Edited by Xena
“Success in online marketing” — don’t those words sound magical? It’s what everyone wants. You want it. I want it. Success in online marketing = sales, orders, and that beautiful thing that pays the bills — money. But how do you check whether what you’re doing online is working for your business? What are the metrics for success in marketing? This post will answer these questions for you.
How do you measure online marketing success?
Obviously, sales and profits are one obvious way to tell whether you’re being successful, especially if there’s a significant increase after implementing a new online marketing strategy. But ideally, you want to look a bit further than just your account balance so that you optimize and replicate what’s working.
All the numbers connected to your marketing strategy create a more detailed picture of what parts of the strategy are working well and which aren’t. Accuracy in measuring online marketing success will help you create an approach that works for you and for your customers. More detailed success criteria enable you to make every single step your customers go through from awareness to after-sales support as compelling as possible.
What are metrics for success in marketing?
These are the main metrics to review to evaluate whether your marketing is working:
- Traffic stats — how many new visitors (versus returning customers) came to your website and social media platforms? Does your website have a low bounce rate (i.e., people don’t click away from your site within a minute of coming on)? How many new customer enquiries did you get?
- Growth in overall brand awareness and engagement with your target audience.
- Conversion stats — how many sales did you generate from your online marketing strategy?
- Mobile advertising — is it working for you? How much traffic are you getting from customers via mobile devices?
- Email marketing — what do your open rates and click-through rates look like?
- Online marketing stats (paid ads, PPC campaigns, ad campaigns, boosted social media posts, video content, etc) — is the cost worth the results you’re getting?
- Content marketing — are your blog posts improving your SEO rankings and adding value to your customers?
- Cost per lead and per sale versus income generated.
- Cart abandonment rates.
How do you use metrics to inform your digital marketing strategy?
The upside: wherever the numbers tell you something is working, maximize, optimize, increase budget spend (if applicable). If reels and stories work, keep doing it! If your Google ads campaign is working, ramp it up.
Look at the keywords and keyword phrases that get you the best results and create more content to incorporate them across all your marketing channels.
The downside: look at the numbers, feedback, and reviews to assess any hiccups and problems. Fix what’s worth fixing and discard what’s not worth fixing or continuing. This may even include methods and strategies that worked for you six months ago, but are no longer relevant to your customer or your business because of changing demands, trends, developments, etc.
Be consistent in evaluating your marketing methods monthly, quarterly, and annually to maintain the ability to take advantage of new trends and developments and stay ahead of your competition. Online marketing strategies can become outdated and cost you money faster than you think! It’s never a set-and-forget scenario for two years at a time! Check it over and clean it up every now and again, the same as you do with your closet every winter and summer.
How do I write a digital marketing report?
Compiling a digital marketing report sounds boring, but there are tools to make this easier. It’s also important that you compile reports so that you can see your results of what’s worked and what hasn’t worked at a single glance per month. This way, you can get a big-picture overview of what’s working over the long-term and strategize accordingly. What worked one month might not work the next month, depending on the time of year. Consider the difference in marketing messages between December and January, for instance.
Your report should include:
- A summary of the goals you are aiming to achieve, and the methods for each.
- A summary of your online traffic from various sources, including referrals.
- Social media analytics, clicks, engagement, conversions for each platform, for each month.
- Website and social traffic that includes both new traffic and traffic from returning customers.
- Analytics (traffic and conversions) of your landing and sales pages if you were/are promoting a specific offer.
- Analytics of your newsletters so you can see which subject lines worked best, which offers were/are clicked on, etc.
- Results of paid strategies such as paid search, PPC campaign stats, campaigns, amount spent versus leads and profits generated, etc.
- Results of affiliate marketing performance if applicable.
- Average amount spent per customer (i.e., average order value — this is an interesting indicator of your customers’ financial demographics).
- Overall sales generated from your digital marketing strategy for the month, with a breakdown of the average cost per lead, and average cost per sale generated.
- Projection for the next three months based on the above data.
- Recommendations, ideas, and changes to make for the next quarter based on the above data.
There you have it. With these top tips at hand, you can successfully measure your online marketing efforts in 2023! Liked this article? Join Xena to access our member-exclusive content! The community is 100% free to all female South African founders. Apply by clicking on the JOIN XENA button in the upper right navigation.