Successful online marketing campaigns would never be possible if not for two critical components: implementation and measurement. The simple premise behind this is that it is one thing to launch a web marketing campaign to promote a business, but an entirely different undertaking to measure the campaign’s effectiveness and to accomplish set goals. Forbes contributor Jayson DeMers agrees:
Measurement is what makes marketing a science, rather than a superstition. For many business owners, marketing is a superfluous expense—something to spend money on only when the budget is flexible enough to accommodate it. This is because the return on investment on marketing is, in many cases, unpredictable. Your ad could be a resounding hit, flooding you with thousands of new interested customers, or it could be a seeming dud, wasting your time and money.
Solid metrics give you the insight to overcome this hurdle of unpredictability. […]
To effectively gauge the effectiveness of a web marketing campaign, these metrics must be measured at all times:
Total site visits – A single visit is defined as the number of documents or pages viewed by a user during a certain time period. An average website has two ways of measuring visits—by putting a simple counter on the front page, or by analysing “raw log files” which are often provided by a typical web hosting service. By recording the number of total site visits, a company has a basic overview of the site’s success and provides a better idea of what to do next.
Total conversions – A website’s overall conversion rate is the amount of site visitors that actually purchase a product or service. Conversions are basic representations of a website’s web marketing success, which can be calculated by implementing website tracking as a way of collecting needed data.
Bounce rate – The bounce rate is the percentage of website visits wherein users only view a single page before opting to click out. Bounce rates are critical because they essentially tell how useful or interesting visitors see a website. A high bounce rate means that visitors may find a website boring or not helpful at all. Decreasing the bounce rate requires specific, custom changes to a site’s setup, which can be better administered with help from local internet marketing firms like Wthree Group of Companies Ltd. Whether you’re implementing plumbing SEO strategies or establishing your brand via social media, it helps to have a professional at your side.
Customer retention rate – Calculated either annually, monthly, or weekly, customer retention rates pertain to the number of patrons that have stuck around during a specific amount of time. This gives companies a direct insight into how they’re doing in trying to keep customers satisfied.
(Source: 10 Online Marketing Metrics you need to be Measuring, Forbes, August 15, 2014)