Campaigns take a-lot of time and energy to put together, so you need to make sure that your efforts are well managed and tracked.
If you haven’t started your digital marketing campaigns, you may find this post helpful to create your marketing plan
It’s important to monitor your results constantly so you can tweak the campaigns that are not working and learn from the ones that are.
To determine your campaigns success you can use key performance indicators to define whether you are reaching the goals that you set. These are the most important metrics to determine success or failure
You can set different metrics you would like to focus on, for example, If you want to increase your leads, your KPI’s may be “conversion rate” from your landing page.
The most common Digital Marketing Campaign KPI’s
Most marketers and business owners will look at three main components, which include:
- Most companies look at the bottom line to monitor success, this is the total revenue generated.
- Look at what the potential is for each new lead that comes through the system and how much it costs to generate that lead. More importantly, look at the value that lead is worth to your business LTV (Lifetime value)
- If a lead costs you more to get than the first order, that should not be a concern as the value is a lifetime customer in some industries
This is super simple to measure, with all the insight and analytic tools available you are able to see and analyse this data. Using an analytics and insights tool is imperative to see this data in one dashboard
Social media plays an important role in your digital marketing campaign. You need to analyse your social media efforts closely to see your results and adjust to get the best performance
- Twitter – Analyse when your business is mentioned. This is great data as you can see what people are saying about your business. Use this information to create more opportunities or better your business approach.
- Facebook – You may think that looking at how many people are liking your page is the only metric to guage how well your facebook page is doing. However, analysing your social comments and shares is much more relevant, it means people are engaging with your brand
- Instagram – Comments from your followers and shares
At brand labs, we use Oviond to look at all our analytics on one dashboard, this tool has saved us so much time and money. The guys at Oviond have the best customer support I have encountered from a software company.
Look at your website stats to find out valuable information that will be pertinent to your business.
Insights like, the origin where people are coming from, how many unique visitors to your website, how long they stay on the site and other demographics.
Conversions and bounce rate can tell you if people are staying on your site and how they are navigating through your pages.
Use Google analytics to see this data, its free and gives you tons of information.
Digital Marketing Campaign KPI's you must track
This shows you the effectiveness of your digital marketing efforts. In fact, if you are running a lead generation campaign then this will most certainly be the metric to look out for.
Example of conversion KPI’s
- Landing Page form submissions
- Social media form submissions
- Social likes and followers
- Downloadable resources
- Entries for a giveaway
- Potential clients clicking on an Ad
Cost per Lead
This number will show you how much money it costs for someone to take the desired action, for example, leaving their details.
Cost Per Lead = Spend / Number of leads
Factor in the following to determine the cost per lead
You may incur other costs but the above will give you an idea what to include into your costs
*Cost per lead must be done separately per platform or method you are using
This is the free traffic to your website and can be monitored from your google analytics account for free, this will analyse your SEO efforts.
Return on Investment (ROI)
This shows you if your marketing efforts are worthwhile, its the one metric which gives you a global look to see if you or your marketing department is doing a good enough job.
ROI = Net Profit / Total Investment * 100
You can calculate the ROI for each digital marketing channel and then calculate your total efforts from this.
Customer lifetime value
Your customer lifetime value (LTV) assesses the long-term (or lifetime) value of the average customer.
You can do a campaign to drive customers to your restaurant, look at the average value that customer will bring to your business. On the customers first visit, he brings 3 people with him, so calculate that revenue + return visits from either of the 4 people dining at the restaurant. This is a long term metric that when calculated can be a valuable indicator when working out the LTV.
LTV = Customer Value * Average Customer Lifespan
If you are selling a digital product like software on a subscription based pricing model, work out the average number of months/years that customer will potentially stay as a paying customer. An ecommerce store is not so predicatable, they may only get the one sale, but you can still market to that same customer to purchase more from you
This concludes the first formula to marketing success.
Follow all these steps and see your business grow
Even though there are digital marketing analytics tools to make this easier to display and analyse your digital marketing campaign results, its a good idea to familiarise yourself with the jargon and what metrics are the most important to look out for.
Good luck implementing and analysing your next digital marketing campaign