Digital Marketing Analytics – Why It Is Important To Understand Your Metrics
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Digital Marketing Analytics – Why It Is Important To Understand Your Metrics


Are you tired of not being able to track your
digital marketing results? And do you wish there was an easy way to quickly figure out
what’s working, and what’s not, so you didn’t waste your time and money on ineffective
marketing tactics? If so, then you’re in the right place, as on this episode we’re
going be diving in head first to take on the mistakenly overly complicated world of digital
marketing analytics, so you can quickly learn what you need to watch and measure, and what
you can leave behind. Hello and welcome, my name is Adam Erhart
and you are watching the Modern Marketing Show. Where we take different marketing tactics,
tools, tips and strategies and break them down into bite sized actionable clips that
you can use to immediately take your business to the next level. The truth behind digital marketing analytics
is that they can be as simple or as complicated as you want them to be. First off, there are
tens, hundreds, even thousands of different variables that you COULD be tracking. This
is what makes digital marketing so incredible when compared to traditional marketing tools
like the newspaper, radio, or TV. With digital marketing we can track how many times our
message was shown, who saw it, if they did anything, what they did, and even how many
times they did it. We can normally see where they’re from, what kind of device they’re
using, whether it’s a phone, tablet, or desktop computer, and even what browser they’re
searching on. With some platforms we can track their age, interests, and previous buying
behaviour, and we can monitor and track them for days, weeks, months, even years to better
understand them. Creepy? Yeah sort of, but it’s the reality of the world we now live
in so as business owners it only makes sense to dive in and embrace it. Ignorance is no
longer bliss, and the more you know about your customer, the better you’re able to
serve them. So with all of this information available, where should you even start? Well,
here are 5 easy to use and easy understand digital marketing metrics that you can start
tracking today. The easiest place to start is by taking a
look at your website traffic and it’s number of visitors. While this is somewhat of a vanity
metric, meaning that it may not directly relate to the bottom line, it is helpful in measuring
and tracking how many people are visiting your businesses virtual store front. It kind
of goes without saying, but you want to be seeing a steady increase of visitors over
time. If you’re feeling adventurous then dive a little deeper and try to locate which
sources are sending you the most traffic, and which pages are getting the most action.
This way you’ll know where to double down, and you can focus on maximizing what’s already
working for you. Your bounce rate is the number of people who
visit your site and then quickly leave, or bounce off. Here is where we want to see a
low number, as this means that people are sticking around and having more of a look
through your content. The longer people spend on your website, the greater your opportunity
to convert them into customers. It also helps with search engine optimization rankings.
If you’ve got a high bounce rate, or you see it steadily climbing over time, try taking
a look through your website from a perspective customers eyes and see if you’re able to
quickly determine what your business does, and how easy the website is to navigate. Just like with website visitors, you want
to see a steady increase of email subscribers over time. It doesn’t matter what business
you’re in, the odds are good that you could benefit by using an email marketing strategy.
Try to encourage your visitors to leave their contact info with you by offering something
of value in exchange whether it’s a free ebook, pdf, video, or consulting session. Your click through rate refers to how many
people took action and clicked on one of your posts or advertisements. CTR is a valuable
metric to watch anytime you’re creating an ad for any of the social or search engine
platforms, as a high click through rate means that what your ad is saying is relevant and
interesting enough for someone to want to click and learn more. Higher click through
rates are also usually rewarded with better placements and lower costs, which means you
get better results for less money. Lifetime customer value can be one of the
most challenging, but also one of the most valuable metrics to watch and track. While
there are a number of pretty fancy and expensive software tools and services out there that
can help, even having a rough, general idea of the lifetime value of a customer to your
business is still beneficial to your digital marketing campaigns. This is because if you
know what a customer is worth to your business, then you know what you’re able to spend
in order to acquire a new one. As an example, if an average customer is worth 1000 dollars
to your business, then you know you can spend up to that amount in order to acquire a new
customer and still be profitable. Once you figure this number out, and a way to market
your business that allows you to acquire new customers below that cost, you’re basically
able to create an unlimited supply of new customers directly to your business on autopilot. So thanks so much for watching. If you enjoyed
this episode be sure to subscribe to the channel, give it a thumbs up, and if you have any questions,
comments or suggestions for a future video, be sure to leave them in the comments section
below. If you’d like more content like this, then head over to AdamErhart.com and sign
up for the Modern Marketing Newsletter because this is where I share my best tips, tricks,
and strategies that I don’t share anywhere else. Take care for now, and I’ll catch
you next time on The Modern Marketing Show.

13 Comments

  • Anchal Garg

    If you are searching for the best service to get website visitors to your site, i recommend to try seowebsitetraffic. I am using it with an incredible result. Just type seowebsitetraffic in search engines.

  • ViralTNTeam

    Very informative. I appreciate you producing this video. When it comes to metrics, what tool do you prefer? I have been using Google Analytics with Search Console, but with the new Search Console, I am looking for other options. I know that you can select which version of Search Console you want, but I think it is a matter of time before Google does away with the old version of Search Console. Thanks!

  • Cristal Mcleod

    Certainly agree Adam with your 5 main points …Especially – Lifetime Customer Value…After all, to better serve your customers and grow your business, its critical to understand their problems and have a solution to offer them…

  • Climbers137

    The better you know your costumer the better you can serve them. With digital marketing you can track:

    1. How many times our message is shown.

    2. Who saw it

    —a. If they did anything
    ——I. What they did

    ——II. How many times they did it

    —b. Where they are from
    —c. What kind of device they are using

    —d. What browser they are searching on
    —e. With some platforms you can track: age, interests, and previous buying behavior.

    —f. They can be monitored for days, weeks, years to better understand them

    5 Digital marketing metrics:
    1. Website traffic/visitors, you want to be seeing a steady increase of customers overtime

    —a. You can dive deeper to see which resources are sending you the most traffic and which pages are sending you the most action – so that you know where to double down maximizing what is already working for you

    2. Bounce rate (% of people who quickly see your website and bounce off) … we want to see a low number –

    —a. People who are on a website longer are more likely to become customers

    —b. Also helps with search optimization rankings
    to improve view a website from your customer’s eyes and see if you are able to quickly determine what your website does and how easy it is for your website to navigate

    3. Increasing number of email subscribers?

    —a. Email marketing strategy

    —b. Encourage visitors to leave contact information with you by offering something of value in exchange. Whether it is a free ebook pdf, video, or consulting session.

    4. Click through rate, refers to how many people took action and clicked on one of your posts or advertisements

    —a. Valuable for any add on a social or search engine platform. A high click through rate says your add is relevant and interesting enough for a person to click on it and want to learn more.

    ——I. High CTR are rewarded with better search placements and lower cost… better results for less money

    5. lifetime customer value – one of the most challenging and ost value metrics to watch and track. There are a number of fancy and inexpensive tools that can help.

    —a. If you know what a customer is worth to your business you then know what to spend to acquire a new one. (if an average customer is worth $1K to your business you know you can spend up to that amount to acquire a new customer and still be profitable)

    ——I. Once you figure this number out and a way for you to market your business that allows you to acquire new customers below that cost you are basically able to create an unlimited amount of new customers directly to your business on autopilot.

    As for metrics Adam’s solution is a bit of a hybrid mashup: G. Analytics or FB Ads Manager to a more complicated Google Sheet that we manually update each day

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