The first step in the process of running a successful performance marketing campaign would be to hire an effective digital marketing team. In order to exist in a competitive environment, it is vital to invest in performance marketing. An investment in performance marketing always results in successful transactions as it only pays out once the desired outcome takes place.
As it is quite evidently known, a characterizing component of performance marketing is ROI (Return on investment). Find your own formula to calculate your social media ROI as social media ROI varies according to a company’s goals and objectives. It results in numerous benefits such as increased awareness, new leads and customers, social presence etc.
In order to measure marketing results, marketing team uses digital marketing KPI’s. You should use the 80/20 rule also known as the Pareto principle which suggests 80% of output results from 20% of input. This is also relevant for all marketing activities. Some of the commonly known KPI’s include Cost Per Lead (CPL), Cost Per Acquisition (CPA), Marketing Qualified Leads (MQL) etc. Below you will find some useful marketing KPI’s that your business should track.
New leads – This indicates all the new leads generated in the last month. A new lead usually means a prospective client signing up to your website for a free trial or creating an account on your online retail site.
How can you measure – A software called pipeline management software can be used to filter leads by dates to get the latest leads for a specified period.
How can you improve – Create valuable and effective SEO content, increase the financial plan of cost-per-click ad campaigns, and try various temporary sales discounts and offers
Monthly website traffic – To get a better understanding, track the number of visits on each page of your website such as landing page, homepage, blog, about page, etc. Use this data to measure which page has the highest conversion rate and apply those practices on the rest of the pages.
How can you measure – Use google analytics tool
How can you improve – Either spend more on CPC advertising or create effective SEO content to increase website traffic.
Website conversion rate – Your website can be visited multiple times, but it is futile if there is no conversion.
How can you measure – With the use of google analytics, you can get an overview of the conversion rate of all the pages
How can you improve – Add images, replace some texts, change the Call-To-Action (CTA)
The conversion rate for CTA content – It is beneficial to measure whether the pages you’ve created with a clear CTA content, converts.
How can you measure – By comparing the customer lifetime value and price per conversion, you can measure the sustainability of your CTA content.
How to improve – Add more CTA’s to your web pages and test other CTA’s content to find out what is most effective
Google Page rank – Google uses this metric to determine the importance of webpages by using different algorithms.
How can you measure – In order to measure the page rank of your website on google, use the page rank checker
How can you improve – By pitching your brand to journalists, or through creating quality content that will fascinate readers or through guest blogging.
Select the best target keywords – Monitor your top keywords. Track them regularly in order to know whether your SEO strategy is on track
How can you measure –Your weekly and monthly reports on keyword ranking can be obtained through SEO tools
How can you improve – Track down ways of getting your competitors best target keywords which will help your strategy.
Manage followers on social media – Monitor your audience on social media on a monthly basis to track whether they still remain interested.
How can you measure – Check your social media channel reports to get an understanding about your shift of followers and the interactions on your posts
How can you improve – Share engaging content, upload trending reels, start polls, etc to attract more followers.
It is again quite essential to emphasize that ROI takes center stage in performance marketing. Performance marketing campaigns are becoming more advanced over time as they play a huge role in measuring everything starting from brand awareness to conversion rate to money spent on a single ad. Therefore, build a performance marketing strategy right now for effective optimization of your ROI.