Effective marketing strategies play an essential role in boosting any business’s growth. With that in mind, it’s a must for every business owner to know how they can leverage the power of digital marketing to improve lead generation and customer engagement constantly, more so, maintain their competitive advantage.
However, it’s worth noting that allotting time and effort in marketing doesn’t only mean producing quality and effective campaigns. This is especially since you also need to keep track of various efforts in place and assess which campaigns produce good outcomes and which ones aren’t yielding the results you’re after. For instance, if your enterprise is a business-to-business (B2B), you should establish clear B2B marketing metrics that you can use to track the efficiency of your marketing efforts.
Furthermore, here are some ways you can measure the productivity of your marketing strategies:
1. Evaluate Website Traffic And Performance
Growth in website traffic is a leading indicator that your marketing efforts are worth continuing. This is especially since, after all, your campaigns aim to generate as many visitors to your page as you can. Investing in analytic tools can best help you measure this. It embeds a code on your site that can efficiently track the performance of your website.
With that in mind, here are some website performance indicators that analytic tools allow you to monitor and focus on:
Bounce rate is the percentage of website visitors that tend to visit your page and leave without continuing to explore what your site has to offer. Consistently getting a high bounce rate can be worrying, especially since part of your marketing effort is to attract more clients to do business with you.
Them leaving your site could be an indication that something needs improvement. Whether it’s a slow-loading page, technical errors, or the ease of navigation of your site, insights you gain from analytics tools can allow you to make the necessary adjustments to reduce bounce rates.
Marketing aims not just to raise awareness and pass information about your products or services to your target audience but also to generate leads, who, in turn, can be loyal customers. And so, aside from aiming to have more people visit your site, attracting relevant and qualified traffic is also as important.
However, note that conversion rate, in this case, isn’t just about generating sales since it could also be about your prospects taking the desired action, such as registering for your webinar or newsletter.
A growing conversion rate can be a good indication of good marketing productivity. On the other hand, it may be time to review your business’s marketing strategies if there’s a low conversion rate.
Pages Viewed By Prospects
With analytic tools, you’ll have insights into the pages potential clients generally view when they’re visiting and exploring your site. This can be a way to measure how your site’s content and products are being perceived by consumers.
You can keep track of the number of page views for every session. For instance, which pages attract more visitors to your site? If specific pages attract more leads, you may consider optimizing them to be more visible.
Another essential metric you should monitor to measure the productivity of your marketing efforts is traffic distribution. You can track the performance of various website channels that bring the most significant number of visitors to your website. Channels to monitor may include organic search, paid search, referrals, email, and social media. And the best-performing channels are usually the ones you can emphasize most during your digital marketing campaigns.
2. Determine Keyword Ranking
Keywords are essential, especially if you’re in content marketing, such as blogging or creating product copy. A good rule of thumb is to use relevant keywords for your site, blog, or product copy to increase visibility. In that case, good knowledge of search engine optimization (SEO) skills can come in handy.
To perform well in keyword ranking, you can use professional digital marketing tools that show you the search volume for every keyword you want to use. Keywords with a high search volume are often considered the best option.
In conjunction with that, it could also help to keep monitoring the ranking of your keywords to maintain your pages and website on the first page of search engine results pages (SERPs). And suppose you notice that your keywords are falling from page one. Perhaps it could be time to review and refresh your content and use different and more relevant keywords.
3. Evaluate Return On Investment Ad Spend (ROAS)
Experts on digital marketing are always keen on this KPI. Return On Investment Ad Spend (ROAS) refers to the revenue you get back for every dollar you invest in ad campaigns. Primarily, it’s used in online and mobile marketing. Factors that reflect ROAS generally include profit margins, the general health of your business, and operating expenses. But in practice today, most companies strive to achieve a 4:1 ratio of revenue and spending.
ROAS is essential for your business because it gives you information on how much your ad marketing campaign generates. Therefore, if ROAS is too low, it might be time to revisit your marketing efforts and review the efficiency of paid advertising.
4. Assess Marketing Qualified Leads (MQLs) and Sales Qualified Leads (SQLs)
In marketing, your focus shouldn’t just be on retaining regular customers. Generally, all marketing strategies aim to convert prospects to qualified leads, enticing them to make a purchase or avail themselves of a service.
MQLs are prospect clients that match your buyer persona. However, they may still be in the early phase of a buyer’s cycle, which could mean they aren’t ready to make a purchase yet. On the other hand, SQLs are customers who have already confirmed the purchase of a specific product. In most cases, SQLs are the result of personalized marketing. It requires significant experience to effectively know how to nurture your leads to the point of SQL.
Based on the marketing data and insights you can gather, you can more or less identify the lead generation rates by your marketing efforts. Keep a record of how you’re leveling the number of new leads. In addition, leverage more on the most effective strategies.
5. Determine Backlinks Efficiency
Backlinks play an essential role in your digital marketing strategies. You probably have a good understanding of how link building works if your website has a blog section. For one, having quality backlinks can boost your SEO efforts, which can help you rank higher in search engines. With backlinks, search engines can recognize your credibility and authority, especially if more websites continue to link back to yours.
There are various tools that can help you review and evaluate the influence of your backlinks, from discoverability to increased traffic to your page. You can also consider looking for analytic tools that allow you to make an in-depth analysis of your link-building strategy from domain authority to anchor word optimization and social share magnitude.
Marketing is an indispensable aspect that can boost your sales and propel your business forward. However, an informed marketing strategy is most important. To achieve this, you need to measure the productivity of your different marketing strategies to leverage the most productive. Detailed methods like measuring growth marketing efforts, can also give a clear picture of what is working and what is not.
In that light, keeping in mind the insights mentioned in this article can be a start in helping you conduct a profitable marketing campaign.