One good (and bad) part of digital marketing? The amount of data you can study! A quick pass through Google Analytics shows tons of measurable data about your website. How should you decide which metrics are most valuable to your business so you don’t get lost in all the numbers?
That depends on the goals of your business and discovering which data is most helpful for those goals. We recommend choosing just a few KPIs (Key Performance Indicators) to work with at a time. Consider what your primary goal is, and then choose one or two KPIs that would give you the data you need to reach that goal.
Your conversion rate will tell you how many people are converting out of the total number of visitors to your website. For most businesses, conversions are one of the most important goals. Keep in mind, however, that a conversion doesn’t have to equal a sale. A conversion can refer to any measurable action taken by a visitor to your website, such as subscribing to your newsletter. Decide which conversions you want to focus on, and then look at your conversion rate for that action.
Email Open Rate
Measuring the number of subscribers who interact with your emails can help you find your best customers. It can also help you refine your email marketing strategies. By noticing which subscribers are interacting with your emails, you’ll be able to segment your subscriber list so that people get the content that is most relevant to them.
For instance, if you see that a particular group of people open every email you send about sales, you may want to try sending this sub-group information about other ways to save, such as a rewards club. Make an effort to track trends that include higher open rates so you can further capitalize on your email marketing initiatives.
Your Click-Through Rate, or CTR, measures the number of people who saw one of your marketing efforts— a sales email with a link to your website, an ad on Google or social media, or an organic search result— and clicked on the link to visit your site. If your CTR is high, that’s great! If it’s low, then that’s a sign that people are not seeing what they want. You may need to adjust your copy to convince them to click on your link.
Your CTR should be measurable for most communication channels, so you’ll also be able to see which platforms offer your business the most success. Do most people click on links from your emails, from paid ads, or Facebook? By figuring this out, you can see which channels your customers interact with and focus on the most.
Cost Per Click (CPC)
Any time you run a paid advertising campaign, you pay for each click your ad receives. Some of the more well-known platforms include Google AdWords and Facebook Ads Manager. Choosing which content you pay to promote is a difficult decision, and of course, you want to make sure that you’re getting a good return on your advertising efforts.
An effective strategy to use here is to boost content that is already doing well and getting a lot of interaction. For instance, if more of your Facebook followers are interacting with a specific post, you can pay to boost that post and makeit visible to more people.
By keeping a close eye on this metric, you’ll be able to optimize your efforts and quickly see which pieces of content deserve to gain a boost, and which ones simply aren’t worth it.
Be Specific and Precise
Regardless of which KPIs are most in line with your business goals, it is important to be as specific as possible when defining what you want to achieve. You cannot make a goal to increase your conversion rate; you need to know how much of an increase you are looking for, and whether or not it is a reasonable goal for your business. Choosing the right KPIs can take some trial and error. Thankfully, at Zephyr Digital Design, we are here to help you! Reach out to us today!