The increasing number of touch points required to convert a customer has forced marketers to carefully rethink how they approach measuring success.
Here are four KPIs to help marketers along the way.
Can be measured in multiple ways, but is a great tool to measure if you have captured the user’s attention. If your audience is engaged, there is a higher chance of them becoming a lead. The two common ways of measuring engagement is through rich media interaction (ie: video views) but more commonly through clicks. Rich media interaction is a conscious decision by the end user to learn more about the advertiser. Great overall creative engagement, with a low amount of clicks, indicates that you need to consider different visuals and/or creative messaging. High amounts of clicks are reflective of the quality of your creative messaging. If you have a large number of clicks but it stops there – no conversions – then the problem lies at offer or website content.
This traditional marketing metric has been around the longest, but it’s still an important metric to monitor. The easiest way to measure reach is by how many impressions you receive against your marketing dollars. Viewability plays a factor here but without a unified system of record for viewability that captures all executions, such as display, mobile and video, it is not an even playing field. Beyond that, even if an impression is ‘in-view’ it doesn’t mean someone actually looked at it or even noticed it, it just means they had a chance to.
3. TRACKING NUMBER OF ACQUIRED CUSTOMERS
The strongest way to measure ROI is through tracking the number of acquired customers. Some marketing strategies should solely focus on awareness by educating and inspiring interest, but there will always come a time where you ultimately need them to convert. If you’ve truly found the right people and have kept them engaged, they’ll be interested in buying your product or service (if they haven’t already). Here you want to see what digital marketing strategies drove both the highest and lowest conversions. This shows you where to focus more time and it shows you where your best leads are coming from.
4. PURCHASE FUNNEL ANALYSIS
To ensure you are getting the best ROI, you need to measure how many users are moving down the purchase funnel. You may have great site traffic but are these users inquiring about your product or service and really a lead? If you are not generating leads, then you either have the wrong digital strategy in place or your messaging is not engaging to the end user. In addition, you can garner valuable insight by identifying common demographics or digital behaviours of people inquiring about your brand.