We are in 2019 and digital marketing has grown far way beyond from where it began. But yet what we see is, still many companies are missing a concrete digital marketing strategy and they are not taking full advantage of the growing opportunities from digital marketing. However, before beginning we get into any of these implementations, it is important to take a step back and first create a measurement plan.
You must have often heard that you need a robust Measurement Plan before you implement your digital marketing strategy. So what is this Measurement Plan? Well, it is a reference document which is created by key stakeholders of the company which helps to define business objectives, goals & KPI’s. It helps them to understand the performance of the business day in and day out.
Digital marketing is in a high demand because it’s easy to track, measure, analyze and most importantly is cost effective, unlike traditional marketing. In order to take better data-driven business decisions, it’s very important to collect relevant and accurate data which will help you to measure your success and make changes in your digital marketing strategies.
So now, you must be thinking How to measure goals with the implementation plan? What numbers we should measure? What tools and channels should we use? And how do we communicate the results? Well, every business has its own set of goals to achieve, but when it comes to online platforms there are a few common types –
Ecommerce website – selling products or services
Business websites – collecting potential leads
Content publishers – encouraging engagement and frequent visitation
Online informational or support – helping users find the information they need
Branding – driving awareness, engagement and loyalty
In order to achieve your main business goals, you should be measuring 2 types of goals-
1) Micro conversion goals: In order to achieve your macro conversion goals, micro conversation goals play a very important role, it gives you clear indication whether you are on the right track or not and it also gives you an opportunity to modify your strategies-
- Adding something to a cart
- Filling out a contact us form for more information or trial
- Watching a demo video
- Reading your FAQ page
- Visits to product information pages (such as specs)
- Downloading PDF
- Coupons downloaded
- Visits to review pages
2) Macro conversation goals: It’s a primary goal which directly supports your business objectives, macro performance is based on your micro conversion performance –
- Filling a contact us form
- Make a phone call
- A subscription
So, by now you must be thinking what benefits does Measurement Plan holds and why you should get one-
- Measurement plan clarifies and keep a track of your micro and macro goals.
- Refine your implementation time to keep your data current and useful.
- The result of this process is reliable and accurate that helps you understand the performance of your business day in and day out.
- Track your conversion rates closely, and keep testing to find areas for improvement.
- It provides detailed and relevant performance information to stakeholders.
- Most effective method for communicating between stakeholders, marketing, technical & analyst teams.
- It will help you to identify which data, goals, KPIs, segments and targets should be measured
- It helps analysts in the tool implementation process to collect accurate and relevant data.
- It will help the marketing team to create custom reports.
- It helps to track accurate ROI on each marketing spent.
- Marketing team will know how much efforts need to put in order to achieve goal
How to digital marketing measurement plan?
- Plan your business objectives, goals or KPI’s
- Define your marketing strategies with specific, measurable targets to achieve
- Choose the metrics that will be key Performance Indicators to measure your strategies and goals.
- Identify tools and techniques to collect accurate and relevant data
- Verify data accuracy and hygiene.
- Create a custom dashboard to review your data
- Analyze your data frequently and make necessary changes in your digital marketing strategies and plan.
Every time I speak to companies about their business, I always ask them these questions about their measurement plan-
- Do you have clear marketing defined goals to achieve? What’s the number of marketing qualified leads (MQL) you expect to generate to convert your business deal?
- Do you know which digital marketing strategy gives you high ROI?
- Do you spend a lot of time in running different reports for your marketing meetings?
It’s never too late to create a measurement plan or digital marketing strategy for your business. Request a FREE introductory meeting now to see how I can help you with one.