What should you measure?
Traffic + Conversions = Sales is simple but there needs to be more. Google analytics is free, its great, but its not enough. Particularly when most people don’t understand the data that they are looking at – we are getting lots of hits! my traffic is huge! but we are not making any sales!
There are a number of metrics that are critical to for performance measurement across digital channels. These metrics include:
-Qualified Reach: This metric tracks the number of individuals that come to your site (quantity) and the number visitors that perform an action (quality).
-Clickthrough rates: This metric should still be considered when presenting materials that promote a direct response.
-Brand perception lift: How does your audience respond to the messages you use to communicate? This can be tested against a control group.
-Engagement Score (ES): Is your content truly sticking with your audience? This metric helps you monitor the audience engagement throughout all your digital media efforts.
-End Action Rate: How effective are your campaigns? Are casual visitors converting in the manner you’d like? This statistic helps monitor if end actions are taken. A casual user converting to an email recipient is the most basic end action ; direct sales of product, webinars or seminars is the more ideal end action.
-Efficiency metrics: Are your promotional methods working properly? Are you spending the right amount of money on them? This metric shows how well your marketing efforts do, in comparison to the associated cost.
-Return on investment (ROI): Are you seeing a return on your investment? Which activities are returning the most? This metric ultimately help you determine the director of your marketing efforts and campaigns.
These metrics are surely important to tracking online business performance as they help paint a picture of your successes throughout time. By monitoring how visitors interact with your content, from sharing it with peers to purchasing products, you can see what works, what doesn’t and where your time should be spent in the attempts of bettering performance.
Do you have more metrics worth monitoring for performance measurement across digital channels?