5 Key Digital Marketing Metrics that you cannot miss to Track
The huge buzz around Digital Marketing has driven Marketers to invest in it heavily. While, the biggest challenge they face is to track the performance of their Digital Marketing spends effectively. There are some very important metrics (as highlighted below) that needs to be tracked for a successful digital marketing experience with the help of various tools available in the market.
Net Promoter Score (NPS)
NPS is becoming widespread in marketing campaigns globally and digital marketing cannot be an exception. Well the digital space is yet to reap the fruits of NPS, it would be necessary for a digital marketer to keep NPS as one of the top priorities. It is asking the customers or prospects a score out of 10 as of how likely they would recommend a product or service.
Those who rate either 9 or 10 are called as Promoters and those who rate 7 or 8 are called as Passives. While the rest of those who rate from 0 to 6 are called as Detractors. NPS is calculated as a difference of % of Promoters and Detractors. This gives a clear idea of about prospects who can become potential customers, customers who can become loyal customers and prospects or customers who needs to be more focusedon (detractors) in order to increase the NPS.
This is an important metric to understand from where the bulk of traffic comes to the website. The sources of traffic can be
- Channel:The channel that brings more traffic to the website. Channels might be Search Engine (Paid or Unpaid), Blogs or Social Media (Facebook, Twitter, Etc..,)
- Device: The device (Desktop, Mobile or Tablet) from which the website is being accessed
Tracking this would help a marketer to plan and strategize for each channel along with being empowered by decision making capabilities.
Keywords hold a high stake in digital marketing and measuring the performance of keywords is inevitable. This metric measures the ranking of keywords as a result of SEO which drives organic traffic to the website. Keyword ranking determines the possibilities of reaching a prospective customer, and measuring its performance can help the marketer to improve on Keywords and SEO that could improve the existing keyword ranking.
Cost Per Lead (CPL)&Cost Per Acquisitions (CPA)
They are two different metrics which could be used based on objectives. If lead generation is the core objective then CPL could be handy whereas if the objective solely lies on revenue generation then CPA would be the way to go. Both the metrics have a direct correlation with the Marketing Funnel and all the digital marketing spends could be only to generate leads or sales. Rather it would be a good idea to track both of them because the ultimate goal is to generate revenue.
It is the direct measure of ROI. This gives a clear indication of how effectively were the marketing activities to convert online audience into paying customers. It is very important to look at conversion rate not only in terms of sales but also in terms of repeat visitors. There could be new customers and repetitive customers coming out of the digital marketing activities and it’s imperative to track them as well.
Conversion Rate (%) = (# of conversions / # of clicks) x 100
The above mentioned metrics could be measured real-time so as to keep the marketer informed about the pain points through reports and insights with the help of various tools available in the market for a pleasant digital marketing experience.