Discover what are believed to be the most important metrics for measuring the performance of your online business
In the digital landscape, Internet marketers have the opportunity to measure many activities.
What metrics are truly worth monitoring though? This is a worthy question to ponder, especially since there is only so much time in a workday…you want to be monitoring the best metrics to properly deduce how well your site is performing, while efficiently managing your time.
A recent article from eMarketer discussed a new book written by eMarketer CEO and co-founder Geoff Ramsey and Vipin Mayar, EVP of McCann Worldgroup. According to eMarketer, the book, entitled Digital Impact: The Two Secrets to Online Marketing Success proposes that there “are only seven metrics that are critical to for performance measurement across digital channels.” These metrics include:
-Qualified Reach: This metric tracks the number of individuals that come to your site (quantity) and the number visitors that perform an action (quality).
-Clickthrough rates: This metric should still be considered when presenting materials that promote a direct response.
-Brand perception lift: How does your audience respond to the messages you use to communicate? This can be tested against a control group.
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-Engagement Score (ES): Is your content truly sticking with your audience? This metric helps you monitor the audience engagement throughout all your digital media efforts.
-End Action Rate: How effective are your campaigns? Are casual visitors converting in the manner you’d like? This statistic helps monitor if end actions are taken. For Mequoda System operators, a casual user converting to an email recipient is the most basic end action we like to see completed; direct sales of Mequoda Pro, webinars or seminars is the more ideal end action.
-Efficiency metrics: Are your promotional methods working properly? Are you spending the right amount of money on them? This metric shows how well your marketing efforts do, in comparison to the associated cost.
-Return on investment (ROI): Are you seeing a return on your investment? Which activities are returning the most? This metric ultimately help you determine the director of your marketing efforts and campaigns.
These metrics are surely important to tracking online business performance as they help paint a picture of your successes throughout time. By monitoring how visitors interact with your content, from sharing it with peers to purchasing aligned products, you can see what works, what doesn’t and where your time should be spent in the attempts of bettering performance.
Do you agree with Digital Impact that these seven metrics are the only critical factors worth monitoring for performance measurement across digital channels?
Are all of these seven metrics completely necessary to monitor? Please share your thoughts in the comment section below.
And for more information on these seven metrics, take a look at the article from eMarketer.