6 digital ways to analyze your marketing efforts
We have arrived! It was accomplished. We are in the second half of 2021, and many of us are looking forward to what the year holds further. But, let’s face it, given the year we have all had, it will not take much to wow us.
So, while it may appear like you made little progress in 2020 and spent the majority of your days working from home in your pajamas and reruns of your favorite shows to bring back memories of simpler times, a lot was going on in the digital domain.
In reality, digital marketing has now entered the mainstream. So, while the rest of the globe was essentially paralyzed, the internet was ablaze, fueling significant events, social action, and disruptive marketing. As a result, comprehending digital marketing statistics is critical.
Understanding your numbers is the key to making money with digital marketing, and as it is said, not knowing your numbers is the key to quickly losing money. So, note that you will need to know your numbers.
There are many figures, metrics, and analytics to consider when it comes to digital marketing. So, where do we even begin? Which metrics and analytics are critical and which can be ignored entirely, and which are the ones that will drive the most income and profit for your company? So, let us take a walk through some of the essential analyzed marketing data and examine why they are so crucial to your business’s success.
- Revenues from sales: When analyzing, the first factor in analyzing is sales revenue. It is critical, and no one should overlook it, but it has been observed that many skilled marketers ignore this indicator. While it is challenging to link sales revenue to marketing efforts, failing to do so will leave you unaware of your digital marketing payment. Using a software package like Stillio specializing in measuring sales data and other key performance indicators, you may correctly measure your sales revenue. The primary goal was to understand year-over-year revenue growth and differences that could be linked to your digital marketing efforts.
- The retention rate of customers: After all, your present customers or clients are your most valuable assets, and maintaining them over time is vital. It is crucial to keep track of your client retention. Fortunately, as long as you collect primary data, keeping track of this metric is pretty straightforward (for example, sales in a particular year by customer account or how many return coupons are used in your system). You will be able to tell if you’re keeping information this way.
- Participation in social media: The most crucial factor in determining the sustainability of your brand and your relationships over time appears to be social media engagement. You can track engagement by post by dividing the number of likes, shares, and comments on a specific position by your number of followers and multiplying it by 100.
- Cost per click or CPC: The cost per click (CPC) is a number that shows how well your ad is reaching those who are likely to click on it. It is the ratio of the number of clicks you’ve gotten to the amount of money you’ve spent advertising a specific digital ad. This is a valuable metric since it allows you to determine whether certain types of advertising are performing to their full potential within the budget
- Traffic on the website: Analyzing website traffic and selecting the appropriate data to capture from visitors may help you raise awareness, identify potential targets, and fine-tune your buyer personas over time.
- Return on advertising spends, or ROAS is a metric that compares the amount of money spent on advertisements to the amount of money made on sales that are directly related to ads. Essentially, you should be making more money from ads than you spend on them, and this is a terrific method to see if your investment is paying off.