With more businesses embracing digital commerce every day, companies have to develop a way to enhance their online visibility and reach. Hence, creating an insightful and effective digital marketing campaign is the need of the hour. However, no digital marketing campaign today is bulletproof. And digital marketing agencies understand this better than anyone.
To make a lasting impact through digital marketing efforts, you need to measure your actions and results and stay at the top of the game. It is a continuous process to analyze and improvise any digital campaign. Businesses should come up with specific strategies tailored to their market and niche. And, that is where advanced analytics come into play. eCommerce analytics lets you evaluate metrics related to the end-to-end customer journey from acquisition to conversion and advocacy to retention.
Before we jump on how you can transform your digital marketing strategies with data, let’s understand what is data tracking and why data analytics matter.Businesses need to record and analyze the total sales in an hour, a day, a week, a month, a quarter, and a year to monitor growth and seasonal trends. This can help the businesses plan ahead of time and keep a check on their website, server, and product inventory in times of traffic surges, such as the holiday season
Consumer demand coupled with tech innovations is expected to continue to drive growth in the global eCommerce market. The industry is forecasted to almost double in size by 2022, approx $6.54 trillion. Hence, this driver of success will build deep connections with empowered customers over the next decade. And, the only way to understand the dynamics of consumer behavior is to measure, understand and analyze.
In a study, Deloitte states that 49% of respondents make better decisions with the help of analytics. Another 16% say that it helps forge vital strategic initiatives. And, 10% say that it helps improve the consumer-business bond. Yet, businesses are having a tough time navigating through the data. Companies state measuring and reporting eCommerce performance as a top challenge.
Times are challenging and hence, are growth catalysts. This once-in-generation paradigm shift is having a profound impact on the eCommerce industry. Therefore, companies need to take advantage of the increased traffic, online sales, and changing consumer behavior.
This article will take you through the metrics necessary to determine the effectiveness of your digital marketing campaigns and understand how data, analytics, and insights beautifully complement the new normal. Track the following KPIs (Key Performance Indicators) for your digital marketing campaigns to collect data that can help improve conversions and achieve marketing goals.
Data is the ultimate treasure trove of digital marketing. It is essential to understand what KPIs to track to help you roll out effective strategies. Some of the popular KPIs for any eCommerce business are website traffic (inclusive of new and returning visitors), conversion rate, bounce rate, referral traffic, pay-per-click (PPC), click-through rate (CTR), page views, average time spent on the website or particular specific page, average order value, site speed and many more. Generally, there are three broad categories of KPIs to consider.
Understanding eCommerce website data is crucial for business owners. They need to know how their eCommerce platform performs, analyze customer journeys and learn what content or merchandising brings in the most conversions by considering the following KPIs.
Some of the KPIs are important in determining the overall performance of a digital marketing campaign. This gives valuable insight to the business owners to roll out better strategies in the future. Standard digital marketing campaigns are email marketing, paid socials, and affiliate marketing that includes working with influencers and paid searches. Here are some of the KPIs crucial to measuring digital marketing campaign success.
It is necessary to obtain a big picture of your business performance. This is incredibly helpful, especially while building a scalable business plan and pitching to investors. Following are KPIs, which give you a holistic view of how your eCommerce business is performing.
To analyze your digital marketing strategy, you need to put together a market expert team and start working through the following steps.
Everyone in your company must be involved in your campaign efforts to ensure success in digital marketing. Deep thinking and brainstorming will help you turn the broadest of parameters into well-defined business objectives. The business owners must be sure of what results they expect from a digital marketing campaign before execution.
After you have identified your business goals, set specific targets and goals for each of the parameters, critical thinking by the top management and eCommerce experts will aid the marketers in executing the campaigns with ease and reach the set goals.
Identifying target segments to focus on is the next step after defining targets for your digital marketing campaign. This includes groups of people or individuals from certain demographic groups, geographies, businesses, companies, or even industries involved in a particular niche.
With defining objectives to guide your campaign, you must establish KPIs as your digital marketing performance gauge. These parameters will help you to monitor your performance against the targets you want to achieve on certain fronts and even for your business as a whole.
Specific targets must be set for each of your KPIs. These parameters will help you measure your success in quantifiable terms.
It is nearly impossible to monitor all the KPIs manually in this digital age. Hence, either you can find a good analytics platform, free or paid, to facilitate measurement and work upon your business goals with your in-house team of digital marketing experts. Or, you can hire a good digital marketing agency with ample expertise and experience in the industry and work on a digital marketing strategy that resonates with your objectives.
With the enormous growth in the industry and the expected rise of eCommerce in the coming years, the online presence and digital efforts are more crucial than ever. It is of utmost necessity to improve business performance continuously. It does not matter if you hire a digital marketing agency, a freelancer, or even do it with your in-house team. The bottom line is to track, analyze, measure, and grow with perfection. If you want to know how your business is performing in the digital marketing front so far or hire one of the well-known industry experts, contact Krish today.
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Minal Joshi is a content marketer at Krish with a flair for eCommerce and Digital Commerce aspects. She is a MarTech fanatic with a knack of writing with which, she helps brands to curate, create, & commence digital brand positioning. Sharing insights via articles, case studies, eBooks, Infographics, and other forms of content creation is what she lives for. Being an ardent traveler, when not writing, you'll find her sipping coffee into the mountains or petting a stray.
18 January, 2023 The eCommerce industry is constantly changing along with the eCommerce digital marketing trends, and this year was no different. More than ever, retailers are coming up with and improving their eCommerce businesses to cater to customers wherever they are. Although everything is changing in eCommerce, we have narrowed it down to the top trends that will affect businesses over the next few months and the next few years. Not just have 25 percent of brick-and-mortar stores opened eCommerce websites since Covid-19 began, but it's also predicted that 95 percent of total purchases will come via eCommerce by 2040.
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