There are lots of ways you can track progress in a company. As with many aspects of business however, things often come down to money.
Fortunately, digital marketing by its very nature is inherently trackable and reportable. This makes it possible to give precise indications for Returns on Investment and pass these on to senior leaders, stake holders and bean counters.
Whether your company is just starting out, an established SME or even an enterprise level behemoth, your goal as a marketer will always be to provide more value than you cost.
The easiest way of achieving observable reporting is to include three straightforward KPIs.
Traffic is the amount of people who end up on your website. You can track views or conversions very easily using powerful software such as Google Analytics.
Total page views are the full amount of hits on a page, including someone coming back to that page multiple times. Sessions are unique visits to your site, so repeat visits from the same IP won’t be included.
Both have their uses in reporting but it makes sense that an increase to these traffic indicators will hopefully lead to more of the next indicators.
Conversions are when someone has landed on your page and then done one of the actions you want them to do. It could be filling out a contact form, sending you an email, dialling your number or even downloading a document as part of a campaign. All of these are valuable interactions with your business.
They’re not only ways of customers contacting you but can tell you valuable information about how your business can help. Conversions can be tracked individually and as a whole as conversions through Google Analytics.
Not all conversions will turn out to be leads. Sales and marketing cycles will vary wildly based on your industry, business and the product or service. A renewal project of in-house server hardware might span across months or even years, whilst other cycles can be ordered and delivered in days or hours.
Once a prospective customer has engaged with you and then been assigned a lead value and entered into a CRM or tracking system, it is then possible to see the exact value of that business, all based on the lead passed on from your campaign.
As your business grows there are other aspects of performance that are worth measuring, such as brand value and PR indicators. But aside from these, if you can establish a quantifiable structure for improving traffic, conversions and leads, you’re doing the right thing; and the best part is that you get to shout about it in performance and budget meetings thanks to your reporting strategy. But how do you put this together?
How can Magellan help with reporting?
We’ve put together our own bespoke reporting structures which are easy to understand and even easier to work with. Powerful insights like Year-on-Year and Month-on-Month metrics make it simple to identify how your digital channels are performing and which areas can be improved.Contact Us Now