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Creating an effective digital marketing strategy is often a trial and error process. One of the best ways to streamline this process, though, is by making full use of the data that your
company has available. In this article, we’ll take a look at three key performance indicators (KPIs) that can play a significant role in making your digital marketing strategy as data-driven and effective as possible.
One of the most vital KPIs of any digital marketing campaign is conversion rate. Put simply, your conversion rate tells you how successful your campaign is at achieving its goal. Depending on what that goal is exactly, the definition of conversion rate can vary. If your goal is to sell more products, the conversion rate tells you the percent of people who clicked on your ad that ended up converting into paying customers. If your goal is to generate more leads, the conversion rate will tell you the percent of people who provided you with their contact information when given the opportunity to do so. If your conversion rate is lower than industry averages for the type of campaign you are running, it could be a sign that the website or landing pages where you are directing potential customers need to be made more compelling.
Impressions served is a simple yet important metric – especially if the goal of your campaign is to raise brand awareness as opposed to encouraging a specific action. As the name suggests, impressions served tells you how many people are seeing your ads or other marketing materials. If traffic to your website is lower than you’d like or you determine that a lack of brand awareness is one of your company’s key challenges, focusing on impression-based campaigns is an ideal solution.
If your cost per click is too high, even lots of impressions and a high conversion rate won’t necessarily guarantee a successful campaign. Cost per click tells you how much you are spending on a campaign for every potential customer who clicks on your ad, and it is an essential metric to pay attention to in order to keep the cost of your campaign lower than the value of the results that it generates.
At eXpect3, we are experts at formulating data-driven digital marketing campaigns that are carefully designed and monitored for optimum results. To learn more about how the digital marketing professionals at eXpect3 can help your company revolutionize its digital marketing approach, be sure to contact us today.