Measuring the effectiveness of Digital Marketing is one of the greatest challenges that organizations are facing today. There are numerous processes to gauge the effectiveness of a marketing campaign. Once you understand what is working for your website, what products or services are most and least popular, you can further understand and define your marketing steps accordingly.
If you are already implementing digital analytics in your marketing strategy but aren’t getting the desired results, there is a possibility that something is slipping causing you not to see the entire picture.
Web and Digital Marketing analytics, when blended wisely can help you catch the missing data and make your marketing strategy more successful. But let us first learn what Digital Analytics is.
What is Digital Analytics?
The process of analyzing unified data from apps, emails, websites, mobile apps, and other online sources is called Digital Analytics. This provides you an overview of various processes in your business, user behaviour on websites, when they return and leave, and when they switch to the mobile version.
Businesses in all spheres and sizes can use Digital Analytics for their benefit as it can be adjusted to your business goals and combine multiple metrics – marketplaces, telecoms, e-commerce, and other.
What’s the difference between digital marketing analytics and web analytics?
The main difference between Web Analytics and Digital Marketing Analytics is their focus. While Digital Marketing Analytics offer contextual insight around user behavior in, on, and around your site, ad platforms, mobile apps, CRM systems, and social media platforms, Web Analytics provides information about website performance and optimization.
How does Digital Marketing Analytics Work?
Digital Marketing Analytics explores and compares every marketing channel to show what is working and what’s not working for your marketing strategy by tracking:
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- User behaviour across website and different devices
- Effectiveness of your advertising and marketing campaigns
- Business related KPIs: conversion and bounce rate, cost per click, adding items to shopping cart, etc
- Revenue attributed to marketing efforts
In the initial period of marketing analysis, you need to set a goal and questions you would like to answer. A blend of web analytics and digital marketing analytics will ensure that you get a perfect balance of parameters that fit your business needs.
Blending Web Analytics and Digital Analytics
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- Configure web analytics for your website – Web analytics helps to track unique visitors, clicks, exit pages, and other parameters that can help better understand customer behaviour and know the strong & weak points of your marketing strategy.
- Figure out the parts of your marketing strategy that web analytics doesn’t cover – Do you have a mobile app that your web analytics doesn’t track? Do you launch ad campaigns on Facebook or Instagram? Do you have an offline store? Even if these parts of your business seem less important than your main website, they can turn out to be gold mines that bring the majority of your customers. Data analytics reveals which channels only drain your marketing budget and don’t bring any profit.
- Broaden your reports by supplying missing parameters – To implement digital analytics with web analytics, you’ll have to:
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- Collect necessary data – Collect data from ad services, call tracking services, CRM, and other data sources. You can do this manually or use specialized services to save time and automate data transfers.
- Merge gathered data into one platform – To analyze how all of your marketing channels influence one another, you need to merge web analytics and digital analytics data and store it all in one place, for example – Google BigQuery.
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Below, we will review some digital marketing parameters you can track, their formulas and the values these parameters bring to your marketing.
Digital Marketing Parameters for Website
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- Web Traffic Sources – This parameter uses 3 traffic sources – direct, referral and organic searches to show how visitors come to your website.
- Total Number of Visits – Total number of visits on your website over a period of time gives you a basic insight on the popularity of your site. Comparing these parameters regularly helps you to understand if your website is gaining or losing popularity
- New/Returning Visitors – This parameter helps you to understand how effectively you retain your online audience.
- Online Conversion Rate – This parameter gives you the percentage of desired action on your website, such as – signing up for membership, downloading pdf, subscribing to newsletters etc.
Digital Marketing Parameters for Lead Magnet
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- Quantity of sales qualified leads – This is the basic metric for keeping track of your leads that shows the number of sales qualified leads (SQL) your sales team has received from lead magnets.
- Cost Per Lead – This shows the average amount of money you spend to acquire one lead. It is calculated by summing all costs and dividing by the total number of leads acquired.
- Conversion Rate – The conversion rate of lead magnets is the percentage of leads that perform a target action related to a lead magnet. It is calculated by dividing the number of leads who performed a target action by the total number of leads and multiplying the result by 100%.
- Lead Generation Rate – It focuses on the visitors who are converted into leads. It is calculated by taking the total number of leads captured and dividing that by the total number of visitors through a specific channel.
Conclusion
It is important that you have strong and reliable data in order to build or improve your marketing strategy. The parameters you need to track depend on your business spheres and expectations from digital marketing analytics.
While web analytics provide a rosy picture of your top-line activity, digital marketing analytics can help you turn your business objectives into measurable outcomes that support your bottom line. Prioritize the data that reflects people — not pageviews — and you’ll be growing better in no time.
