Many business owners regard digital marketing as a superfluous expense. Return on investment on this type of marketing can be unpredictable, which can be a source of frustration for many entrepreneurs. But one way to overcome the hurdle of unpredictability is to look at different digital marketing metrics.
Below is a listing of digital metrics that online merchants and firms can focus on:
Digital marketing metric 1: Total visits
Ideally, the main website is the primary target or landing page of customers and prospective clients. But business owners and marketers can also measure the total visits to any page or location that is relevant to their strategy like a landing page for a PPC campaign. Measuring the total number of visits can give the decision-makers a big picture idea of how well the digital marketing campaign is faring in terms of driving traffic.
Digital marketing metric 2: Bounce rate
The bounce rate gives business owners an idea on the percentage of online visitors leaving their websites even before exploring it. For instance, an online visitor who finds the homepage after searching online but leaves without clicking any links is considered to have ‘bounced.’ The bounce rate should be low as this indicate that more people are spending time on the site, increasing the chances of them converting or buying something from the website.
Digital marketing metric 3: Customer retention rate
This metric is difficult to measure for firms with a long buy cycle. But there are subscription-based services that can measure customer retention. Unlike the previous metric, customer retention rate should be high. Low metric may indicate that the product or service is not sticky or resonates with the target market.
Digital marketing metric 4: Lead to close ratio
This is a metric that can be measured by dividing the total number of sales by the total number of leads, with the ratio defining the sales success independent of the marketing efforts.