For achieving a better position and visibility in the digital world, you need to apply concentrated efforts on marketing your brand. A well designed digital marketing scheme helps you to gain better traction in the targeted market segment. It connects you with a wider group of relevant audiences that you wish to focus on.
Whether you are looking to increase sales on your ecommerce site or finding success strategies for blogs you own, digital marketing can be the ideal option. However not all digital marketing campaigns yield encouraging results. There are several things that define the outcome of your digital marketing strategy.
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The role of statistics in digital marketing
How well you plan the entire strategy, the major KPIs you follow and the evaluation methods you adopt are some vital factors to be considered. It directly or indirectly determine the impact of your digital marketing endeavours. Data, statistics and RoI factors are some major parameters that define the overall outcome of your digital marketing strategies. Here are a few tips that will help you gain a certain expertise in building high potential strategies through right approach:
Adopt accurate data collection and processing strategies
Inconsistency in data collection or processing can lead to KPI inaccuracy. It weakens the very foundation of your RoI measurement process of digital campaigns. It gives out the wrong picture. Eventually it misguides your digital marketing strategies for customer acquisition and conversion.
So, adopt a wisely phased approach. Budgeting your digital marketing campaign is very important. The total marketing budget comprises the initial cost, running cost, and any relevant additions in the midway of your campaign. Start by recognizing the accurate KPIs that align best with your business, goals, and marketing campaign. It will enable you to invest in the right data collection software with the most relevant features and capacities to achieve your goals in the stipulated time. The Next thing is to set specific procedures to collect maximum data in a reasonably shorter period. Standardizing the procedures for the entire relevant workforce keeps different departments and employees on the same page and facilitates collaboration.
Concentrate on the wholesome picture of KPIs
To get a wholesome picture it is important to see how different KPIs are related to each other and other external factors. For instance, the equation shared by the increased CTR and lower CPC helps in understanding the ultimate deliverability potential of your digital marketing RoI.
Likewise, the external factors like an increase in the organic search during the time of digital marketing campaign allow you to understand if and how the marketing campaigns help you in improving your organic traffic- something which can be counted as a long term benefit that may continue even after the campaign is over. Such subsequent results- while not being the key focus of your marketing campaign- helps in gaining benefits like lower acquisition cost. Such insights will allow you to strategically manage the post-marketing period to maximize the scope of benefits.
Extract maximum RoI from your KPI
While businesses mainly concentrate on the standard KPIs it is also important to extract the maximum insights from a blend of both standard and unique KPI metrics. For instance traffic volume, social media post shares and interaction, CPL, and SERPs rankings have the potential to impact the overall RoI of digital marketing endeavors.
A structured study of these insights helps you to understand how well your digital marketing program is performing. It also helps you to identify hat gaps that need to be filled. For instance a substantial jump in the social media interaction possibly suggests the viral quality of your posts. It can increase your revenue potential while also increasing the brand acceptance ratio among targeted demographics.
How to understand the RoI potential of your digital marketing strategy?
Stacking your KPI against the standard benchmarks helps you to understand your campaign’s performiance. It also helps in identifying the areas that need improvement.
It is also important to design the KPIs based on your projected benefits. If increasing order value is the top concern then concentrate efforts on email marketing campaigns. They offer maximum RoI, as opposed to social media which has generally the lowest yield in terms of order value. The tools like Mailchimp’s help you to gather important data like unsubscribe rates, click-through rates, open rates, and other factors. It also utilizes these collective factors to suggest you the appropriate benchmarks suiting your business.
The best strategy to design KPIs is to use standard industry benchmarks. However, later you need to add your unique benchmarks based on relevant past RoI metrics for previous campaigns. Checking historical fluctuations in your digital marketing performance also helps you optimize the present campaign for maximum outcomes.
Digital marketing campaigns are designed to help websites increase their traffic, sales, and customer base. Along with these there can be several other unique objectives depending upon specific business and sectors. Regardless of the goals and plans, it is very important to constantly measure the impact of your digital marketing strategy. With right KPIs, projecting the realistic goals and KPIs you can create a solid evaluation mechanism. It facilitates identifying strong and weak points of your campaign and take relevant actions to achieve the optimum outcome.