Do you love data? We, as digital marketers, wouldn’t be able to make decisions without it. In our data driven industry, we rely heavily on these metrics to help guide us in the creation of strategies and optimization efforts. If you are new to the digital marketing space or if you recently began a digital marketing campaign, the sheer amount of data analytics platforms provide can be overwhelming.
Not surprisingly, one of the most frequently asked questions from clients is, “What metrics should I include in my monthly reporting?” While it’s easy to provide a laundry list of items that Google Analytics could report on, it’s more important to evaluate what metrics are most valuable to your business and/or campaign. Below are some scenarios and suggestions of the key performance metrics to consider for your monthly report.
If the purpose of your campaign is to spread the word of your company, a measurement of success would be an increase of people seeing your message. One way to measure this is taking a look at the volume of traffic arriving on your site. Even more importantly, it may be helpful how many of those visitors are new or returning to your site. An increase in the percentage of new visitors will indicate that your campaign is increasing reach and finding individuals who are newly becoming familiar with your company. Additionally, you could take a look at the geographical regions of where your traffic is coming from. If you are a nationwide company, this could help in the development of future strategies and campaigns for specific areas of the country.
If you own an online store, the measurement of success may be a very easy one, which is an increase in sales revenue. However, sometimes seeing the sales revenue doesn’t tell the full story of what is happening on your online store. Digging a little deeper, perhaps taking a look at which specific products are selling, the number of transactions, and the average order value will bring value. Additionally, if you’re noticing a dip in sales revenue, taking a look at your cart abandonment rate and examining your purchasing funnel will help understand the buyer’s journal and how to better optimize your online sales process to improve your sales.
Lead Generation Campaign
If the goal of your campaign is to generate leads, the measurement of success would be an increase in the volume of inquiries. Whether it’s taking a look at your submitted Contact Us forms or phone calls, this metric will indicate if you are reaching your target audience and if they are compelled to inquire for more information. Another metric that may be beneficial is examining how your visitors are engaging with your site. Taking a look at how much time they spend or how many pages they visit or how often they leave (or bounce off) your site will demonstrate if your audience finds the information on your site helpful and compelling. Examining these metrics will guide you in your future optimization of your website and hopefully improve your conversion rate.
Overall, when it comes to monthly reporting, you have the reins to make it as fruitful as possible. While the goals of the campaign will generally drive the direction of the types of metrics in your report, be sure to request the specific metrics that are important for your business! Be sure to work with your account manager and your digital marketing team to create a report that makes the best sense and shows the value of your digital marketing investments for you and your company.