The Must-Have Digital Marketing and Analytics
When it comes to Digital Marketing and Analytics, you really need to keep a close eye.
So I figured I'd give you this short and easy list of the metrics you need to measure.
Even though I’m not a data analysis freak, there are a few key metrics I want to keep track of for my digital marketing and analysis.
Here they are:
- CTR – Click Through Rate
- CPC – Cost per Click
- CPR – Cost per Result (sometimes referred to as CPA – Cost per Acquisition)
Let’s take a closer look at these Digital Marketing and Analytics numbers
CTR – Click Through Rate
– this is an obvious one. But not all CTRs are the same.
In Facebook, you have a couple options.
There is CTR(ALL) or CTR(Link Click-Through Rate).
To measure if your ads are working, you’ll want to focus on the CTR(Link Click-Through Rate).
Next, we track the CPC – Cost Per Click.
This is just as important. But again, you have CPC(ALL) and CPC(Cost per Link Click).
The latter is the one you want.
If you use CPC(ALL), it’s measuring ANY engagement such as “likes”, comments and shares and of course clicks on the links that bring them to your landing page.
If you WANT to track all that engagement, then it’s a cool metric to have for your digital marketing and analytics tracking.
However, most marketers care only about the CPC(Cost per Link Click) which tracks the actual link clicks to your landing page.
Me thinks that what's most important too 🙂
Lastly, you’ll want to track the Cost per Result.
Without knowing how much your actual results are costing you, you won’t know how much you can spend in advertising.
When I’m working with clients on this stuff, the first thing I ask is “how much does it cost you to get a lead?”
If they’re tracking the CPR (cost per result) properly, they’ll know.
Because the second thing I’ll ask is “how much are you willing to BUY a customer for?”
This is critical to monitor for your digital marketing and analytics.
Let’s say you have a CPR of $5.00 and you’re selling a product for $20.00.
Would you spend $5 to get a lead? Would you spend $10?
Because remember, he who can spend more for a customer wins.
That’s the beauty of knowing your digital marketing and analytics because the average ‘Joe Marketer’ has no clue.
So you can swoop in an ‘buy’ their customers out from under them.
Cool? Lemme know what you think below in the comments.
BTW, here's another post you'll find interesting: What I Learned from the Digital Marketing Industry