Web as a channel has shown tremendous growth over time and now considered as mainstream media; in fact it is one of the primary channels for marketing communication in a brand’s long-term strategy. Digital marketing helps marketers make precise decisions by accurately measuring consumer behavior across multiple channels, thanks to the vast amount of data generated from web, mobile, social media, ad network, content delivery networks; now measurement is the key aspect for data-driven decision-making.
Marketers with fore-sight have already embraced measurement to make a difference in the digital media. It won’t be out of context to mention that according to Gartner, “by 2017 a CMO will spend more on IT than the CIO”.
In this post we will go through some of the best web metrics to analyze for effective digital marketing strategy. These metrics are divided into three segments viz., Behavior, Conversion & Result.
According to Google Analytics, bounce rate can be defined as percentage of single-page visits. It is a measure of visit quality and relevance of landing page to the visitors. Google also takes into account as one of the many factors while ranking websites. Bounce rate helps in finding out wrongly targeted digital campaigns and landing page which needs to be improved.
Count of Visits
This metric shows how efficient is a website in attracting same visitor more than once. Advance segments can be created to find out which campaign, traffic source drives visitors.
Different visitors browse through different number of pages. This metric shows distribution of number of visits with respect to number of pages visited. As a website goes through A/B testing, multivariate test, improvement in information architecture page depth becomes crucial metric. In a selected time frame, page visits and final conversion can be compared by segregating visitor into various categories. Also more page views generate more ad impressions.
Cost Per Conversion
Fire up the excel sheet and put cost incurred for conversion across all the channel (Social Media, Customer Referral, Display, Search Advertising) including payment made to SEO, web analytics firm, Cost Per Click, etc. The insight gained from this metric will help the marketer chuck out channel that extract conversion cost more than product cost.
If the product cost is 8$, the business is spending 2$ extra more for each conversion. This means social media cost should be brought down or that specific channel should be removed.
Click Through Rate
This metric gives the quality and relevance of the ads & listings. It is a relationship between number of impressions & number of clicks for set of keywords. Higher CTR can lead to higher number of conversion, as it can directly lead visitors to relevant content as per the query.
Per Visit Goal Value
This metric takes into consideration values associated with every visit. It is accepted that all of the visitors won’t convert. But, every visit should add some economic value. Depending on how valuable each visit is to the website, micro-analysis can be performed. For example, if visitors from facebook provide more per visit goal value than visitors from twitter, the marketer would concentrate more on facebook strategies or optimize twitter traffic.
Conversion time reports how fast and slow website visitors convert. The objective of the campaign is to create a long lasting relationship by converting visitors to loyal customers. Thus the conversion pace must make the visitor comfortable. Campaign communication and landing page can be optimized to achieve required conversion time.
These were quite important ones, however there are a lot more metrics that should matter to a digital marketer; which one do you think I missed. Make your case in the comments section.