A Beginner’s Guide to Measuring the Performance and Success of Your Digital Marketing Strategy

A Beginner’s Guide to Measuring the Performance and Success of Your Digital Marketing Strategy

For many business owners and bloggers, especially those new to their work, words like ‘metrics’, ‘analytics’, and ‘successful marketing’ can seem daunting or even unachievable. Many people wish to track their online performance but may struggle to figure out where to start. To help you get started, here is a beginner’s guide that will teach you everything you need to know to start measuring and understanding the performance and success of your online presence and digital marketing strategy. 

Why are analytics and metrics important?

Understanding how to read analytics related to your site can help you to know how you’re currently performing and what goals you want to set in the future. It also lets you know what part of your digital market strategy is working and what part isn’t so that you can adapt and innovate to boost the organic traffic driven to your site as well as the number of conversions, two examples of goals you may wish to set and measure.

Why are goals important?

Goals are the foundation of measuring performance and success. Branding and marketing are arbitrary terms, and it can be hard to define a definite success or failure. This is why the best way to measure the performance of your business is to measure how you reach and achieve certain milestones and goals. These goals can be unique to your business or can be statistical averages such as reaching a certain number of conversions or followers a month. However, setting these goals can be difficult, especially if you haven’t had enough time to learn what is truly achievable for your business. Thankfully, there are a few steps you can follow for defining clear goals for your branding. 

Steps for defining a digital marketing goal for your business

While measuring the success of a goal is important, before you can do that, you have to set a goal where success is possible. If you have no experience with digital marketing or Instagram, then it’s not reasonable to set a goal of one million followers in a week. Instead, work within your available means. Smart goals are achievable but also challenge your company to be at the very best possible without overwhelming you. These goals also need to be measurable, as an arbitrary goal, like branding, is not beneficial to understanding how successful and efficient your current digital marketing strategy is. 

A Beginner’s Guide to Measuring the Performance and Success of Your Digital Marketing Strategy

3 digital marketing metrics to measure for a successful strategy

Overall website traffic

It’s no surprise that one of the best ways to measure and judge the success of your business or blog is to take a look at the analytics associated with the overall traffic your website receives. This lets you know just how many people are interested in the content you are producing, and more in-depth metrics – such as conversion rates, page views, and session statics – will let you know exactly which content viewers enjoy the most. 

How to drive more traffic to your website

There are many simple changes you can make or techniques you can adopt that will help drive more organic traffic to your website. 

The best thing that you can do is learn basic SEO techniques. Search engine optimization – SEO – allows search engines to rank your content and decide who to promote it to. While it may seem daunting for those new to tech, SEO is actually really simple. In fact, you can improve your ranking by making simple changes such as researching keywords and innovating your titles. 

You can also increase your social reach. While it’ll be talked about further below as another key metric for measuring digital marketing success, social media can be one of your best traffic driving tools. After all, over 3.8 billion people use social media. By utilizing and perfecting social media presence on multiple social media platforms, you’ll raise awareness about your brand and have several opportunities to link to your website.

You can find a complete guide for driving more traffic to your website here

Social reach and engagement

Another metric that you can use to determine the success of your digital marketing strategy is your social media presence. Many social media platforms, such as Twitter and Instagram, offer free analytics to businesses that allow them to view the engagement on their content. This shows more than just likes and shares, however; analytics will also show the sources of engagement. On Instagram, for example, shows you whether or not the impressions of your post come from your followers’ home pages, the hashtags, or other sources such as shares. It also shows you how many people visited your profile from a post or followed you. 

Engagement is an extremely popular metric because, like traffic, it is measurable, and it’s easy to adopt a goal through observing your social media presence, such as a certain number of followers or daily impressions. 

Overall ROI

While this metric won’t apply to all businesses, it’s still one of the most efficient performance metrics. ROI stands for Return on Investment, and, according to James Chen, it is “performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments”. In layman’s terms, this is a mathematical formula used to calculate the amount of return on an investment relative to the cost. 

This metric demonstrates the profitability of your business, a key characteristic of success.

How to calculate ROI 

To calculate the ROI, you subtract the cost of the investment from the current value. Then, you divide that answer by the cost of the investment. 

As an example, suppose you invested $300 two years ago, and it’s currently worth $500. You would subtract $300 from $500, then divide that by $300. This would mean that your ROI is equal to 0.67. To express this as a percentage, multiply by 100 – making your ROI 67%. If you have invested $300, and it’s currently worth $500, then your ROI is equal to 0.67 or, after multiplying that by 100 for a percent, 67%.