Digital Campaigns: Metrics to Measure

Metrics To Measure

Today we are looking at metrics you can measure to determine the outcomes and results of digital campaigns.  The following are specific metrics that must be tracked by any marketing organization:
1. Customers – Benchmark your existing base customers and develop tracking systems for prospects.  Also, you need to analyze your visitors and conversion rates to determine the direction and level of growth.
2. Revenues – Monitor sales in total and per customer.  Obviously this will differ from one company to another, depending on the nature of the business, but consider the average order and number of units per purchase.  Check the trends to ensure they continue to maintain current levels, and grow your business.
3. Expenses – Measure your marketing costs in total, per customer and per campaign.  If you have had collateral factors involved, event co-sponsors or trade arrangements for example, analyze the effectiveness from the join ventures and collaborations.
4. Margins – Ensure the continuation of your gross margins.  Also, track the lifeline value and  ROI to determine whether you are within acceptable company guidelines.
5. External factors – Make sure you also track environmental factors.  For instance, although you may be seeing certain success according to your internal measures, you don’t want to fall behind the overall economy or your direct competition.
6. Buzz – Don’t overlook trends! Monitor the buzz about your company and products/services as well as your competitors and their products.

It will surely be another huge year for digital marketing in 2008.  We will see records being broken as more budgeting is allocated to online marketing, and companies begin seeing the business gains from these efforts.  The future belongs to the companies that take the time to develop tracking systems and closely monitor their digital marketing spend, succeeding with both innovation and execution.

Happy tracking,
Tim