One of the greatest benefits that online marketing offers is the ability to accurately measure performance results. Most businesses stick to three most common ways to measure the success of their online marketing strategy – sales revenue, leads and cost per acquisition. However, this information alone can sometimes turn out to be a little vague for you to determine on your next strategy. With tons of marketing tools out there to measure the success of your marketing campaign, how do you know which ones are the stars of the online marketing space?
Online Marketing Campaign
Known as Key Performance Indicator or KPI in marketing lingo, below are the most important indicators that you should be tracking:
Landing Page Conversion Rates: After a successful online marketing campaign, it is important to know the percentage of targeted audience that visited your website to fill out “contact us” in order to get more information on your business. If the percentage here is less than 10%, it is time to improve on your landing page of the email campaign and make it persuasive such that the audience and relate to it and visit your website to know more.
Lead to Customer Ratio: As soon as an online visitor is qualified as a lead, you must track how many leads you will be able to close. Sales Qualified Leads are online guests who filled up those “contact us” forms on your website. Sales Accepted Leads are those which you are actively attempting to convert into clients. In order to determine how effective your strategies are at converting new clients, you must always evaluate both the ratios.
Ask yourself a few basic questions to get a clear understanding of the above mentioned sales ratios: Is your email campaign capturing leads? Are your sales reps converting those leads into successful sales?
Sales Revenue: If your business is putting in a considerable measure of efforts on a marketing campaign, you should always have an accurate measure of how much revenue the strategy will bring to your business. In order to calculate this, use the below mentioned calculation:
(Total annual sales) – (Total revenue from clients acquired via online marketing strategies)
Online Marketing ROI: You can do this by making use of analytics on a monthly, quarterly, half-yearly as well as an annual basis in order to track your online marketing ROI, which will turn out to be the most essential tool for your future marketing strategies. It will not only help you craft future marketing strategies but also provide you room for improvement in your current strategies.
Traffic to Lead Ratio: It is important for any business to understand where the traffic is coming from and whether it is through a marketing campaign using a properly segmented business mailing list/consumer mailing list or organic search, direct or via referrals from existing clients. Any businesses online visitor conversion rate in a month ought to be somewhere around 2 and 4 percent. If it’s not going anywhere, it’s time you seek advice from marketing experts who will be able to provide you with proper advice on your email list and strategies involved for the intended marketing goals.
Mobile Traffic Conversion Rates: It is important to track leads, and more important to know which converted customer came from which source. Knowing an accurate amount of conversions that came from mobile optimized element in an email campaign can work wonders for your next online marketing strategy.
Thus, the above mentioned 10 key performance indicators can give you an accurate measure of how your online marketing campaign is performing and point up areas where there is need for improvement.