Hi, I'm Tyler Willis and I've been helping businesses optimize their digital marketing and web development efforts for over 10 years. I excel at teaching and helping companies understand complex digital solutions, and applying them to their businesses.
Do you have an established plan for tracking and measuring the analytics of your digital marketing and website campaigns? Having a plan and being consistent is a good place to start but, when ready, there are many advanced metrics that local businesses can track to gain even more valuable insights into their digital marketing and website performance.
Here are a few examples of advanced metrics that local businesses can track:
- Lifetime value (LTV): This metric measures the total value of a customer over their lifetime. Tracking LTV can help local businesses understand which customers are most valuable, and how to target new customers who are likely to be similarly valuable.
- Funnel conversion rate: This metric measures the percentage of website visitors who complete a specific goal or action, such as making a purchase or filling out a contact form. Tracking funnel conversion rates can help local businesses optimize their website for maximum engagement and conversion.
- Cohort analysis: This metric tracks the behavior of a specific group of customers over time. This can help local businesses understand how customer behavior changes over time and how to target new customers who are likely to behave in similar ways.
- Attribution modeling: Attribution modeling is the process of determining how much credit for a conversion should be given to each touchpoint in the customer journey. This can help local businesses understand which marketing channels are driving the most conversions and optimize their marketing spend accordingly.
- Return on Advertising Spend (ROAS): This metric measures the return on investment (ROI) of a business's advertising spend. It's calculated by dividing the revenue generated by the advertising spend. It helps to measure the effectiveness of the advertising campaigns and adjust accordingly.
- Sentiment Analysis: This metric is used to measure the overall tone of customer feedback, it can be positive, negative or neutral. By tracking sentiment analysis, local businesses can understand how customers feel about their products or services and adjust their marketing strategies accordingly.
- Social Media Engagement Rate: This metric measures the engagement rate on a business's social media channels, such as likes, shares, comments, etc. It helps to understand the effectiveness of social media marketing campaigns, and how well the business is resonating with its target audience.
These are just a few examples of advanced metrics that local businesses can track to gain valuable insights into their digital marketing and website performance. By tracking these metrics, local businesses can make data-driven decisions that will help them improve their digital marketing and website development over time.