What Metrics do Digital Marketing Firms Commonly Use?
The recent proliferation of social media platforms and the availability of high-speed mobile internet around the world has catalyzed the demand for digital marketing firms. Businesses also seek help from digital marketing firms to capitalize on the growing popularity of e-commerce in the wake of the COVID-19 pandemic. But how do digital marketing firms demonstrate success to their clients?
Here's a summary of 4 key metrics digital marketing firms typically use to measure their clients’ performance.
1. Page Views
Digital marketing firms often measure the number of web page views their clients get to ascertain what kind of content interests the target audience. The more views a page has, the more likely it is to contain content consumers are interested in.
With that said, we don’t recommend considering page views as the only metric to measure audience interests. The best digital marketing firms cross-check page views with other metrics like the ones listed below to better understand how to maximize their clients’ customer demand.
2. Click-through Rate
Click-through rate measures the percentage of customers that click on a link after viewing a company’s marketing/advertising. Digital marketing firms use this metric to determine how relevant an ad is to their client’s target market.
For instance, suppose a company advertising to the Hispanic market implements email marketing with the help of a multicultural marketing agency. If they achieve a 30% click-through rate, it means 3 out of 10 consumers who saw the email ‘clicked through’ to visit the company’s page.
3. Cost per Lead
Cost per lead refers to the amount of money a company pays to a digital marketing firm per lead generated. Digital marketing firms use cost per lead to demonstrate how cost-effective their efforts are.
For example, if you’ve got a marketing budget of $2,000 and you generate 100 leads, your cost per lead is $20. However, if you generate 500 leads, your cost per lead is just $4. The lower the cost per lead, the more effective the marketing campaign is.
4. Time Spent Per Channel
There are several channels digital marketing firms can use to build demand for their clients such as social media platforms. It’s important for digital marketing firms to measure how much time their clients’ customers are spending on each channel to determine which ones are more effective.
Digital marketing firms use time spent per channel to help their clients focus their marketing efforts. This saves costs and helps digital marketing firms maximize their clients’ marketing capabilities simultaneously.
Looking for a multicultural advertising agency in New York that uses all the metrics we’ve mentioned above? If so, we invite you to reach out to our team at GoDiversity.
At GoDiversity, we use an array of metrics in our results analysis so our clients have concrete proof the marketing strategies we’ve recommended are working. Our experienced team also specializes in creating marketing materials like web videos and helps companies convey the full story of their brands to a culturally diverse market.