If you’re a marketer or business owner who spends money on advertising, you need to know if your campaign is working. That means measuring results and looking at all the data you have. The more information you can collect, the greater the insight you will have into your campaigns, customers, and the digital community surrounding your brand.
Marketers Need Ways to Measure Campaign Success
Marketers need a way to measure campaign performance against the competition, historical data, and between marketing channels. By establishing specific metrics to measure the performance of a campaign, marketers can easily understand the health and usefulness of their marketing efforts. This data can also provide insights into ways to adjust your campaigns for better performance.
Marketers have more options than ever for collecting data on digital campaigns across platforms. For example, with Adroll, you can access many tools and strategies for measuring campaign success and managing campaigns from one dashboard. Design and launch ad campaigns, track clicks, and conversions, and access tools for easy and quick reporting, all from your customized dashboard. Adroll provides free, easy-to-use tools like their UTM link builder and Discount Profit Margin Calculator.
Whether you’re using a service like Adroll or an online tool, there are many opportunities for you to learn from your campaign successes and failures. Here’s a look at six essential metrics to track while running digital campaigns and how these metrics can help you create more effective marketing strategies:
Cost Per View (CPV)
Cost per view (CPV) is calculated by dividing your ad’s total cost by the number of views it received. CPV is an essential metric for evaluating whether or not it’s worth continuing with a specific campaign strategy or if you should get creative and look for new messages or platforms to explore. If your current strategy costs too much and gets only a few views, it’s vital to adapt quickly and try something new.
Click-Through Rate (CTR)
One of the most important metrics to track is your click-through rate (CTR). This is simply a measure of how many times someone clicks on an ad divided by the number of times it is shown. A high CTR means that people are taking action and clicking on your ads, whereas a low one indicates that the ads are not resonating with viewers.
A low CTR can also negatively affect your ad auction position and cost per click (CPC), which can significantly impact profitability and make it more difficult for you to achieve ROI goals.
Cost Per Impression (CPM)
Cost per impression (CPM) is the cost of an ad per every thousand impressions. CPM is a standard metric used in digital marketing because it allows you to compare different channels by their effectiveness on a per-view basis. Understanding your campaign’s CPM meaning can give your company valuable insight into which platforms offer a more direct channel to your customers and audiences. You can learn more about CPM by visiting Adroll and its catalog of industry resources.
Cost Per Click (CPC)
Cost per click (CPC) is the cost of getting a click on your ad. CPC is calculated by dividing the total cost of your campaign by the number of clicks.
Knowing how much you pay for each click is essential because it tells you if your ads are practical and efficient. If they aren’t, you might consider changing your ads’ design or your campaign’s messaging.
Return on Investment (ROI)
Return on investment (ROI) is the amount of money you’ve made minus the amount you spent. For example, if you have a $1,000 campaign and it generates $2,500 in revenue; as a result, your ROI would be 2.5x. In this case, your campaign was successful because it made more than twice what it cost to run (in terms of time or resources). ROI is an essential metric for reporting and understanding the benefits of your marketing efforts.
You may already know that conversion rate is the percentage of visitors who complete a desired action on your site. In other words, it’s a valuable metric for marketers to understand how well their campaigns are doing. Every business has its target conversion rate, which varies widely depending on the industry and the type of product or service you have to offer.
It’s essential to determine your conversion rate before creating any marketing campaigns. This way, you’ll know if your campaign was successful by comparing it against previous campaigns’ performance in terms of conversions and ROI.
Track these Metrics and Create Better Campaigns
These metrics are used to measure the effectiveness of your campaign and can help you determine how well it’s doing. More importantly, these metrics are used to measure the success of your campaign in terms of ROI (return on investment) and conversions. The data you collect from these metrics can provide invaluable insights about how to improve your marketing strategies.
While all of these metrics are important, it’s also important to remember that they don’t tell the whole story. A brand can show up in many places and still not get any sales. Measuring success through these metrics is essential for understanding the usefulness of your marketing and whether or not you should adjust your strategies for improved results.
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