Once you do this, you can start reaping the advantages of analytics and unearth new sources of revenue.
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Understanding web marketing
You cannot have web marketing analytics without first understanding what web marketing is. As the name implies, web marketing (also called Internet marketing) is any marketing that you do online. This can include, but is not limited to: your website, search engine optimization, the emails you send to customers and prospects, pay-per-click (PPC) advertising, your social media pages and content marketing.
Each of these types of web marketing can be highly effective, but only if you track your progress and continue to improve over time. That’s where analytics comes into the picture.
What are analytics?
The term “analytics” tends to scare off people who aren’t data-driven by nature. However, these collections of information and statistics are extremely beneficial for marketers across every industry and business model.
In fact, it’s one of the most reliable tools any marketer has. Without analytics, it would be impossible to determine whether or not a social media post helped play a role in a marketing campaign, or how effectively a landing page converts prospective customers into buyers or influencers.
Additionally, web analytics allow you to conduct A/B splits, which will help you create the most effective campaigns possible.
How analytics are used in Internet marketing
Internet marketing professionals can utilize the analytics they monitor for many purposes, such as:
- Collecting information for reports to higher-ups and stakeholders.
- Testing new strategies against former methods.
- Predicting customer behaviors based on past results.
In order to do all of these things effectively, marketers have to be sure they are looking at the right analytics. The most important metrics depend on your individual goals and strategies, but there are a few that every business should track.
Critical Internet marketing analytics to monitor
Before we get to the metrics that you should monitor, it’s important to mention a few that may look good but give you very little information in return. These can be referred to as “vanity metrics,” and they include total website page views and visitors.
Certainly, they are useful as part of the overall picture of how your web marketing is doing, but they aren’t useful if they are all you consider. Instead, focus on the metrics that indicate qualified traffic and conversions, and get a grasp on what’s really going on with your web marketing.
Here are a few metrics that will help you do just that:
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What are people doing when and after they arrive on your site? Are they just dropping by and leaving without visiting any other pages (“bouncing”)? Are they lingering on a certain page? Do they tend to click around, following the links you provide?
In order to best serve your visitors, as well as to ensure they follow a logical sales funnel, you have to know and understand their general behavior patterns. And if a large percentage of your visitors are arriving on your site and then bouncing, that’s an indication that whatever they’re seeing isn’t enough to get their attention—and that you have some work to do.
Let’s say that you put a good amount of dollars toward building a robust social media campaign. Don’t you want to make sure it’s working? Data can show you if people are actually coming to your site and converting after seeing the campaign.
If they aren’t coming to your site from your social media messaging, it doesn’t mean that social media marketing doesn’t work for your business—it just means you have to make some changes. And it’s always better to realize that sooner rather than later.
You’re starting to build your sales, and that’s exciting, but how can you get more customers? By evaluating your analytics, you can start to see where your best customers are coming from. This gives you a wealth of information so you identify valuable audiences and target them with your marketing.
It’s also important to note that all marketing conversions are not created equal. Some conversions may never result in a sale, such as the request to be added to an email marketing newsletter. And although these conversions are still valuable, focusing on the ones that drive revenue can help you engage other qualified leads.
Many potential customers will visit your site multiple times before converting, and you should keep track of the pages they look at on these return visits. What information do they look for? And which pages ultimately drive conversions?
This information can help you create a clearly-defined sales funnel. And when you do that, you can be sure that the content on your site is tailored to drive potential customers to the information they need.
Average customer lifetime value
This is a data point that many businesses don’t know. Sadly, they’re missing a huge opportunity, because knowing the lifetime value of customers can assist in determining how much to spend on acquiring new customers.
If you’re not sure what yours is, head over to our marketing funnel tool. Use the available analytics from your site to enter visitors, leads, and sales per month, and you’ll be able to identify ways to improve your overall marketing strategy.
Ready to improve your Internet marketing strategy?
One of the biggest advantages of marketing online is the wealth of analytics it offers. If you’re not monitoring your website analytics, you’re missing out on a huge opportunity to improve your strategies and grow your bottom line.
If you’re ready to start using analytics to boost your marketing success, WebFX can help. Contact us today to speak with a strategist!