One of the main questions that pretty much every business owner or decision-maker has when they first start running ads for their business’ products/services is “What analytics should I really be paying attention to?”. Digital marketing is constantly evolving and there are plenty of stats and analytics being thrown at you, so some confusion is to be expected. You have performance stats (such as Impressions, Clicks, CTR, Avg. CPC, etc.), conversion stats (such as Conv. rate, Conv. Value, Cost/Conv, etc.), competitive metrics (such as Search Impression Share, Search Lost IS [rank], Search Lost IS [budget]), and much more.
When most people are asking this question, what they are really asking is how they should know if their ads are actually helping them reach their goals. With that being the underlying question, it opens up the reality that there are different stats that they should care about based on their goals and objectives. There is no “one size fits all” when it comes to analytics. Let’s take a look at what analytics help reach certain goals.
To start at the top of most marketing funnels, you need to create brand awareness. These are campaigns to simply put your product/service in front of as many people that are in your target audience as possible. The main objective here is to draw attention and use the data you gather here to develop audiences that can be used to drive people further down the funnel. There are a few analytical stats to keep an eye on here: Reach, Impressions, & Frequency. Reach and Impressions help you see how far your ads reach and how many times your ads were shown overall. Frequency in this case is just a measurement that is Impressions divided by Reach, telling you on average how many times your ads were seen by an individual. Another key thing to watch here is the size of your audience. The bigger the audience, the more information you have when moving on to further marketing objectives.
To continue down the marketing funnel, the next goal is typically to drive traffic to a landing page, website, or social media channel. In this phase, you are seeking to see how the audience that you have started growing actually performs when leading them to your site/channel and how they perform once they get there. The main analytical stats to keep an eye on here are: Impressions, Clicks, CTR, Avg. Session Duration, Bounce Rate, & Pages/Session. The 1st three stats give you a picture as to which ads your target audience is most likely to click and interact with, while the 2nd three give the bigger picture of how they interact with your site after clicking on your ad. Each stat is essential when seeking to optimize performance and get the most return on investment.
Once traffic has been created, we all know that generating conversion is what is the ultimate goal for all marketing campaigns. Whether that’s purchases, downloads, app installs, phone calls, or lead generation, if it’s not bringing money back into your business it doesn’t feel worthwhile. The main stats to watch here are: Conversions, Cost/Conversion, Conversion Rate, & Conversion Value. It is important to define your goals and what you consider a conversion from the very beginning of your campaigns so that all of that information can be involved in the overall campaign strategy and structure.
These key stats for each stage of your marketing funnel are just the beginning. Each phase has several other stats that are still valuable in helping you reach your goals, but you should now have a general understanding of the analytics of high importance.
Whether you’re just getting ready to start marketing your company or you’ve already been marketing but aren’t getting the performance you’re looking for, you can always benefit from having a trusted expert helping you along the way. Our team here at The Kool Source can do exactly that. We are a full-scale digital marketing agency with the ability to help your business reach its marketing goals, no matter what stage of the journey you’re in. Visit our website or give us a call at (404) 953-5665 to schedule a free discovery call.