Since 42% of businesses are increasing the money they spend on marketing in 2024, you need to remain competitive with marketing metrics. These figures will help you work with professionals to create data-backed campaigns and proven success strategies.
Read on to learn what you should measure on your marketing analytics dashboard and why these figures are important.
Your Overall ROI
The return on investment (ROI) of a marketing campaign shows how much money you made from your ads vs how much money you put into the campaign. It doesn’t only consider the cost of your ads but also other costs associated with your marketing strategy.
Some examples may include web-design-related costs, tools for professional metric measuring, and analytics tools that look into your cost-per-click.
Understanding your ROI gives you a real and measurable way to see the success of your marketing campaign. You can see which channels and ads have the highest ROI on your marketing dashboard.
This will let you know which are worth the money and which you should stop wasting your money on.
Your Click-Through Rate
A click-through rate (CTR) is a metric that measures the success of online ad campaigns. It measures the number of clicks that your ad gets and divides it by the number of times that it’s shown to other people. Basically, it’s clicks divided by impressions.
Suppose that your ad is shown to people 50 times. 10 people of those 50 click on the ad and get redirected to your website. This means that your CTR is 20%, which is a great figure.
Measuring your CTR lets you see which ad campaigns are the most effective. You should emulate elements of ads with higher percentages and look for trends between those PPC ads. If they all offer a specific promotion or showcase the same product, you know to promote that in future ads.
Including this metric on your marketing analytics dashboard is a surefire way to more engaging ads in the future that get you higher web traffic.
Online Traffic
You’ll need to measure how much traffic your website gets from both PPC ads and other channels. Professionals will use expert tools to look into traffic data and figure out which channels drive the most people in.
For example, they’ll figure out whether you’re getting more organic vs paid search traffic. They’ll determine if more people come from one social media platform than another. This way, you can refine your marketing strategy by using channels that your audience prefers.
Experts can also measure which pages people click on the most frequently (and remain on the longest). You can then work together to come up with a web design strategy that makes the rest of your website look more like these pages.
It’s a great way to make sure that your website appeals to those you want to drive conversions from.
Conversion Rate Metrics
Tracking your conversion rate is the #1 way to determine your campaign ROI since conversions are what make money. Conversions can be things like making a purchase, contacting you, or filling out a specific form to sign up for alerts. It’s up to you and the goals of your campaign.
In any case, this metric looks into the percentage of users who made a conversion vs the number of people who clicked on your website. If you had 100 clicks and 5 conversions, your conversion rate is 5%.
This metric is important for measuring how effective your web page and apps are once people already get to them. You can identify which pages drive the most conversions and which ones drive none (or even cause higher bounce rates).
This lets you and the pros you work with identify both the strengths and weaknesses of your site so that you can improve it together to meet your goals.
Engagement Rates
Engagement rates are critical in social media marketing. They show you how much direct interaction your posts and ads have in the form of clicks, likes, comments, and shares.
You can figure your engagement out by dividing your total engagement by impressions. Then you multiply it by 100 to get the percentage that constitutes this rate.
Engagement rates are important because posts with more interested users are generally more relevant and engaging. They also create a sense of community on your pages that makes your business memorable.
Average Timeframes for Engagement
Only measuring your engagement rate means including random clicks, likes that people made just to save a post, and spam comments from bots. That’s why you also need to look at how long people engage with your posts.
A real human is going to spend a few minutes reading a blog post while a spam bot will barely register for one second. To get the average engagement time of your content, divide the total time that people spend on a piece of content by the number of engagements there.
You can use the metric to see how interested users are in your content and how attention-grabbing it is. This lets you optimize and enhance the content you have based on what pages cause people to linger.
Email Open Rates
An email marketing campaign has a 66% conversion rate, which is the highest out there. Over the past 10 years, it has yielded the highest ROI on average.
Because email marketing is so important, you need to measure marketing metrics regarding how many people open and engage with your content. If the open rate is low, it means that your headlines and topics might need to shift to be more relevant to your target audience. You can see which emails people click on the most and tailor topics to be closer to those emails.
Boost Your Marketing Analytics Dashboard
Now that you know some key marketing metrics to boost your marketing analytics dashboard, it’s time to get professional help in improving your online presence.
Key Element Media is committed to assisting you with boosting your campaign ROI and improving your website, SEM ads, and organic traffic. Contact our team to learn more about our tools, resources, and methods.
