5 Steps to help Measure your Digital Marketing Performance
Digital marketing performance is a measure of how your digital marketing campaigns and efforts are performing and what ROI (return on investment) your organization is achieving.
Digital marketing is defined as the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, electronic display advertising, and any other digital medium.
Digital marketing can be seen as a combination of electronic and web based techniques such as search engine optimization (SEO), search engine marketing (SEM), content marketing, content automation, campaign marketing, social media marketing, direct e-mail marketing and display advertising.
Your marketing department is increasingly being asked what the return on investment (ROI) is from their digital marketing campaigns. How do you report that the digital marketing campaign is working and what the ROI is?
Your marketing department is increasingly being asked what the return on investment (ROI) is from their digital marketing campaigns. How do you report that the digital marketing campaign is working and what the ROI is?
To understand what the ROI is, you will need to understand what the goals or aims of your organization are, what you wish to achieve from a digital marketing campaign and how to measure these goals. For this we need to look at the Key Performance Indicators (KPIs) and the goals for each one.
According to Digital Doughnut here are 5 types of KPI’s to help measure your Digital Marketing performance:
1. General Digital Marketing Performance
Track website traffic, incoming leads, social media reach, etc. Have they increased? Has sales revenue increased? What is the ROI ratio? Have you achieved the much sought after 5:1 to 10:1 ratios, i.e. for every $1 spent on marketing have you achieved a sales income of between $5 and $10?
2. Channel Based Performance
Measure all channels you use including website, blog, social networks, search engines. Is your channel community growing and engaging with your content (like, sharing, commenting, etc.)?
3. Source Based Performance
Where does your audience and enquiries come from? Direct traffic, organic search, referrals, email, pay per click (PPC), other SEM….
4. Campaign Based Performance
How have your targeted campaigns worked? Has there been an increase in lead generation, measure of click through rates, conversion rates and ultimately new sales.
5. Setting Realistic and Measurable Goals
Make sure that your goals are realistic and can be tracked. Realistic measurements include incoming enquiry/lead increase, cost per lead, social visits and shares, lead conversion rate and increase in sales.
If you would like help with measuring your organizations Digital Marketing Performance contact RML Marketing & Business Development Solutions today.