It doesn’t matter where you stand at the moment in your digital marketing journey, but digital marketing is either a teachable science, or it might feel like a voodoo superstition. You might be measuring some metrics thinking that these will help you get results, but they are not getting you anywhere.
There are hundreds of numbers and their combinations which can drain down your energy in a futile manner. Your marketing efforts are not giving any results. You do not measure the right metrics.
To generate insane revenue and bring massive traffic on your website, seven parameters will make you realize which of the variables are weak and which of the variables in your marketing needs to sustain their position.
1. Total Website Visits
Any business aims to generate sales. To get sales, it is necessary to have traffic on the website. If there is traffic on your website, you have crossed this first test, and you need to know what to do with that traffic. If there is no traffic, you can always take help from a digital marketing company that can help you get the right amount of traffic on your website. Not just ant traffic, a professional agency will bring targeted traffic, which will result in generating a lead.
2. New Visitors Vs. Returning visitors
No one prefers to buy from a store that doesn’t offer a valuable deal. You will return to a store if the quality of the products at that store are goods. The same goes for a website. If your website is offering something worth buying, people will return to your website.
Moreover, this is why watching out for this matric will help you to understand the importance of creating something valuable. If there are no or less returning visitors, it means that you are not working hard enough.
You should figure out ways to increase the amount of returning customers. Offering superior customer service is a great way to increase your returning customers. Why there are new visitors on your website? What attracted them to the website? Moreover, why there are returning visitors? These are some questions that must be asked again and again.
3. Interactions Per Visit
This goes further beyond your website traffic. Once the visitor is on the site, how many pages do they visit? How many queries do they leave? This will help you to understand the buyer’s intent and figure out every detail of individual pages and how you can improve those pages for more interaction.
One thing to remember is that interaction has nothing to do with conversion. It is a possibility that a visitor interacts for a long time but doesn’t convert. Moreover, there is a high chance that the visitor purchases your product on the first interaction. This is why it is necessary to make every interaction worth it. Every touch point must be carefully laid out. You cannot afford to miss even one touch point where there is an opportunity for you to buy.
4. Bounce Rate
Your marketing team did a great job of bringing the customer to your website. However, what if that customer close your website and move on to the next website. Yes. This is why is it necessary to note the bounce rate and try to decrease the bounce rate.
If you are running an eCommerce website, this means that your bounce rate is synonymous with the shopping cart abandonment rate. This reveals that there is some severe problem in your check-out process.
Look at the pricing, is there a chance that customers are not able to order due to some technical problem with the payment method? Invest some time in evaluating the problem and improving your check-out experience.
5. Mobile traffic
Most of the business owners still don’t realize the power of traffic on the mobile. We all know that these days, most of the purchases are made on mobile. If you are not able to generate traffic on mobile, there is a chance that you’re losing a good bunch of people who are willing to buy from you but are not able to figure out your mobile website. Invest time in your mobile app. On social media, and even in your email newsletter to let people know that you have a mobile app which can make the purchase easy for them.
6. Cost per conversion
There are many forms in which you can define the conversion. For some, it is a lead; for others, it can be a referral. However, overall, this one metric is vital for the growth of your company.
If your cost per conversion is high, you must work on ways to reduce that cost. A high cost per conversion means that there will be a drop in your net income. Keeping an eye on cost per conversion will help your business to sustain its position.
7. Value per visit
This is the most difficult value to quantify, but if done right, you can help a lot from analyzing this metric. Obviously, for eCommerce, tangible value is dollars spent but the intangible value, where the customer leaves the review, post a comment on social media or a blog. This is where you will know what customers feel about your brand or the thing that you are doing.
Many of the marketers assign some random value to each of these actions and in the end, calculate the total cost. Tracking this metric over time will get you to know the actual amount that you are creating for the customer and work on it.
To wrap it all up
Business without sales is like a car with no oil. To move, you need oil in your vehicle. To get business, you need to know what is generating sales for your business. These metrics will help you figure out the variable which will give you sales and need to focus more on these metrics.