When marketing for a business, you need a way to track if your marketing strategy is working. This is where KPIs come in. KPI stands for key performance indicator. KPIs are important in all areas of business. As it relates to digital marketing, KPIs show you how successful your current ads are by using data. Here are some KPIs you should use to track your digital marketing strategy.
Website Traffic Sources and Leads
It’s nice to know how many people are visiting your website, but you will need better KPIs than that to determine if your marketing strategy is successful. This is where web traffic sources and leads come in. An important metric to track is where your viewers are coming from. What is driving them to go to your website?
Another vital component is leads. Once people get to your website, how many of them become potential customers? Tracking your lead conversion ratio can help determine how accurate your marketing for a business is in getting the right people to the site.
Returning Visitors and Cost Per Lead
Another important KPI to keep track of is returning website visitors. If someone comes back to your site multiple times, they will likely turn into a lead. How well does your marketing strategy perform here? Returning visitors are vital when building an audience. This is especially important for a startup or launching a new product or service.
Know how cost-effective your marketing strategy is as well. With cost-per-lead, you can determine exactly how much money each of those visitors costs you, returning or otherwise. Effective digital marketing brings in leads without creating a budget deficit.
Click-Through Rate and Bounce Rate
People open dozens of websites and apps every day, only to close them a few seconds later. It is not enough to just know how many visitors your site has and what brought them there. You should also track the data on how long they stick around. This is referred to as bounce rate. It shows how many people come to the website versus how many view multiple pages on the site. If most people are quickly leaving your webpage, odds are you need to update it.
Click-through rate is another way to track where potential customers are coming from. It analyzes how many people come to the website from a specific link, such as in an email campaign. This is an extremely useful KPI for checking how well a marketing strategy is working.
Online and Lead Conversion Rates
How does viewing your website connect to buying your product? That is what the online conversion rate seeks to find out. This KPI is vital for digital marketing. If your online audience is not turning into paying clients, you need to change your marketing strategy.
Multiple KPIs track leads. This data is then used in yet another analysis to come up with a lead conversion rate, which shows how often leads turn into sales. Again, there’s a difference between potential customers and actual customers. You can only survive on the former for so long. Marketing for a business exists to bring in revenue. Keeping track of these KPIs and more can make sure it’s doing that.
Need Help with Digital Marketing?
Is all this talk of KPIs and data metrics making your head spin? Don’t worry. Web Content Development can help you figure out marketing for a business. We know the importance of a good marketing strategy and can create the perfect one for your company. Call (800) 316-9664 to learn more.