If you have digital marketing tools, then it's likely you already gather analytics from them. However, even then, it's not enough.
Even if you use just one primary digital marketing platform that comprehensively covers your digital marketing activities, there are still a few indicators that aren't tracked simply because it doesn't have all the information housed within the platform.
As a business you, use multiple software and applications to cover different areas of your business. You have an e-commerce platform, an enterprise resource planning system (ERP) and if youre lucky, perhaps a business intelligence platform to handle organization-wide reporting.
The problem becomes even more acute if you use many different digital marketing applications. Perhaps a separate email platform, a blogging platform, a website builder, web analytics etc.. There's just so many sources of data that your business intelligence platform has to collect from. (To know how the most successful businesses overcome these challenges, download our FREE ebook now: Three "I"s Playbook: IT Secrets of a Money-Generating Business)
To give you an idea of some advanced digital marketing KPIs that you can track and have on a digital marketing dashboard if you can integrate all your data, here's a short list of the data you could be tracking:
Marketing Cost and Revenue KPIs
These can usually be tracked with data from your ERP combined with some information from your marketing platform or tools. Business Intelligence platforms can help gather data from your applications and give you real-time reports allowing you to easily track these KPIs
While this is primarily seen in ERPs and maybe some CRMs, if the platform is advanced enough, but not so much in digital marketing application dashboards. If you think about it, having a good idea of the company revenue is important for the marketing team.
This is the total amount of marketing expenses incurred within a certain period. This particular indicator can be displayed on a bar graph outlining the various marketing expenses for a specified timeline. The main point of this is it should give you a snapshot of the changes in marketing expenses.
This is the difference between Gross Revenue and Marketing Spending. This helps marketing decision makers understand how efficient their marketing investments are. Just like the two previous indicators, you'll mostly source this information from your accounting or ERP software.
Revenue per customer/sale
This is the average value of a receipt or customer in a specific time frame. This indicator can be displayed as a value or a bar graph which can show you how purchases are fluctuating. It's particularly insightful if you are running marketing campaigns that are aimed at increasing sales in certain months or periods.
Marketing Cost per customer/sale
Aside from knowing how much a customer or purchase is worth, it's also valuable to know the cost of acquiring the customer or purchase. Since it's impossible, or at the very least impractical, to know the exact and specific cost of acquiring a customer, this figure will likely be computed by combining all marketing expenses and dividing them by the number of customers or purchases within a specified time period.
Profits per customer/sale
If you know how much it costs to get a customer and you know how much their value is for your company, then you can determine the profit of your marketing expenses for acquiring a customer or encouraging a sale.
Digital marketing ROI
Return-on-investment is perhaps one of the most sought-after indicators to track. However, they can usually be tricky to keep track of. For many digital marketers, especially those who don't have the right tools to keep track of this, calculating ROI from digital marketing activities can be a chore. However, if you do have a tool that measures this, then it will be invaluable for you in the long run especially if you are a marketing manager fighting for a bigger budget for your department.
These are indicators that show how well the bits and pieces of your digital marketing ecosystem are performing with one another. These primarily concern those in the marketing department and are of particular interest especially for the individual team members that are assigned certain tasks, i.e. bloggers or copywriters will be looking at views and conversions of their blogs more than email opens.
Total Traffic (Including Social Traffic)
When thinking about total traffic, most digital marketers only think about website traffic and in the early years of digital marketing, this held true. However, today our corporate social media accounts have already become the other faces of our organizations, similar to websites. This is why it's also vital to consider traffic to your social media accounts. Social media platforms now allow you to track Facebook page visits, Instagram profile views and Twitter account visits. With the right Business Intelligence tool, you can aggregate visits from your social media accounts and your website to come up with a more accurate view of your total traffic.
Traffic to Leads Rate
With total traffic now being tracked more accurately, you should then track the proportion of leads vs. your total traffic. Since there are many sources of visits and leads and its difficult to manually retrieve and calculate this amount, a Business Intelligence tool can simply aggregate the sources of your data whether it's from Google Analytics, your content management system or social media platforms and have the Business Intelligence tool calculate the proportion of leads to your traffic. This is an important metric to track because it tells you how effective your online content is and whether your online content is improving or not.
Leads and Customers Sources
You need to have a way to trace from where your customers and leads come from. How easy this metric is measured will depend on how comprehensive or fragmented your digital marketing tools are. The more siloed the data are (which is becoming more prevalent as you can now produce leads from multiple sources such as your website, separate landing page platforms and even through social media), the more you'll need a Business Intelligence or analytics tool. However, if you have a comprehensive digital marketing platform such as HubSpot, then this could certainly make things easier.
This is primarily the strength of Business Intelligence platforms that many digital marketing tools rarely cover. Sentiment Analysis allows you to observe the general sentiment of the online content being posted online about your brand or products. It allows you to analyze if content is positive, negative or neutral, what hashtags or keywords are most associated with you and what proportion of these keywords or hashtags have been associated with negative or positive statements.
Tracking KPIs in digital marketing will be one of the key factors to your success. Personally, if someone were to tell me that as a digital marketer, I'm only allowed to do three things, tracking KPIs will be one of them. They tell me how I'm doing and also give me an idea of what I should do next.
In order to track the KPIs above and more, just as the biggest and most successful businesses do, you'll need to follow the Three "I"s Model adopted by these businesses when they wanted to grow into what they are now. To know more about this, download our free ebook: Three "I"s Playbook: IT Secrets of a Money-Generating Business.