How To Measure Your Digital Campaigns’ Success?!
First off, it should be mentioned that running digital campaigns is becoming to be one of the most effective ways of pushing sales and enhance the conversion rate of any store. Hence, it is noted that most of the retailers, brands, businesses, and advertisers are depending on digital marketing campaigns and social media platforms’ ads to reach as many customers as they can.
In addition, retailers, brands, businesses, and online stores are spending a lot of money in running digital campaigns and social media ads; it’s a great and useful way but they need to identify the real impact of these digital campaigns and social media ads on their sales and conversion rate. They also need to make sure that they spend their budgets on something impressive and useful.
Based on that, we will provide you with the full guide of tips on how you can measure the success of your digital marketing campaigns and social media ads and the reflection of them on your sales and conversion rate. Just take a deep breath and enjoy it.
If you are an online store owner and the marketing manager on your business has recently given you a marketing plan, you should be asking yourself, “How do I know if my marketing campaign is working well?”; it is an important question, which should be asked by any business owner to make sure that his business is in the right way.
There are many ways and tips that enable you to discover if your digital campaigns are doing well or not. To learn how your digital marketing efforts are performing, you must first determine the metrics that will measure your success. Here are some of the most common metrics:
1- Traffic on your site.
Changes in the size or type of traffic to your website are a good indicator of the effectiveness of digital marketing campaigns and social media activities. This includes factors such as total site traffic, traffic sources (where your customers come from), time on site, and bounce rate, and can be measured using Google Analytics.
Clickthrough rate (CTR): If you’re running paid ads or email marketing as part of your marketing campaign, clickthrough rate (CTR) can tell you which content generates the most clicks from visitors. Your clickthrough rate (CTR) should be measured against the average in your business.
Cost-per-click (CPC) : cost-per-thousand impressions.
Similarly, if you manage ad campaigns, you should consider how much you pay for each click on your ad or per thousand impressions, depending on the campaign type.
As an online store, conversions are more likely to be defined as product sales on your website. Measure your sales over previous periods to see how digital marketing campaigns work to improve your business. If you use Google AdWords, you can also set up conversion tracking to see where your sales come from.
3- Cost of customer acquisition
This is the cost you paid to buy new customers over a certain period. You can calculate them by calculating the total marketing and advertising costs and divide them by the number of customers who paid you during that time. This should also be measured against previous periods and the average of your industry.
4- Calculate the percentage of interactive customers
To calculate the percentage of actual customers who made the purchase decision, browse your store and complete successful purchases, you can estimate them by dividing the number of customers who have purchased the number of visitors to the site in a given period and multiplying the product by 100 will result in the percentage of customers who have bought in a given period.
On the other side, it should be pointed out that you must be familiar enough with the performance of your competitors and through marketing plans and financial plans that are spent online in digital marketing. Google AdWords reports could provide you with this knowledge according to the available data, which can provide you with insight about where you stand in a community business or among your competitors well so expect the next steps in your project.
KPIs (Key performance indicators for your business)
Once you have identified the key metrics that measure performance and understand your industry standards, you should identify key performance indicators, so you know if you’re achieving your goals.
You must specify the following:
1- Your baseline
Where you currently stand against all the metrics you have chosen.
2- Your main goals
These goals may be increasing sales, brand awareness, or customer loyalty, or a range of short-term goals that can be realized in the long term.
3- Your marketing strategy
What are the digital marketing activities you develop to achieve your goals?
4- Channels and places where your strategy will be implemented
Such as Google ads, social media platforms, marketing through website content, video marketing, email marketing, etc.
5- The Time period
How long should it take you to achieve your goals and whether to set yourself a near and far distance or a certain fixed period?
6- Growth Expectations
What expectations do you expect to reach each time and place them in a time frame that you always see?
Method of calculating the percentage of objectives achieved by the marketing plan
In the long run, we find that in a shoe store, for example, selling 100 of the new white shoe in March is a near term goal that can be easily measured, the process of determining the percentage for the goals of the marketing plan, such as dividing the number of goals on the goals achieved in a given period and multiplying the output by 100 you produce the percentage of objectives of the marketing plan set.