Today, marketers have the benefit of immediate access to mountains of data. From social media marketing to search engine optimization, marketing data is available on every aspect of digital campaigns. It can provide invaluable insight that will help you create more engaging promotions.
Why must you Measure and Analyze Marketing Data?
Many companies who are new to digital marketing don’t give enough time and attention to measuring marketing. As a result, they never have the opportunity to learn what is and isn’t working in their campaigns. Without that piece of the puzzle, your results can be disappointing.
The Marketing Metrics that Tell the Story of your Campaigns
Reach is the estimated number of people it is possible to reach through a promotional campaign during a given time period. This number allows you to determine whether the cost of the campaign is worth the revenue that may be realized.
Impressions is an estimate of the number of people an advertisement or piece of content has reached. It only tracks the number of views, not the number of clicks.
Click-through rate measures the number of clicks you receive for each impression. This marketing metric is expressed as a ratio.
Instead of counting the number of page views, it’s common for marketers to measure users’ sessions on a website. This type of marketing data can be broken down into new or recurring sessions or by source, such as direct traffic or paid search.
Bounce rate is a measurement of what percentage of new visitors view your site and then immediately navigate away from the page. A lower bounce rate means that your visitors are more engaged with your content and are more likely to become a lead.
The conversion rate is the percentage of website visitors who take a recommended action, such as downloading premium content. Low conversion rates are a signal that there may be a flaw in web design.
Return on Advertising Spend
Return on advertising spend is a measurement of how much revenue a company realizes for each dollar spent on advertising. Calculate it this way: (Revenue – Cost) / Cost).
Many of these types of marketing data can be easily tracked with programs like HubSpot and Google AdWords. If you monitor data on a monthly or even weekly basis, you will notice trends that can help you formulate ways to revise and improve your digital marketing campaigns.