• Thu. Feb 25th, 2021

Are you tired of not being able to track your
digital marketing results? And do you wish there was an easy way to quickly
figure out what’s working, and what’s not, so you didn’t waste your time and money
on ineffective marketing tactics? If so, then you’re in the right place, as
on this episode we’re going be diving in head first to take on the mistakenly overly
complicated world of digital marketing analytics, so you can quickly learn what you need to
watch and measure, and what you can leave behind.

Hello and welcome, my name is Adam Erhart
and you are watching the Modern Marketing Show. Where we take different marketing tactics,
tools, tips and strategies and break them down into bite sized actionable clips that
you can use to immediately take your business to the next level. The truth behind digital marketing analytics
is that they can be as simple or as complicated as you want them to be.

First off, there are tens, hundreds, even
thousands of different variables that you COULD be tracking. This is what makes digital marketing so incredible
when compared to traditional marketing tools like the newspaper, radio, or TV. With digital marketing we can track how many
times our message was shown, who saw it, if they did anything, what they did, and even
how many times they did it. We can normally see where they’re from,
what kind of device they’re using, whether it’s a phone, tablet, or desktop computer,
and even what browser they’re searching on. With some platforms we can track their age,
interests, and previous buying behaviour, and we can monitor and track them for days,
weeks, months, even years to better understand them.

Creepy? Yeah sort of, but it’s the reality of the
world we now live in so as business owners it only makes sense to dive in and embrace
it. Ignorance is no longer bliss, and the more
you know about your customer, the better you’re able to serve them. So with all of this information available,
where should you even start? Well, here are 5 easy to use and easy understand
digital marketing metrics that you can start tracking today. The easiest place to start is by taking a
look at your website traffic and it’s number of visitors. While this is somewhat of a vanity metric,
meaning that it may not directly relate to the bottom line, it is helpful in measuring
and tracking how many people are visiting your businesses virtual store front. It kind of goes without saying, but you want
to be seeing a steady increase of visitors over time. If you’re feeling adventurous then dive
a little deeper and try to locate which sources are sending you the most traffic, and which
pages are getting the most action. This way you’ll know where to double down,
and you can focus on maximizing what’s already working for you.

Your bounce rate is the number of people who
visit your site and then quickly leave, or bounce off. Here is where we want to see a low number,
as this means that people are sticking around and having more of a look through your content. The longer people spend on your website, the
greater your opportunity to convert them into customers. It also helps with search engine optimization
rankings. If you’ve got a high bounce rate, or you
see it steadily climbing over time, try taking a look through your website from a perspective
customers eyes and see if you’re able to quickly determine what your business does,
and how easy the website is to navigate. Just like with website visitors, you want
to see a steady increase of email subscribers over time. It doesn’t matter what business you’re
in, the odds are good that you could benefit by using an email marketing strategy.

Try to encourage your visitors to leave their
contact info with you by offering something of value in exchange whether it’s a free
ebook, pdf, video, or consulting session. Your click through rate refers to how many
people took action and clicked on one of your posts or advertisements. CTR is a valuable metric to watch anytime
you’re creating an ad for any of the social or search engine platforms, as a high click
through rate means that what your ad is saying is relevant and interesting enough for someone
to want to click and learn more.

Higher click through rates are also usually
rewarded with better placements and lower costs, which means you get better results
for less money. Lifetime customer value can be one of the
most challenging, but also one of the most valuable metrics to watch and track. While there are a number of pretty fancy and
expensive software tools and services out there that can help, even having a rough,
general idea of the lifetime value of a customer to your business is still beneficial to your
digital marketing campaigns. This is because if you know what a customer
is worth to your business, then you know what you’re able to spend in order to acquire
a new one. As an example, if an average customer is worth
1000 dollars to your business, then you know you can spend up to that amount in order to
acquire a new customer and still be profitable. Once you figure this number out, and a way
to market your business that allows you to acquire new customers below that cost, you’re
basically able to create an unlimited supply of new customers directly to your business
on autopilot.

So thanks so much for watching. If you enjoyed this episode be sure to subscribe
to the channel, give it a thumbs up, and if you have any questions, comments or suggestions
for a future video, be sure to leave them in the comments section below. If you’d like more content like this, then
head over to AdamErhart.com and sign up for the Modern Marketing Newsletter because this
is where I share my best tips, tricks, and strategies that I don’t share anywhere else.

Take care for now, and I’ll catch you next
time on The Modern Marketing Show..

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