Unfortunately, I still see marketers struggling to communicate the value of online marketing and how it drives bottom-line results. Much of this is caused by a lack of standard metrics by which to measure results online and report impact…especially when a direct response conversion is not clearly evident.
Most CEO’s and CFO’s are focused on driving efficiency and scale to achieve revenue growth. But when it comes to marketing, they need to be able to make a connection between the work ($) that is being done and the revenue that will be produce as a result.
Bottom line.
With studies suggesting that merely 2/3 of all marketers include metrics in their marketing plans…a need for more standard measurement is necessary for measuring results online. So, what do you track? The ultimate answer is Everything…but realistically, try focusing on things that will move the needle and provide leading indicators of revenue. (Stuff that C-Levels discuss).
Here are 10 tactical examples that you might not be considering when establishing metrics for measuring results online:
- Brand impact (i.e., increased brand awareness, intent or favorability)
- Number of impressions
- Position of paid listing
- Number of clicks
- Ratio of new to returning visitors
- Amount of increased website traffic
- Duration of website visits
- Amount of increased traffic to physical store
- Amount of increased volume to call center
- Number of leads generated for products sold online
- Number of leads generated for products sold offline
- Number of immediate sales generated for products sold online
Collecting this data will create trends and insight that will translate across most organizations.