Many owners are unaware of the danger of early growth possess to their marketing strategy. Prepare yourself for some financial setback if you plan to increase the digital marketing efforts based on single metrics. The ideal solution here is to prepare a progress graph keeping in mind various aspects of the strategy-Digital Marketing Campaign
An increase in sales for a couple of months is not the right indicator to spend more money on the advertisement. Your business may end up with some bad investment in the absence of a broader picture for growth. It includes customer satisfaction, productivity, employee performance, and some other factors discussed in this blog.
1. Financial Statements
The first thing to check is the inflow and outflow of the cash. It will help you find whether the business can afford the growth plan based on the cash reserve. It may get a little complicated if the business depends on seasonal sales.
You have to make sure there are enough funds to manage the operational cost even during the off-seasons. A steady profit is a good indicator to move ahead with the plan of growth. Based on the profit forecast, you can apply for loans for bad credit with no guarantor and on benefits.
2. Returning Visitors
The audience is not satisfied with the content or the product if they don’t return to your site. You need to make some changes instead of increasing the budget even if the traffic increases. Your focus should remain on creating a loyal customer base since it is cheaper to retain a customer.
You should continue with the growth plan if the returning visitor metrics show a healthy number. It offers a positive experience for the customers and increasing brand reputation.
3. First Visit Metric
The outcome of your digital marketing campaign relies heavily on new traffic. Users will never click on the link if they don’t find the advertisement content useful or interesting. Not only the advertisement content, the social media posts, and SEO strategies are also at blame here.
You need to find the unperforming platform and increase the efforts on it. Find shortcomings in the strategy to get more traffic from it. There is no ROI if the customers are not even visiting your site.
4. Lead Conversion
The lead conversion metrics calculate the number of people who made a sale after visiting your sites. If the number is low, it is time to increase the efforts. There are many reasons for a below-average lead conversion rate.
People often target the wrong audience for the product on sites. Sometimes it is the website design that causes an uncomfortable experience for the customers. You can take feedback from the existing customers to find the faults with the current setup.
These metrics reveal the profit earned from the investment in the digital marketing campaign. It makes no sense to put more money if there is no profit at all. Therefore, it is time to make some significant changes if there is no return from the campaign.
Increase the investment if the return matches or exceeds the expectations. You can make some small changes and wait if the profit is not disappointing yet below the forecast.
6. Market Analysis
Every market faces a slow down now and then. This doesn’t mean there is some problem with the marketing strategy. You should check the competitor’s performance if the profit graph is not increasing at a rapid rate.
Wait for the market to revive before you decide to increase the investment. The situation can get worse, and you may have to cut the digital marketing budget to survive. It is okay as long as the situation is temporary.
7. Purchase Funnel
A purchase funnel is the metrics that measure diverse audiences and their behavior through the stages of acquisition. It helps you find out the source through which customers discover your brands. In the end, how they are converted to a customer from lead.
You can use the purchase funnel to increase the focus on underperforming stages of the acquisition. You need to make sure the conversation rate through every stage is high.
8. Cost Per Lead
A great way to measure the effectiveness of the current campaign is the cost per lead. It shows the cost-effectiveness to determine the investment to gain more customers. Thus, it gives you the cost to acquire customers based on current records.
You can use it to monitor the success of the individual campaign, such as AdWords, social media ads, and other marketing efforts. If the cost is too much to afford, you can wait or find some ways to cut costs.
9. Customer Lifetime Value
You can increase the focus on customers that return more profit than others. Customer lifetime value metrics help businesses measure the amount of business they receive from an individual customer. You can provide a better customer experience to the customers with high value with some special offers from time to time.
To sum up, a digital marketing campaign doesn’t revolve around a single number to monitor its progress. You need to create a long list of metrics to find the underperforming aspects of the campaign. Therefore, a single metric is not the right indicator for increasing investment or efforts.