With people spending more time on the internet, digital marketing has become intrinsic to companies. However, with many options available, a marketer must know what works best for their business. It is only possible through monitoring specific key marketing analytics.
Marketers unanimously believe that companies should adapt their strategies according to the analytical data. However, the question remains which marketing analytics should be tracked. Find out the critical digital marketing and analytics tactics to track in 2022.
Also, since digital marketing and analysis of the same is a technical skill, many marketers enroll in digital marketing courses to upscale their skillset. You may check out Simplilearn’s online learning platform to pursue such courses if required.
1. Customer Satisfaction
According to the Pareto principle, 20% of satisfied customers contribute 80% of its profits. Therefore, the way customers are treated is critical. Moreover, the customer acquisition cost is relatively high when compared to customer retention.
Utilize your resources to detect whether customers are happy. Satisfied customers will mean a high customer retention rate. Customer satisfaction also creates brand loyalty, eventually boosting your sales.
Examine the customer service employees in your company. Find out how they are behaving with customers. A key reason customers leave a company is the impolite or inefficient customer support staff. Customer support employees are your company’s representatives. If they aren’t good, don’t be surprised to see your customers to your most significant competitor.
2. Lead Generation
Retaining the existing customer base is essential. Businesses need to acquire clients. Therefore, companies need to focus on lead generation. However, all the leads will not transform into customers. Moreover, all leads generated by a marketing team are not equally valuable. Marketers need to differentiate ordinary leads from excellent ones.
Lead generation is a crucial metric to determine the success of both the marketing and sales teams. The sales and marketing departments are supposed to work together to convert leads. The marketing team needs to find leads. The sales team is supposed to turn the leads into customers.
Every company should focus on lead generation. Precisely, every company should prioritize finding better leads. If leads are not converting into customers, the marketing team needs to look for better ones.
Lead generation without successful conversion holds no value. The conversion rate differs depending on the industry. For instance, the automotive industry has an average conversion rate of 2%, while the healthcare industry has an average conversion rate of 3.2%.
Furthermore, the conversion metrics also differ between new and established companies. A new fashion brand cannot compete with a long-term brand like Louis Vuitton. Set the conversion metrics according to your company’s expectations.
4. Return on investment
Suppose you are a fashion brand selling women’s clothes. You have a modern shop with a stunning collection. Your prices are pretty reasonable, and the clothes are of top quality. Your employees are highly professional and know how to behave with customers. However, you don’t see customers walking inside your store.
The reason behind it is you have not focused much on marketing. All the other fashion stores on the street get high sales. Their product quality might not be as good as yours. They also might not have too much variety to offer. But they are witnessing high sales due to their marketing efforts.
Building a good marketing strategy is vital for every business. Allocate a specific budget for your marketing efforts. Suppose you have spent $50,000 on your marketing campaign. However, you could generate only $10,000 as your sales revenue. It shows a low return on investment.
Apart from building a marketing strategy, improving ROIs should be prioritized. Marketers should keep track of where the marketing budget went. Several industry-specific tools are present to target ads and improve ROI.
SEO is a crucial metric for improving ROI. Tweak your website to increase its visibility on search engines. Search engines are constantly scanning websites. Your website’s rank on search results depends on how valuable visitors find it.
Studying SEO metrics can help you track your optimization progress. A higher rank ensures organic traffic. It causes lead generation and increased sales. While there are several sources of organic traffic, SEO remains the best.
Using specific keywords can improve your rankings. Find the keywords relevant to your industry and business. Find the keywords used by competitors. It will lead to thousands of visitors to your website every day.
6. Social Media Marketing
Create appealing social media content to impress your audience. A successful social media presence can lead to the growth of any business. But there are multiple social media platforms. You need to determine which social media platforms are the most relevant for you. It usually depends on your target audience.
Your performance on each social media platform can be tracked using different metrics. For instance, trending hashtags are a metric of successful Instagram marketing. Instagram posts with hashtags generate 12.6% more engagement than posts without hashtags.
Lastly, you should not forget the importance of customer reviews. Online reviews can directly influence engagement rates in the future. Positive reviews will attract more customers, while negative ones will repel them.
Keeping track of customers’ opinions about your products and services is crucial. Potential customers will trust the words of your past customers more. Even if you promise them the moon, potential customers won’t buy from you. Therefore, you need to work on receiving positive reviews from your customers.
Receiving positive customer reviews can positively impact ROIs. Deleting negative reviews from your website might be tempting. But it is not prudent. Instead, companies should take bad reviews as constructive criticism. Try to work on the aspects of your business that customers have been complaining about.
Make your company’s employees change the mind of customers who left negative reviews. It might seem like a black hat technique to some. But changing customers’ perception of your business is not illegal.
Digital marketing is constantly evolving. No one knows whether the analytics mentioned in this article will be relevant next year. But for now, focus on these analytics to improve your digital marketing strategies.