Digital marketing metrics every business owner should track. Learn to monitor and improve the marketing metrics that matter to increase your lead generation, website, social media and paid advertising performance.
Whenever I talk to entrepreneurs, they start by telling me they invest in digital marketing to sell. Fair enough!
But they have a veeeeeeery hard time tracking what efforts also drive money in their bank account.
Is it bulding an Instagram Following? Is it posting on Facebook 8 times a week? Is it Google Advertising? Is it Facebook Advertising? Is it all of the above? Is it none of the above? What is it?!?!?
Some of the most frequent mistakes I see are: starting everything at once hoping for a magical outcome. Meaning: sales to start rolling-rollin-rolling in overnight.
Then getting scared, listening to some random Mr SmartyPantsMcGee that says “I’ve tried X tactic myself and it doesn’t work, man, trust me”. Then killing everything.
And building a feeling of discouragement and frustration.
By the way, I don’t judge. I’ve been there. And this may be you if you thought to yourself at least once that “marketing doesn’t work”.
Marketing DOES work. But it has to be done consistently. And it has to be measured objectively.
There’s a universal rule of thumb that 80% of your results come from 20% of your efforts. But how can you figure out what that 20% is? And stop wasting time and money? Measuring your marketing results will guide you to identifying that 20% that drives profits.
Here’s how to measure the impact of your efforts like a Pro.
But before you read, remember this: NOTHING happens overnight. And EVERYTHING needs to be tested.
Ok? Ok, let’s start.
Digital Marketing Metrics. KPIs for online business owners
If you are an entrepreneur or business owner conducting business online, here are the digital marketing metrics you should track:
- Website and traffic metrics
- Social media metrics
- Paid advertising metrics
- Lead generation KPI
Website and Traffic Metrics
The simplest metrics to track the goals for your website are traffic to landing pages and conversion rates. It’s important to add that your continuous goal should be to improve your conversion rates.
Monthly website traffic
Average time on page + Bounce rate
Website conversion rate
Social Media KPI
Social media metrics can easily slip into vanity numbers. As common sense, social media efforts should focus on building an engaged following and turning them into paying customers.
Traffic from social media
Leads and conversion from social media
Paid Advertising KPI
I cannot stress this enough: paid advertising should be a consistent effort. Translation: you should invest in paid advertising for as long as you want to sell online.
As a business owner, you should have a solid budget and marketing strategy month over month, with significant increases around holidays, launches etc. Here’s what you need to track:
Click through rate
Traffic from advertising
Leads from advertising
Cost per visitor and cost per conversion
First of all, let me clear up what a Lead really is, because many people confuse the term “lead” with the concept of “paying customers”.
A lead, or a prospect, is a visitor who is a potential customer. A lead can be a person who signs up for the newsletter, signs up through a contact form, visits the Pricing / Services page, adds a product to the cart etc.
Number of monthly new leads
Cost per lead
Cost per conversion
Number of qualified leads per month
It’s true, measuring your digital marketing efforts is a bit on the technical side. So if you feel just a bit overwhelmed, I get it.
If you get stuck or just want to outsource this effort, register for a 20 minute free digital marketing consulting session with me. We’ll take it together from there.
p.s. Please share this post with friends who are running online businesses. They will thank you for it.