As a marketer, you need to prove that everything you are doing is providing value for your company. You can’t expect to keep your job or a large budget if management doesn’t believe what you are doing is helping the business accomplish its goals.
With everything you have going on, sometimes it can be difficult to take more than a cursory look over your digital campaign data and statistics. You might even have a good reason why you don’t pay enough attention. But it’s a mistake which can hurt you in the long run.
Knowing your digital campaign stats can help you answer a number of common marketing questions.
- What’s a reasonable expectation for my ads’ click-through rate?
- Is my monthly online advertising budget set correctly?
- Is advertising for this keyword positively affecting my goals?
- What should I expect in terms of lead generation from my digital advertising?
Understanding these questions means more than just reading your campaign stats. You need to analyze your stats and data thoroughly and track past performance. Without it, you will never be able to make informed decisions about your campaigns.
Here are a few statistics you should be paying attention to.
- Average daily and monthly campaign spend
- Average reach
- Average clicks
- Click-through rate
- Average conversion rate
The two most important statistics you need to track are your daily and monthly campaign spend. Looking at your absolute dollar spend every day can help you distinguish between normal and abnormal fluctuations.
Creating a trending chart can help. It can help you more accurately predict exactly when you should expect costs to be high or low. It can also help you keep track of normal daily and monthly cost fluctuations. Every business has peaks and valleys, and these can affect your digital campaigns.
Tracking your average reach can help you understand the impressions you are receiving from your digital advertising. However, it is broken into two categories: coverage and impression share.
Impression share is the percentage of available impressions across your advertising. Coverage is similar, except that it doesn’t take traffic into account and can be used on individual ads. Ultimately these metrics tell you how much traffic you’re leaving on the table.
While impression share is great, coverage is indispensable. It tells you exactly where problems may lie by revealing places where your quality score lags behind your competitors.
Average Clicks and Click-through Rate
You need to track both daily and monthly clicks you receive from your digital advertising. As with campaign costs, you need to be able to distinguish between normal fluctuations and trends either up or down.
Having charts of your costs and clicks is helpful, but it doesn’t give you the entire picture. It’s easy to miss important changes in your campaign if you are reviewing charts against each other. This is why you also need to track average click-through rate.
By knowing what is normal in your campaign, you can see when something is wrong and find the cause.
Your final must-have statistic is to monitor your average website conversion rate. If your landing pages pulled in twice the leads this month than last, you might just pat yourself a marketing party. Before you invest in noisemakers and confetti, be sure to check out your average conversion rate.
Your conversion rate may have doubled, but it could be attributed to a number of factors you can easily track. For instance, this may be a yearly trend in your lead generation. If so, you may not need to set off the alarms just yet.
On the other hand, your campaigns may be generating highly qualified leads that aren’t converting into sales. This might raise alarms. But opening a line of communication with your sales team regarding messaging and value propositions may help.
Establishing conversion trends can be important to understanding the effectiveness of your digital marketing.
Your digital campaign data and statistics are more than just a bunch of numbers you read over morning coffee. By taking the time to analyze your campaign stats you can get a strategic advantage for benchmarking your campaign spend and traffic.