How should I measure my digital marketing strategy to sell more? If you are interested on how to measure your marketing strategy or just want to check how your current strategy is working, this article might be of high interest for you. We will proceed with explaining the importance of digital marketing, emphasizing e-commerce and giving advice of how to enhance your marketing online efforts by learning how to measure them.
How to measure my digital marketing strategy to sell more.
We based everything on the premise that a strategy is easy to implement if we know what our goal is. Furthermore, our goal will be easier to measure if we know how we have to measure it. Finally, we will achieve our goals if besides knowing how to measure, we know where and how to act.
As we all know, in order to sell, we need to sides. A seller and a buyer. And it is in the union of these two that the purchase can be made. Traditional marketing is in charge of this, marketing is the channel between an organization and its product and a potential buyer. Therefore, online marketing works the same way, we use digital tools to get to our clients and potential buyers so they can get access to our website and purchase.
Consequently, there are two important steps before the user makes the purchase;
- The traffic source.
- The platform.
Digital Marketing Strategy; The platform
As well might know, our e-commerce site works as a showcase. We need to show what the user wants to find in the most attractive way. It has to be easy and intuitive to navigate.
If you look at the image above, Amazon knows very well how to hook a user. It provides detailed information for the product, it offers attractive pictures, reviews, information about the price, it shows complementary or similar products that the user might be interested in… We should all use the example of Amazon to build our e-commerce and product page. Remember that the more information the user has, the lower the uncertainty and the higher the chances of a user to buy from us. Also, do not forget to properly explain the return policies on your website and have logos for secure payment or satisfaction guaranteed.
Digital Marketing Strategy; How to Measure
So now that our site is ready to get visits, we have to make sure we know what we want or have to measure. Do we want to measure sales? Leads? Perhaps we want to measure brand awareness based on a TV campaigns?
Once we know which are our goals, it’s when we start installing our Google Analytics tag and create events and goals there.
Digital Marketing Strategy; The traffic source
So now that we have the website ready and our analytics tool is implemented with goals and events, we can start searching for traffic.
But first we have to know which kind of user we want to impact or attract. Who are our potential users? What is their profile? Where do they move (which platforms) and what do the like?
Currently, our potential clients are in social media networks such as Instagram, Facebook, Twitter, Forum pages such as reddit, they search on Google, Yahoo, Yandex, Baidu…
In order to catch those users we will need to create PPC marketing strategies (Pay-per-Click) or we can create Facebook Ads, Twitter Ads, LinkedinAds.. But the question is, how de we know if our marketing strategy is profitable?
The key to success; The present.
In order to not waste your money on an online marketing campaign, you have to measure and monitor your expenses, specially, you have to be clear about till which amount of money a campaign is profitable or not. Let’s go step-by-step:
The Lifetime Value (LTV), which is the amount of time a customer is profitable and gives us revenue, has to be greater than the CAC (Cost of Customer Acquisition). In the PPC Marketing this is translated to , CAC= (clicks*CPC) / (clicks*%conv) and the LTV is the same as saying Revenue * Margin * amount of time that a customer purchase us per year.
The key to success; The future
The tricky part comes when you stop looking at things in two dimension and you start considering other factors. There is one study that says that between 2014 and 2017 more than 40% of American companies will be using attribution models to measure their marketing efforts.
There are different kind of attribution models, all of them are very valid and useful depending on the type of sector you work in and your goal. Moreover, all of these attribution models are measuring the same, attribution between channels or traffic sources. Which is a problem since, as we also know there is attribution between different kind of devices.
As we already might know, we usually start searching for a product on your mobile phone device (this is called first interaction) and then perhaps if they buy, they do it later at home with their desktops, laptops or tablets. How do we measure this sort of interaction? At least we know we have to measure it somehow, otherwise our statistics will be less exact.
Well, let me tell you something. We can help you out here. Our attribution modeling software can help you find out the attribution of your marketing channels as well as from the devices the users use. Check out our latest technology software and get ready to gain competitive advantage.