The digital landscape has changed, and so have your key performance indicators. Strategies that worked three years ago are no longer suitable for growing your business. Even rankings don’t mean that your business is growing and you’re attracting more clientele to your website.
You have to think about your primary goals and how you can measure them. What are the Key Performance Indicators (KPIs) for your business to succeed online? There are a few things you have to focus on, and others that you must forget about. The strategies of yesterday are no longer important to contribute to your bottom line.
What should you be focusing on to conquer your digital marketing and allow your company to reach new heights?
A high conversion rate guarantees success. That’s easy to say. Without a focus on conversion rate, you won’t achieve your goals. Every business sees a different aspect of their campaign as a conversion. It’s all about using your digital strategies and online presence to get a foot in the door.
Set up goals through the Analytics dashboard and determine how many site visitors complete the goal and present a conversion. Keep in mind that the average conversion rate is around 2%, so if you’re looking at the metrics and see a conversion rate a little over one percent, you’re not far off the mark.
You can track conversions on other platforms aside from your website. See the growth of followers or the click-through-rate from your social media profiles to your website (referrals in Analytics).
It’s through testing and analyzing that you’re able to generate leads and more eyes on your site. Conversions are the tipping point of your complete digital campaign. Focus on increasing your conversions, which will obviously grow your business.
Cost Per Lead
The cost per lead metric measures the effectiveness of your digital marketing campaign. It gives you an indication of your return on investment and how well your ads or strategies are performing. As a marketer, you’ll have an idea of what you should be spending to acquire new leads.
Use these throughout your PPC and ad campaign to monitor all aspects and channels you’re showing ads.
AdWords Search Campaigns
Sum of All Ads
Your goal is to minimize your cost per lead, paying as little for a lead as possible. The goal for cost per lead it to keep it low with a high volume of quality leads coming into your business.
Use various dashboards to monitor how much you’re spending per lead. It’s simple to figure out. If you’ve spent $1,000 and received 10 leads, you paid $100 per lead. Divide the amount you’ve spent on all campaigns and channels, and divide that by the amount of leads you’ve received.
Again, to maximize your opportunity here and minimize the cost, you’ll want to test and analyze each campaign to ensure you’re providing the best value.
See who you’re appealing to. Track users that are visiting your website multiple times. Learn how you’re building and retaining an audience. You can see whether you have a problem with your website design or your content, and what you should adjust to better attract returning users.
You can track the vital information and watch the trends on a month over month basis to see how you’re impacting behavior. This metric cannot be tracked if the device doesn’t accept cookies, cookies have been deleted, or the user is logged in with a different account or device.
What should you be looking at to determine the performance of your website?
Average Pages per Visit
Look at Time Spent on Site
See How They’re Navigating & Flowing From Page to Page
Use this, along with your conversion rate metric, to determine if you’re converting returning visitors. Infrequent visitors (those who are repeat but have only been there two or three times) shouldn’t be looked at negatively. They may have just been looking for a piece of information, and the fact they returned to your website boosts your brand awareness.
Sessions & Traffic By Device Type
Where are your site visitors coming from? How should you optimize experience based on this data? Reviewing your site traffic and filtering by device type will alert you as to where your focus should lie. You can get real granular and look at exact device type (i.e. iPhone 6 or Galaxy S7) but to give you the most insight is to keep the overall device type.
If you don’t already have a focus on mobile, your strategy should change. You need to provide an optimal experience across devices. You should be testing the page load speed and the experience across devices to ensure there are no distractions.
With the new mobile interstitials penalty, make sure that your mobile experience doesn’t include intrusive popups that could hinder the user experience and harm your presence on mobile searches. Understanding where your users are coming from provides valuable insights into how to market on digital platforms and increase your return on investment.
The challenge for marketers heading into the future is the focus on mobile and mobile analytics. You have to hit the micro-moments and present the right content to your customers at the right time. This metric ties in with sessions on a particular device, knowing and understanding the behavior of a visitor when they are on their mobile devices.
For mobile apps, you need to look at some key metrics to determine engagement on your app. To reach your app goals, you need retention and interaction. Look at:
Time Spent on App
Frequency of Use
Pages with High Exit Rates
Use mobile analytics for a mobile website to look at acquisitions, retention, and monetization. For mobile sites and mobile apps, engagement is the most crucial indicator of performance. It’s a mobile-first word. Mobile analytics and understanding of the metrics can be key to your success.
What KPIs are you paying attention to? It’s not all about rankings anymore. You can rank number one for a query that never gets searched and your business won’t grow. Rankings don’t correlate with key performance indicators anymore.
Pay attention to the trends in digital marketing, and start making decisions that drive growth for your business. It’s a frequently changing digital world. You have to keep up and learn what KPIs are going to change your business and result in growth.