Measurement shows the returns of your Digital Marketing activities; in the dictionary meaning, it is expressed as valuation and evaluation. While monitoring your marketing activities, you should consider measurement in a broader context, based on fundamentals and methodology. Just tracking your website with Google Analytics will not be an adequate measurement.
Why Should We Measure?
The saying “You can’t manage what you can’t measure” clearly demonstrates the importance of measuring. When your business goals, product, or marketing campaigns are designed following the correct measurement and the results are evaluated, it not only adds value to your brand but also allows you to use your time and budget correctly.
To better understand and interpret your business, your product, and your visitors/customers numerically. If you are offering a product to the market; find out the suitability of the product for the market through cohort analysis. Contributing to the growth of your business by modeling your business according to your conversion and your main metrics (it is much more likely to achieve growth with the strategies you have established through your metrics) finding the Right point to focus on by identifying the stages of decline in your conversion.
Enabling your business to grow in line with your conversion.
I will explain this process in stages so that you can build your perspective on solid foundations and identify the right metrics to measure.
You’re Business Goals
Since you will determine the metrics you will measure in line with your marketing and sales goals, it is of great importance that this first step is revealed.
If you are going to introduce a new product to the market, understanding the market and researching the product in line with customer needs may be one of these goals. If you are a well-known brand in the market, you can also set a goal to increase market share and generate more traffic. It may also be among your goals to organize and correctly interpret your already existing analytics data.
If you want to strategically set your target for a product, you can get help from Digital Marketing Company Birmingham. Thanks to this business model created, you can analyze market share growth opportunities according to the characteristics of your sector and relative market share metrics, and invest in the right area.
The first of the framework, acquisition refers to how people discover your product or service, and all the various channels that will provide the first point of contact with your product or service.
These channels can be SEO, social media, ads, remarketing, marketing campaigns, and apps. Thanks to these channels, you can establish your first point of contact with your target audience.
For example, you want to measure how many visitors you have attracted through these channels this month and last month have logged into your website/product / become a member. Since they have created the first touch point, we will determine the metric you will measure accordingly. Member login will be the main acquisition activity that we want to measure. For this, it will be enough to follow the properties that will enable us to measure.
Our aim is Activation; To ensure that our users, who have come into contact with our brand, take action / participate in the actions we aim for. For example, you can enable your users who follow your monthly newsletters to participate in the event you organize or to add your product to the basket.
At this stage, it is important to follow the behaviors and understand them correctly to produce the right solutions that can take the users into action. You can also leverage marketing automation tools to keep users connected.
In this step, we aim to make your users use your product/service again and again. This step allows us to understand whether activated users continue to connect with your product.
To re-engage your users, you can use marketing automation tools, push notifications, and email marketing tools that will allow you to maintain customer communication.
Loyalty programs can also be a good example for this stage. You can encourage your first contact customer to use the product again by giving them carrots such as points/discounts to use.
For example, if you want to measure how many users are using your product again this month and last month, your main activity here will be an action that shows they are using the product again. If the product is an SEO tool, this action may be to do keyword analysis using the product. The user’s analysis will be the activity you will measure.
Turning your users into paying for your products or services. For example, if you want to measure how much income you have earned this month and last month, you can start by specifying membership package purchases as your main activity.
You can prepare marketing campaigns that will encourage your users, whose loyalty you have gained, to recommend your products or services to others, at the referral level. For example, you can use a referral tool that e-commerce sites can use, or you can ask them to share your e-books on social media so that they can be downloaded for free.
Thanks to the marketing strategy you have created in line, you can determine the main activities you want to measure based on steps. This way, you don’t just focus on activities that can generate more limited insight, such as increasing the conversion rate or reducing the bounce rate. As you measure the main activities, you can more easily identify and improve your weakest point. Thus, growth is inevitable.
To measure, you need to collect data from your website, application, and services. When users visit your website, download your e-book, or click on any link, it provides us with invaluable data. You can use tools such as Google Analytics, to collect this data.
The metrics that matter are the ones that describe how your business is progressing and what you need to focus on. As your business grows, the metrics you need to track will become more complex.
For this, you can set sub-metrics for your marketing, sales, finance, and product under your general business metrics. Once you have clean data, it will be much easier to measure all your metrics.
In a scenario where you will measure the people who subscribe to your newsletter, it would be more accurate to focus on the growth rate instead of the total number. (Digital Marketing Firm in Birmingham)Because you cannot measure how much you have grown with total numbers. That’s why I recommend that you follow the important metrics you choose proportionally rather than total impressions.
Another important point is that once you determine your metrics, you can follow them regularly. For this, you can prepare reports that will allow you to analyze the data quickly and easily.
You can set a goal for each metric you want to focus on. (Birmingham Based Digital Marketing Firm)It will be much easier to comment according to this goal. You can create a table based on each metric. It can automatically access instant reports by connecting your data with real-time dashboards and easily share and interpret these dashboards with your team at your weekly or monthly meetings.
You can get help from business intelligence tools for this. These tools provide the interface for your raw data, enabling you to model, analyze and report. There are many different options for business intelligence tools according to the competencies of the user.
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