If you're like most businesses, you invest a lot of time and money into putting together digital marketing campaigns for your business. You then put a team together to tackle content creation to drive campaign results. However, when it comes to measuring the ROI of your digital marketing campaign, many businesses aren't equipped to measure how effective the digital marketing campaign is.
In terms of being "equipped," we're not talking about technology here. Instead, we're referring to businesses that fail to set clear and measurable goals before launching a digital marketing campaign.
It's extremely difficult to measure the ROI of your digital marketing campaign if you don't first take the time to define your goal(s) for the campaign. While this may sound elementary, a surprising number of businesses choose to launch a campaign without first establishing a goal or decide to shift the goal mid-stream. As a result, these businesses don't have a clear way to measure the success of their campaigns and often don't get the results that they were hoping for.
Define Your Goals and How You Will Measure Them
The secret to achieving a successful digital marketing campaign is knowing your goals ahead of time and the relevant key performance indicators (KPIs) that you will use to measure your progress. Typically, your business will have more than one goal for a digital marketing campaign, which means you will need to use more than one KPI.
Examples of Digital Marketing Campaign Goals
The goals that a business may have with a digital marketing campaign can vary greatly. Outlined below are some common examples of digital marketing campaign goals and the ideal KPIs to use to measure progress:
1. Raise Awareness
When preparing to launch a digital marketing campaign, raising awareness is often one of the most popular goals that businesses have. There are several different ways to measure how well the campaign is raising awareness, such as through engagement, reach, and the click-through rate.
2. Increase Website Traffic
Many businesses are focused on using a marketing campaign to drive more traffic to their websites. One way to measure how effective your campaign is performing is to look at the low-cost targeted impressions that you're earning as that will be an indication that you're attracting the right people to your website. The click-through rate is a helpful secondary KPI to use to measure how well your business is doing with earning more website traffic.
3. Boost Engagement
If you want to boost engagement, it's important to first define the type of engagement that you want to increase. For example, if the goal of your campaign is to earn more engagement with your video content, you'll want to use the Video Completion Rate (VCR) as your KPI. Regardless of the type of content that you want to earn more engagement with, it's a good idea to also take a look at the post-click metrics to see the quality of your engagement.
4. Increase Online Sales
Considering that more consumers than ever prefer to make purchases online than visit physical store locations, an e-commerce website is a wise investment. If your goal is to increase online sales, some of the best KPIs to measure this goal include ROI and ROA (Return On Ad Spend).
5. Strengthen Lead Generation
If you're spending money to attract leads, the Cost Per Lead (CPL) is a helpful KPI to use. However, the challenge with measuring a lead generation goal is that while you may be increasing lead generation, the leads may not be the right quality. Comparing your leads to your sales data can help you to determine where your ad spend should go to help your business generate leads that are more likely to convert.
Stick to Your Goals
Once you've defined the goals for your digital marketing campaign and the KPIs that you'll use to measure your success, it's important to you stick to your goals. For example, if you're running a campaign to increase online sales but you notice your engagement numbers are going through the roof, don't be tempted to change your goal to be engagement focused. Instead, stick to your guns and determine any tweaks that need to be made to your strategy to help you reach your goal of increasing online sales.
You will experience digital marketing success when you take the time to define what you want to accomplish with your campaign before diving in head-first. Equally as important as defining your campaign goals is determining which KPIs you will use to measure your progress.
How New York Ave Can Help
Partnering with a digital marketing agency that understands your business and what you want to accomplish with your online presence is crucial for helping you to achieve your goals. Our team at New York Ave is passionate about helping our clients build personalized digital marketing strategies that align with their goals.
Contact us to learn about our unique approach to help you achieve success with your next digital marketing campaign!