In the world of digital marketing, measuring the performance of your online campaigns is crucial. Marketing metrics are indispensable analytics tools used to help you track the performance and effectiveness of your endeavours. Whether you are looking to track your SEO progress or your website traffic, you need clear and concise figures. With this being said, let’s get right to it.
The first step is to identify the key marketing metrics you need. Each business has different goals and so it’s essential to think about the numbers that work best for you. The relevance of an analytics tool depends on the type of business or industry. Therefore, it’s imperative to choose the ones that bring value to your business. In this article, we will present a list of the most important marketing metrics used for measuring website traffic correctly.
Total Website Visits
This core metric represents the total number of visits to your website. Simple as that. You should always monitor this one closely and make sure it grows steadily over time. On the contrary, if this metric drops, you should immediately investigate the cause and identify the root of the problem. If your website is losing traffic over time, it’s a clear indicator that you should reevaluate your marketing strategy.
Here are a few causes that can consistently decrease website traffic:
- Slow page speed
- Poor internal linking
- An outdated keyword strategy
- Duplicate content
- A web design that doesn’t consider SEO
Website Traffic Sources
For a better understanding of your website’s performance, you should segment your total website views by source. This will greatly help you identify which of your marketing channels performs best and which needs attention. We will name the most relevant traffic sources below, but keep in mind that you can segment these based on your needs. There are no fixed formulas in digital marketing.
- Direct Traffic – This one is straight forward. It represents the total number of website visitors who typed in your URL in their browser.
- Organic Traffic – This one represents the visitors who arrived at your website based on a search query.
- Referrals – These visitors reached your website via an external link from a different website.
- Social Media Traffic – This metric represents the visitors who reached your website after engaging with your social media pages.
New and Return Visitors
Other important marketing metrics are the number of new visitors vs the number of return visitors you have on your website. These two are essential metrics you should always track and compare. Together, they are indispensable since they give you valuable insight into how your content performs over time.
As an example, if one of your articles/posts attracts multiple visits from the same viewers, it’s clear you have good content in there. It’s so good that people go through it multiple times. Now, if you only register new visitors for one of your posts, chances are that your content could use some improvement because it’s not captivating enough. Either way, it’s important to constantly monitor these numbers to identify what content works best for your audience and website.
The bounce rate is amongst the more popular marketing metrics out there. This rate represents the percentage of visitors that enter your website but leave without performing any actions. The bounce rate can help you determine whether you are running the right marketing campaigns, targeting the right audiences or if your content is relevant to your customers.
If you have a high bounce rate, it means that your viewers are not willing to stick around and view your website. The information there is irrelevant to them. in consequence, it could be that you are targeting the wrong audience or you are using an ineffective campaign. Either way, if you register a high bounce rate you should look into it right away.
Similar to the bounce rate, this metric also tracks the behaviour of your website visitors. The difference here is that the exit rate provides the number of visitors that leave after visiting a certain page from your website as a percentage of all the people that visited that page.
Just like the bounce rate, the exit rate has a huge potential for identifying your website’s weak points. For example, if your exit rate is high for a certain page on your website and low for the rest, it’s clear that that particular page is not engaging enough for your audience and you should look into it. However, it’s also important to mention that in some cases a high exit rate might be a good thing. E-commerce is a good example here since leaving a page after completing a purchase is a good sign.
Cost per visitor (CPV)
This is once again a core metric you want to keep a close eye on. The CPV represents the total amount you invested to lead customers to your website. This metric is calculated by dividing your total investment in a specific channel with the total number of visitors this channel has generated. Let’s say you spend 100 Dollars on your AdWords campaign and 20 people visit your website as a result. This means that your CPV for this campaign was 5 dollars.
Revenue per visitor (RPV)
And finally, this last one is amongst the most important KPI’s in digital marketing today. Basically, this number represents the revenue generated by each of your website visitors. The best way to calculate the RPV is by dividing the total generated revenue by the total number of website visitors during a certain time period. What’s really great about the RPV formula is that you can use it to calculate the average estimated revenue generated by future website visitors, based on your previous results. This core metric will give you an upper hand when you will find yourself working on your marketing budget. It will help you estimate future campaign spends and potential results.
The world of statistics can be overwhelming. With so many options out there, deciding on which marketing metrics you should analyze can be challenging and time-consuming. To make it easier, think about your business goals and ask yourself: Which metrics will help me reach my primary business objective most effectively? Which data format works best for my needs? Which is the best measure for my objectives?
Once you have decided on which metrics to use, it’s time to take action! Stats are just plain numbers if you don’t do something with them. So make sure measuring and analyzing your marketing metrics becomes an integral part of your marketing strategy. You will thank us later. 🙂
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