How do you consider digital marketing? Do you think that it is voodoo-like superstition or a teachable science that you need to master? Whatever your thoughts are, but when you are dealing with the tricks and tactics of digital Marketing, there is no other way out but to know the genre in detail. You may have acquired an idea about setting digital marketing strategies, creating contents, building backlinks, and more. You may also have an impressive digital presence. But, struggle to master the key metrics of digital marketing is indeed an overwhelming matter.

You should know that there are literally hundreds of numbers, statistics, analytical combinations, and more that you need to tally to measure your digital performance. You need to struggle every day with marketing metrics and customer preferences. Are you getting nervous now? Do not worry as this post is here to provide you with relevant insight into the key metrics for digital marketing.

What are the three broad categories to divide key metrics?

There are mainly three categories in which the key metrics of marketing is created. These are:

• Traffic
• Conversion
• Revenue

1. Traffic:
In the field of marketing, traffic is regarded as the number of customers visiting your website. When you conduct a super impactful digital marketing campaign, you aim to bring in more customers. When you see that your visitors are increasing, that means the traffic on your website is stable. Different tools show you the number of customers visiting your website.
2. Conversion rates:
Conversion is all about turning your visitors to potential customers. Make sure that the customers who visit your website turn out to be your buyer. You can also use specific tools to understand your conversion rate. Accordingly, you can make changes and innovation in your marketing strategies to enhance your business.
3. Revenue:
It goes without saying that revenue means the amount of sale you made with your profit ratio. Proper measurement of revenue will help you understand how your business is holding the market. Apart from that, you can also realize the areas of improvement and work on those effectively.
Now, as you know the three main aspects of marketing metrics, let us discuss the key metrics that you should know as a digital entrepreneur.

Essential Marketing Metrics Useful for Your Business

1. Traffic Metrics:

The first rule of marketing metrics is all about understanding the area of website traffic. There are different sub-categories under traffic metrics.

• Total site visits: This is a complete picture of the website traffic to give you a rough idea about the number of visitors you had in a day. It helps know your effect of enormous marketing campaigns. This number should increase over time and get steady. If the total visitors fluctuate and drop gradually, you need to take a hard look at your marketing channels and work on your strategies to revise those.
• Sources of traffics: You need to segment your traffic sources to understand the pinpoint of marketing channels. This segmentation will provide you with a clear picture of the various platforms of digital marketing and identify the underperforming source. You can break the sources into four different categories.
• Bounce rate: This is the most essential part of website traffic. Bounce rate shows you the number of visitors who visit your site and leave almost immediately without performing any meaningful action. If you have a high bounce rate, you should take the hint of improper SEO strategy. At that time, you may need to work out on various things like marketing campaigns, landing pages, keyword research, website contents, and more.
• Interval of customers: It helps to measure the time a customer spent on your website. This is a beneficial metrics to determine users’ engagement. The prime motive of digital marketing is to keep your customers engaged to your site. As interest grows into them, eventually they can turn out to be your potential customers.
• Direct visitors
• Organic/search
• Social media
• Referrals

2. Conversion Metrics:

The visitors that became your potential customers are the only reason for your conversion metrics. You need to go for proper measurement to understand how you can hold these customers and make them happy with your service/product.

• Micro conversion rates: You will inevitably track the macro conversion rate after launching a huge marketing campaign. However, experts say that do not ever ignore the micro-conversion rates that come from small campaigns. This will help you to understand the potentiality of your business. Considering the lead generations from the macro campaign is not a very wise thing for your business. It is suggested by the marketing experts measuring micro leads that come from micro marketing campaigns.
• Conversion Funnel Rates: Knowing the exact percentage of potential customers is considered as the funnel rates of conversion. This process is the most profound understanding of the conversion rate in each stage of the funnel. You will also get a proper idea about the ROI. You can also direct your resources according to the need of your business.
• Cost Per Conversion: Cost per conversion can be divided in two different categories. You can measure the cost per lead and cost per referral. However, the overall margins of the conversion are very important as it defines your margins. You have to maintain an affordable rate of the cost per conversion so that your targeted customers can buy it without any financial worries. Otherwise, you can be in a trouble with the consistent profit of the business.
• Lead to Close Ratio: This is a simple yet a useful metric to compute. Divide your entire number of leads with the total conversion or sales. The result will help you to determine the ROI that you make from these marketing campaigns on digital platforms.

3. Revenue Metrics:

Understanding the revenue of your business is inevitable. You may not be able to determine the exact revenue percentage by comparing it with the profit margin.

• Value Per Visit: You need to value every visit on your website. Whether the customers that visit your site buy your product or not, you should value every visit to ensure reasonable revenue growth in the near future. The customers who visit your site and provide any review related to the products can become your potential customer if you pay value to them.
• Cost Per Acquisition: Cost Per Acquisition or CPA tells you the amount of dollar that you can spend to get someone open his/her wallet. You need to focus on cost per click to understand the acquisition. You will be able to understand the proper revenue margin when you start cost per acquisition. It will help you to go for a consistent track of your revenue generated from different digital channels.
• Return on Investment (ROI):This is the main revenue metrics that you need to implement within your marketing strategy. Ensuring ROI is the real game-changer in marketing. If you invest $100 on a customer, you need to make sure that $200 profit is acquired. This is regarded as a return on investment. Without this metrics, your digital marketing strategies are not at all channelized.

Always remember that to implement all these key metrics, you need to determine a strong marketing strategy for your business. Here are a few points to remember while setting your strategy.

How to create a strong digital marketing strategy?

There are several things that you need to keep in mind while creating a strong digital marketing strategy.

• Understanding the market is essential. Go for a brief survey of the market to determine whether your product is acceptable in the market.
• Knowing the preferences of the customers and modifying your product or service accordingly. It is important to understand what your customers are looking for.
• Make your digital presence impressive and update it regularly. You need to make sure that your website looks fabulous so that it can keep your visitors engaged.
• Provide relevant contents. When customers visit your site, make sure that they get relevant information. Your contents should be related to the product or service. Otherwise, the bounce rate will increase.

Implement these strategies and let your business boom. Always keep your marketing strategies updated so that you never lose your customers. Go ahead with your business. All the luck for your business.