THE 4 MOST IMPORTANT DIGITAL MARKETING METRICS (AND WHY YOU NEED TO PAY ATTENTION TO THEM)

Ever wonder how or why some companies––maybe even your competitors––are rapidly growing their digital presence and doing well for themselves, while at times it seems your business might be hitting a plateau? As the emphasis on Search Engine Optimization (SEO) and email marketing continues to grow, it’s important to focus on the details, tracking the metrics you may not have realized were important for your company. If you want to keep up with or outpace your competitors, these are the digital marketing metrics your company needs to pay attention to: web traffic, open rate, impressions and click-through rate (CTR).

1. WEB TRAFFIC: Who visits your site and how are they getting there? We start by checking our new vs. returning visitors to our website, woodfloorbusiness.com. Honestly, we like to see a healthy amount of both sets of users. Once we know our break out of new vs. returning visitors, we break it down from there, looking at the traffic from these four channels:

1. Direct: Users who type your URL into their search bar. Why they’re important: These users are your loyal audience who know they can find just what they need directly on your website, or have specific pages bookmarked as ready references. Suggestion: Keep up the good work and keep your loyal customers happy by continuing to give them what they are seeking for on your site.
   

2. Referral: Users who clicked on a link from a different website. Why they’re important: It can signify that the digital ad space you’ve purchased is paying off or that another source has promoted your product or service on their website. Suggestion: to gain additional insight, we’d suggest adding tracking codes to your banner ads so you can track exactly which one(s) are performing the best and where they’re coming from. We are happy to help you get these set up, just ask us how!
   

3. Organic: Users who found your website through a search engine. Why they’re important: They typed in some keywords into their search engine that matched well with what’s listed on your website, showing that your content is relevant and likely appearing on the first page of a search engine. Suggestion: If you’re already using a tool like Google AdWords, we’d suggest doing a keyword audit to make sure you’re targeting the best keywords possible for your business.
   

4. Social: Users who visit your site through a social platform. Why they’re important: They follow you on social media and were engaged enough to click through to your website to learn more, make a purchase, etc. Suggestion: Consider trying out ads to a targeted audience outside your current follower base or through a trusted industry source like us to gain even more qualified traffic through social media.

You can find this data in Google Analytics by clicking on “Acquisition,” then “Overview.” Each of these subcategories have their purpose, and, when you pay attention to them, you can gain a better understanding of what your audience wants and improve your connection with them online. For example, because we’ve been consistently dedicated to being the No. 1 industry resource for all things wood flooring, we’ve been able to increase our web traffic by 41% in 2017.

2. OPEN RATE: What percentage of the target list opened your email? You can craft the perfect email with a subject line you think is catchy and intriguing, but there will still be people who do not open it (and that’s okay). In fact, the average open rate falls right around 20 percent, according to MailChimp’s research on email marketing benchmarks. ​

1. Subject line and preview text Why it’s important: This is your prospect’s first impression of your email––if they aren’t intrigued, it’s unlikely they’ll open the email. Suggestion: Try A/B testing your subject lines and preview text to see what works well for your audience and performing "champion blasts," which means doing A/B testing to a portion of the audience, then sending the winning version to the rest of the list. Have some fun and get creative with these––you never know what’s going to strike the right chord with your audience. Also, when you are thinking about subject lines, check out this handy website, subjectline.com. This free tool scores your subject line and gives you advice/pointers.
   

2. Target list: The list of people who you select to send your email to. Why it’s important: Quality always trumps quantity when it comes to your target list. If you keep sending targeted messages to an untargeted group, you’re training portions of your audience to skip over emails because they’ll assume future emails are also irrelevant to them. Suggestion: Consider hyper-targeting your email blasts based on demographic information such as geographic location, business type, job title, etc. to ensure it is relevant to everyone who receives the email.
   

