A great way to plan out your campaign is to start with identifying metrics tied to the tactics you are using to reach your specific goal within the funnel. Since digital marketing consists of five parts that push the customer along the funnel to converting or becoming a referrer, we’ll break down the key metrics along the five funnel sections.
Awareness
At this stage in the funnel, you’ll want to get as much traffic and visitors to your site or social page as possible. Additionally, measuring fan or follower count month over month plus sharing on social media sites to measure virality will give you a better sense of how well awareness of your product is.
Acquisition
So you’ve gotten sufficient attention from your core group of potential buyers, you know want to bring them down the funnel towards eventual conversion. Some important metrics to measure here would include click-through rate and cost per click. But be wary as both of these metrics do not measure quality clicks so post-click site or page engagement will be necessary. Cost per acquired customer and cost per lead are some other metrics you can use to measure your acquisition campaigns.
Conversion
Really the only thing here you can measure is the conversion rate. However, a proactive marketer will add a pixel that links an advertisement to the purchasing form page and will track the steps it took for a customer to arrive at the point of purchase.
Retention
A focus on post-conversion retention is a must for any successful business. Looking at the lifetime value of your customer will give you an idea of which customers to focus your retention efforts on. Additionally, post-conversion engagement like usage and return visits will give you a glimpse into how well your retention campaigns are working.
Referral
The last step in the funnel, this stage puts responsibility for action on to your customers. If you have a great product and have led your customers through a seamless process, then getting referrals shouldn’t be a problem. However, it would be a mistake to simply rely on your customers. By giving your customers incentives to refer friends by offering future savings, you can grow your overall customer base. Invites shared, invites accepted, and social media sharing are measurements that can give you a clue into how well your initiatives are working.
We hope this breakdown helps you as you continue your digital marketing campaigns. If you have any questions or would like to learn more, contact us today to see how we can help you take your business to the next level.