Nov 17, 2016
One of the key things that separates digital marketing from traditional marketing is access to fast and efficient metrics that allow you to create high converting and effective marketing campaigns.
Digital marketing allows you to react and adjust on-the-fly which means better results, less money and less stress.
Episode discussions:
- The importance of metrics and analytics to your business
- Specific metric tools to use and when
- How the “curse of knowledge” can affect your bounce rate
- “CTR” and “LCV” explained!
[01:10]
5 tips on measuring your digital marketing analytics
- Monitor your website visitors/traffic
- Easiest place to start
- Locate the sources that are sending you the most traffic and which pages are getting the most action.
- Helps maximize what's already working for you.
Tools:
- Google Analytics (Reference Episode #3 on free customer market research tools)
- SumoMe Heat Maps: find out how people are engaging with your content on your website and adjust accordingly
[06:19]
- Bounce rate. The number of people who visit your site and quickly leave or "bounce off".
- The longer visitors linger on your website, the greater your opportunity to convert them.
- Low bounce rates help with Search Engine Optimization (SEO) rankings.
- If you have high bounce rates, look at your website objectively through the eyes of your prospective customer.
- Avoid the "curse of knowledge".
[08:00]
- Number of Email Subscribers. Look for a steady increase of subscribers over time.
Everyone can benefit from using an email marketing strategy.
Key: Exchange something of value for visitor email addresses
Respect their email: nurture the lead, provide more value, and educate them on services and offers.
- Click-Through Rate (CTR) Refers to how many people took action and clicked on your post or ad.
- Valuable metric to watch when creating an ad for social or search engine platforms.
- High CTR: Your ad is relevant enough for someone to want to click to learn more.
[10:00]
- Lifetime Customer Value (LCV) How much a customer is worth to your business over their lifetime.
- Determines how much you're able to spend to acquire a new customer.
- Experiment with different marketing options in order to find one that enables you to acquire customers below cost.
- The most important metric of all in any marketing strategy.
[12:15] [Show recap]