By conducting business online, and leveraging digital marketing channels, it is incredibly likely that two key components of how you measure marketing effectiveness are conversions and attribution.
Essentially, at any given point, you should always be able to identify and analyze:
If you have a wide array of digital marketing campaigns running for your business – like SEM, SEO, and social media ads – both conversion totals and channel attribution should be viewable and digestible via Google Analytics.
Ask yourself, “What are my conversion totals per channel? What is the revenue stream per channel? What is my overall cost-per-conversion (or acquisition) per channel?”
[Note, Cost Per Acquisition (or CPA) can be seen as “how much money do I need to spend on one particular channel (or campaign) to make one attributed conversion?]
Understanding these metrics is key to evaluating the success and performance of your marketing techniques.
How do we measure the effectiveness of a marketing campaign that rarely sees clicks?
With no clicks, we see no referred web traffic. With no web traffic, we see no conversions. How do we measure the effectiveness of display ads, a seemingly unattributable digital marketing effort?
Display Ads are a powerful source of branding, not direct conversions. If you look at them strictly through a conversion or revenue lens, you will not see the proper results – and you’ll be missing out.
Look at Display Ads as a digital billboard. However, rather than targeting an entire highway of users, you get to pick exactly which web users see your brand.
From here, examine your brand searches – both pay-per-click and organic – to see how many users have been searching for your brand. By incorporating Display Ads into your digital strategy, do you see an uptick in branded search results? Are people Googling your brand name more? Has your web traffic in general increased since you began your campaign?
The true measure of success for a Display campaign is in the indicators that point to building brand awareness, recognition, and staying on your customers’ minds.
Constantly remind web users of your brand; be there in the background of their favorite websites and blogs to remain top-of-mind to the people who make the most sense for your business.
You won’t see clicks and conversions from your Display Advertising campaign. That’s ok. What you will see is greater awareness of your brand that, ultimately, does lead to conversions a little down the road, past your digital billboard.