Every initiative of your business must be quantifiable. There must be tangible evidence indicating the success or failure of every move. Speculations, perceived impacts and disputed facts are not going to be of any help. Digital marketing strategies must be analyzed and their impact must be measured. If you are unable to measure the impact, then you cannot say for sure whether your strategies are working or they are outright futile. Let us begin with the basics of measuring the impact of digital marketing strategies.
1) You Should Measure the Tangible Impact.
Don’t use any metrics that would be indicative or speculative. For instance, if you are measuring the success of your social media management strategies by the gain in following, then you shouldn’t confine yourself to the number of followers. It is the easiest way but not the best option. You may have obtained fake followers or a substantial part of your following may be inactive. It is also likely that the people who have started following you do not fit the profile you need or are not part of your target audience.
2) Measure the Impact of Digital Marketing Strategies Using Only a Few Metrics.
Don’t start using a dozen odd parameters or a score of tools. Use just five to six key performance indicators, have just a couple of tools and make the most of them. When you try to focus on far too many elements, you would be perplexed and your strategies would go haywire.
3) Allow Some Time Before You Jump to Conclusions.
Real time trends or short term impacts are one ballgame. The long term impact of a strategy is a completely different story. Do not indulge in haste when you are trying to make a decision, either in favor or against a particular strategy.
4) Assess The Impact of Your Digital Marketing Strategies Across Various Platforms.
For email marketing, focus on click through rate, sharing rate, unsubscribe rate, conversion rate, complaint or abuse rate, open and bounce rates. Finally, assess the sales rate. On social media, assess engagement, reach or impressions, negative feedback, leads generated, influence, conversions and sales. In SEO, focus on keyword ranking, page views per visitor, organic search traffic, back-links, time on page, bounce rate and revenue. With content marketing, focus on influence, website referrals, share rate, sentiment and engagement, feedback or comments, leads and finally sales.