Episode 44 of #DigitalBrunch: What are the top 10 KPIs you need to measure for your digital marketing campaigns in e-commerce?
#DigitalMarketingStrategy #DigitalMarketing #OnlineMarketing #eCommerce
The top 10 Digital Marketing Metrics you should measure for all online marketing campaigns in e-commerce should be:
1. CTR (Click-Through Rate)
2. CPC (Cost Per Click)
3. Pages/Visit
4. Bounce Rate
5. Average Order Value
6. Repeat Customer Rate
7. Conversion Rate
8. ROI (Return On Investment) / ROAS (Return On Ad Spend)
9. COCA (Cost Of Customer Aquisition)
10. CLTV (Customer LifeTime Value)
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In business we all say that what gets measured gets done. In digital marketing it would be more like what gets measured gets optimized and improved. What would be 10 online marketing KPIs that you should measure especially in your e-commerce campaigns? Today we will discuss about most of them but what you should keep in mind from the beginning is that you should measure each of these KPIs for each of the online marketing channels and online marketing campaigns that you are developing and implementing. And you should measure them for each period comparing year over year, month over month, week over week, whatever is best for your business. What I notice so far is that most e-commerce marketers measure the cost per click and sometimes the Return On Investment or the Return On Ad Spend. But there are much more KPIs that you should measure. First of all don’t forget to subscribe to the Digital Brunch Youtube channel and now let’s dive in and see what those KPIs are. So whether we look into Google Analytics or simply if we do our own dashboard to measure the KPIs (the Key Performance Indicators) for online marketing campaigns, here are 10 KPIs that are key in order to ensure that you know exactly what you are doing in your digital marketing efforts. First of all the CTR (the Click Through Rate) is a KPI that is often overlooked in our experience. It’s the total number of clicks on an ad comparing to the total number of impressions or of banner displays for example. This is a KPI that should be measured for the Google Search Ads, for Google Shopping Ads, for Facebook Ads of diplay banner or whatever it is, for Youtube Ads. And it’s a direct indicator of the attractiveness and the targeting of the online marketing campaign. The higher the CTR the better the targeting and also the more attractive the campaign. But you should take into account that both sides of the problem matter. So it’s not only a matter of having an unattractive banner but it’s also a matter of maybe targeting a very cold audience or a very uninterested audience with a banner that is attractive but for the right audience. So you should know the CTR for most of your campaigns and you should know the CTR of these campaigns for each of these online marketing channels. Just bear in mind to always compare this CTR to your previous efforts but also to the average CTR for each online marketing channel on the market. For example for Google Search Ads the average CTR is somewhere around 7%. But bear in mind that in order to have a good quality score the average CTR should be above 10% for your Search Campaigns. The average CTR for Google Shopping Ads is somewhere around 1% so you get 1 click from 100 impressions on average. On Facebook Ads the CTR is higher because of course the user is in another context, he is more relaxed and also the Facebook Ads somehow get mixedup between the other posts of your friends on Facebook and therefore get more clicks. The average Facebook Ads CTR is 2%. The average banner display ads CTR in Europe is around 0.4%. But bear in mind that in the United States for example it’s somewhere around 0.2%. This gives you a leverage in terms of costs for example. If you pay for clicks and not for pageviews you know that from 1000 pageviews you actually get 2 clicks in US and 4 clicks in Europe. And this means that you get a lot of impressions for a very low cost. So if you’re just doing your banner display ads in order to get brand awareness and brand consideration then it’s a good strategy. If however you want clicks the display ads often get ignored. Hence the high number of ad blockers and the banner blindness and so on. Coming back to the KPIs a second very important KPI is the CPC. After you optimize your campaigns you often overlook this KPI because it’s there in your Google Ads account or in your Facebook Ads account, Youtube, Instagram whatever ads you’re doing. But it’s very important to always keep a history, to always record this cost for each campaign, for each targeting and for each channel.
By: Digital Brunch with Raluca Radu
Title: Top 10 KPI (Digital Marketing Metrics) You Need To Measure in E-Commerce Marketing Campaigns
Sourced From: www.youtube.com/watch?v=AxqpHH26DzQ
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