By taking the time to set up A/B tests and analyze our data, we’re able to boast a 37% open rate for our twice-weekly E-Newsletter and 26% open rate for our Custom E-Mails (emails sent out by WFB on behalf of our industry partners).

3. IMPRESSIONS: How many people were actually exposed to your brand message? Impressions are the number of times your advertisement is actually seen (1 view = 1 impression). Arguably, this is the most important stat when measuring the effectiveness of your campaign––the more times your ad is seen, the better! The number of impressions you have is relative to your total web traffic and open rate, but it isn’t always the same thing. For example, we have an average of 45,000+ monthly website visitors, but with rotating ad space along the top and sides of our site, not everyone who comes to our site will see a given advertisement. However, specific ad space such as our Premium Partner logos along the top of our website would be the same as our total web traffic since everyone who visits our site will see the logos:

Suggestion: The more places your brand message can be found, the higher your impressions will be because you’re creating more opportunities for your prospects to see your message. This is why cross-channel advertising is so important for brands that want to grow.

4. CLICK-THROUGH RATE: How many clicks did your campaign receive? Getting prospects to visit your website or open an email is only part of the marketing puzzle. People actually performing a desired action such as clicking on your banner ads, pop-up ads, email links, etc. is the next step in the process. That’s where your click-through rate (CTR) comes in. The CTR shows the number of people who click on those ads compared to the total number of impressions (the number of times your ad was seen). Regardless of our results, we use this data as we develop any customer-facing advertisements we produce. If something performed well, we determine what about it might have struck a chord with our audience and on the flip side, if it didn’t perform well, we try to determine where it fell flat.

Another channel in which you could track your CTR is through pop-ups. For example, our pop-up promoting subscription renewals has a CTR of 2.7%, which might sound low, but is actually a good metric when it comes to pop-ups (where the industry average CTR is 2%). We track our ads and are constantly adjusting messaging and imagery based on the number of clicks and conversions we receive, which is a best practice we suggest all of our media partners implement across all platforms. Suggestion: Test out different calls-to-action, link styles (button vs. hyperlink) and link placement to determine the strategy that yields the highest CTR.

As a result of dedicating the time and resources to look through and analyze our digital stats, we’ve been able to increase our website traffic by 41% in the past year, see a click-through rate of 2.7% on our pop-up ads and maintain an email click-through rate of 37%. We want to share our success with you, so we’re here to be a resource––if you have any questions or want to discuss ways to improve your digital marketing strategy, contact Kendra at kendra@woodfloorbusiness.com.

TOP 3 DIGITAL MARKETING METRICS: WHAT THEY ARE AND WHY THEY MATTER

Getting lost in the numbers is easy when it comes to website and email metrics. Sometimes these stats can lead to more confusion than clarification. Today, I’m breaking down three of the most important metrics by explaining what they mean and why they’re important to your bottom line.

1) Impressions: How many prospects were exposed to your brand message?

Impressions are the number of times your advertisement is actually seen (1 view = 1 impression). Arguably, this is the most important stat when measuring the effectiveness of your campaign––the more times your ad is seen by qualified prospects, the better. The number of impressions you have is relative to your total web traffic and open rate, but it isn’t always the same thing. Impressions are vital for brand awareness and brand equity.

Suggestion: The more places your brand message can be found, the higher your impressions will be because you’re creating more opportunities for your prospects to see your message. This is why cross-channel advertising is so important.

2) Clicks: How many people are clicking on your campaign?

This metric is crucial because it means people are taking your call-to-action seriously and demonstrating interest in what you have to offer. This is where ad creative really comes into play. Whether it’s a banner ad, email message or social media post, if clicks are your goal, we highly encourage including a strong call-to-action and incentive to click, such as a promo code. Clicks indicate small victories – even if that person doesn’t make a purchase, they’re actively engaging with your brand and moving through the sales pipeline

Suggestion: If clicks are your goal, try A/B testing your call-to-action to see what generates more conversions. The difference in your A/B can be anything from the wording to the color of the button.

