In this research blog, it has been explained some of the digital marketing measurement theory and important analytic tools which help to measure digital marketing performance and its effectiveness.
Measuring the success of an engaging, exciting and effective digital marketing campaign is considered to be the most essential and vital part. It is the key responsibility of a brand or a business to measure digital marketing effectiveness by.
Measuring Digital Marketing Performance
Measuring Digital Marketing ROI
Measuring Digital Marketing Effectiveness
Evaluation of the success rate on each platform, channel, and a device will help reveal the status of a campaign. The evaluation process of a campaign includes three stages- past, present, and future. A brand should be able to perform better in the present as compared to the past, and it must have the capability to outperform the present in the future.
Let take up a Look –
If a brand’s marketing campaign has been achieved a 20% growth in the past, is geared for another 80% in the present, and in the future, wants an incremental growth of 100%. First, they will have to leverage and effectively utilize all possible platforms, channels, and mediums to make their digital marketing campaign achieve the target.
But, to know the actual numbers and judge the success rate they would require to analyze and evaluate every aspect of their campaign. This is the most vital step to deliver the best digital marketing services. That is the reason a renowned digital marketing agency would consider this as his key responsibility while serving its client. For this every brand and decision maker needs to be aware of the procedures and processes of digital marketing measurement process:
- Choose the correct digital marketing measurement tools
- Get acquainted with digital marketing measurement formula
- Utilize the knowledge of digital marketing measurement model
- Consider all essential digital marketing metrics Analytics.
Digital Marketing Measurement Tools
Measuring tools are the most important elements that are used by any creator or evaluator to help evaluate the end result of a brand campaign. There are several tools that can be used effectively to measure a successful digital marketing campaign, but it is not possible to use each and every tool for every time. That is the reason, a brand has to choose tools that are best suited to judge the success rate of the brand campaign.
Must Check Out Our Recent Digital Marketing Trends and Statistics for 2017.
Similarly, as a digital marketer, the choice should depend solely on the criteria of the product or service for which the campaign is designed, its time period, demography, target sales, etc.
Some of the best digital marketing measurement tools have been mentioned below:
A single tool that is helpful for data collection, configuration, data processing, and reporting. It’s a specialized data reviewing feature helps to analyze the performances of the website or page, apps and different marketing channels used during the campaign.
It is a unique tool of Google for designing and maintaining the PPC ads. It also enables to monitor the statistics so that brands can track the success of the ads by calculating the return on investment.
Google Webmaster :
It is a toolset to understand what is going on within the website. Google Search Console or Webmaster Tools helps to analyze contents, identify technical errors, check indexing status and optimize visibility of the websites.
This tool helps to get a clear and complete overview of social media performance in real time and measure the team’s performance. Hootsuite analytics share customized reports of each social media platform’s performance.
It is good to be used as a social media tool as it allows to set alerts for a personal name, brand name, and products. These alerts help notifications to remain updated.
Its analytics use simple dashboard interface to reveal the true picture of customers’ interaction with the brand across different channels.
It is an advanced analytics platform that answers the queries of reporting actions. It is apt for mobile and web functions.
It is an ideal tool to identify business KPIs. It is brilliant as it first explores the user database and then creates personalized user experiences for better app performances.
It is a unique online tool that helps to shorten the URL so that it becomes easier to share among different platforms. This is suitable not only for the brand URLs but also to track competitor’s URL.
It is a tool to measure digital marketing campaigns with the help of mobile app attribution and data management procedure.
Digital Marketing Measurement Formula
Formulas are essential to calculate and realize how the brand’s campaign has fared. It helps to compute and fetch the exact value based on all the variables required.
Digital revenue can be calculated on the basis of three factors:
- Conversion Rate
- Product Value
By multiplying these three factors, we’ ll get to know the exact digital revenue result:
Digital Revenue = Traffic x Conversion Rate x Product Value
To generate more digital revenue, bring a significant change in one or all of the three mentioned factors.
The model comprises five parameters, which has been set to the initial level of campaign formation on the basis of these factors.
Many brands have eventually taken the support of the digital marketing measurement procedures, to evaluate their success and build a market position as leaders who have a loyal and stable standing in their industries. Some even believe that it is worth to spend more to scrutinize marketing effectiveness than to grab visitors’ attention.
However, these factors depend and vary from one brand to another. Focusing on those key factors, it will ultimately help decision maker to carry out a successful marketing campaign in the future.