3) Click Thru Rate: How many people that saw your ad actually clicked?

Getting prospects to visit your website or open an email is only part of the marketing puzzle. People actually performing a desired action such as clicking on your banner ads, email links, product images, etc. is the next step in the process. That’s where the click-thru-rate (CTR) comes in. TheCTR shows the number of people who click on the campaign compared to the total number of impressions (the number of times your ad was seen).

Regardless of results, it’s useful to look at these campaign metrics. If something performed well, you can determine what about it might have resonated with the audience (and on the flip side, if it didn’t perform well, you try to determine where it fell flat and adjust future campaigns accordingly).

The most important thing to keep in mind when analyzing metrics is the primary goal of the campaign. At WFB, we track metrics for all digital campaigns and are happy to walk through your analytics together. Don’t hesitate to reach out to discuss!

Contact Kendra to hear how WFB can help provide solutions to help your brand succeed:

National Account Director | kendra@woodfloorbusiness.com | (608) 467-1084

HOW TO MEASURE THE ROI OF YOUR ADVERTISING CAMPAIGN

In my last blog we discussed four recommendations for a successful marketing plan. The fourth point, and perhaps the most important, was “determine how success will be measured.” In other words, what is your return on investment?

Measuring your ROI is sometimes easier said than done. With so much data at your disposal in digital advertising, what metrics do you need to be tracking? How do you measure if your marketing campaign was truly a success? That is the topic in today’s marketing blog: Five ways you can effectively measure your return on investment.

1) Set Clear Marketing Goals

The first step in tracking your marketing ROI is to set the objectives for your campaign. Will it be a branding campaign or a lead generation effort? A new product launch or trade show support? Maybe a push to drive traffic to your website and social media pages? This is important to discuss up-front with your media partner and work together to create a plan that will best achieve your goals. Different goals will have different advertising methods to achieve success.

2) Determine How You Will Measure Success

Success can mean many different things when it comes to marketing. If you are selling a high-dollar manufacturing machine gaining just two solid sales leads may be well worth the investment. However, if you are running a branding campaign two clicks isn’t going to do the trick. It is important to determine what you consider to be the key measurables of your campaign. Is it leads? Impressions? Clicks to your website? What does “success” equal to you and your company?

3) Track Everything (or Make Sure Someone is Tracking it for You)​

These days prospects follow-up on advertisements in many different ways. The truth is most people just don’t pick up the phone and call your 800-number anymore. At least not before visiting your website, social media pages and Googling your company name. At Wood Floor Business we’ve worked hard to install some detailed data capabilities. We can track basic stats like impressions, clicks and email open rates or even help you with some more advanced targeting efforts. Our advanced database can help you target prospects based on everything from job title or geographic location all the way down to behavioral factors like articles read on our website or emails opened. The best part? We track all of this for you and deliver it in an easy-to-digest report.

4) Dig Deeper

It’s important to remember that not all stats are created equal. Before you judge the success of your campaign based on raw numbers alone, take a deeper dive into what they mean. Your e-mail campaign may have had a lower unique open rate than you were hoping for. However, were there key prospects that opened the email several times? Maybe even a few that forwarded it on? On the contrary, your Custom E-Mail may have been opened by 15,000 people but none of them were qualified decision makers. Take a step back and look at what the numbers really mean. Not sure what to look for? Just ask us. That’s what I’m here for.

5) Remember the Power of One

What does one new customer mean to you over the course of their lifetime? Gaining a loyal customer has double the value – their purchasing power but arguably even more valuable, their recommendations to others. According to Nielsen, 77 percent of consumers said advice of family and friends is the most persuasive when looking for information about products. What does one new customer mean to you?

Of course every advertising campaign is going to be unique. If you’re considering advertising with Wood Floor Business, I encourage you to reach out and discuss your goals and objectives. We’ll create a campaign that fits your needs and budget. Then we can put these ROI tracking tips into action together.