Conversion Rate (CR). The number of conversions (certain target actions) for a specific PR campaign.
ShoppingCart Abandonment. Percentage of uncompleted purchases. Shows what proportion of potential buyers did not proceed to pay for the selected goods after filling the cart on the site.
Criteria for assessing sales quality:
Average Order Value (AOV). The average order value is an important indicator for making forecasts on the company's revenue volumes.
Customer Lifetime Value (LTV). An indicator of the profit that one client brought to the company over the entire period of cooperation with it.
Sales evaluation metrics for online services:
Monthly Recurring Revenue (MRR) - The amount of income from all users of an online resource per month.
Average Revenue Per Paying User (ARPPU). The amount of revenue from one customer per month. This indicator can also be called the client's MRR.
Average Revenue Per User (ARPU) - The amount of revenue received from one website visitor.
Average Profit Per User (APPU). The indicator of the company's profit brought by 1 user attracted to the site.
Annual Recurring Revenue (ARR). The amount of regular income of a resource for the year.
Customer Acquisition Cost (CAC). Costs per attracted visitor.
Cost Per Acquisition (CPA). The cost of ig database recruiting a user to an Internet resource.
Average Sale Price (ASP). Average check. This metric is necessary to determine the efficiency of sales department specialists.
Criteria for evaluating email marketing:
OpenRate. The open rate of emails sent out. It is calculated as the ratio of the number of messages viewed to the total number of messages sent. This metric demonstrates the level of interest of respondents.
ClickRate. A ratio that represents the ratio of the total number of clicks on links in email messages sent to the total number of messages delivered via the mailing list.
Clickto Open Rate. The proportion of click-through rates to the total volume of emails opened by respondents. This criterion allows us to determine the level of user interest in the content.
The analysis of marketers' work on building long-term relationships with consumers is carried out using retention metrics:
Customer Retention Rate (CRR). This criterion demonstrates the level of effectiveness of measures aimed at retaining customers.
Monthly Recurring Revenue (MRR). The amount of monthly revenue.
Repeat Purchase Rates (RPR). This indicator shows how often repeat purchases are made. The RPR metric shows the level of customer loyalty to the company.
Purchase Frequency (PF). The number of transactions for the sale of goods. The figure is necessary for an estimated comparison of the frequency of purchases made through an online resource and offline at a retail outlet.
Net Promoter Score (NPS) is a measure of how willing customers are to recommend your company's products to their friends.
Criteria for analysis of Internet resources:
Largest Contentful Paint (LCP) - This metric is used to evaluate how quickly the largest element of a web page (image or text) opens.
First Input Delay (FID). The criterion is necessary to determine the average speed of the browser's response to a visitor's action (for example, a click).
Cumulative Layout Shift (CLS) - An indicator of the shift of individual parts when loading a site.
Digital Marketing Trends 2023
By focusing on trends, a company can use its available financial resources more effectively. When planning a budget for the next period, it is possible to direct funds to innovative tools that will provide the desired result. Nowadays, more attention should be paid to collecting, analyzing information and tracking new trends.
Short videos
The increase in information volumes leads to the fact that there is less and less time left to view content. Given this circumstance, short videos (maximum up to 2 minutes) will always be at an advantage. This type of content has a higher return on investment (ROI). Even the YouTube platform simultaneously with long videos promotes Shorts - videos that last no more than a minute. And TikTok occupies a leading position among the world's rapidly developing platforms.
Short videos can be shot without much investment, and they are edited quite quickly. It is worth paying attention to the fact that about 73% of Internet users prefer videos rather than texts to study a new service or product. This is an excellent argument for choosing this type of content in 2023.
Omnichannel Marketing
Building communications with customers in only one direction is wrong. Consumers make purchases both online and offline. Today they can communicate with your company through various messengers, and tomorrow they will call a landline. Each buyer has the right to choose the most convenient communication algorithm for themselves. Interacting with the target audience in different ways (omnichannel) is becoming an increasingly popular solution for businesses.
The company gets the opportunity to collect data from several sources. This allows it to get to know each client better: when and with what problem they contacted, what and how often they purchased. In this way, the company will provide quality service, and in return will receive good profits and loyal customers.
To work on several channels, you will need a tool that combines different areas. Altcraft Platform is a system for managing marketing and collecting information about consumers in a common profile. The platform connects to various sources, supports the mailing option, and the integration of clients into advertising accounts. Analytics is collected here.
First order data priority
Given the update of Google's 3rd order data collection requirements, GDPR and CCPA guidelines, marketers have to change their approaches to selecting and storing information. Preference is given to information that businesses receive directly from customers: personal, place of residence, marital status, behavior on the company's online platforms (website pages, applications, etc.). This data is accurate, it will be useful for personalizing advertising offers and developing content.
Storing information is a big responsibility for an enterprise. Therefore (in addition to collecting data), it is necessary to increase the reliability of their content. Modern client material platforms must quickly search for information from various sources and guarantee its confidentiality. In no case should a leak be allowed that will undermine the company's reputation.
AR/VR reality
The popularity of these technologies continues to grow in 2023. The AR app market on mobile devices reached $16 billion last year. It is expected to grow to $21 billion in 2023. Augmented reality is used to enhance the consumer experience: users can try on clothes in real time, apply makeup and change hair color through special apps, and see how a sofa and other furniture items look in the interior. Visibility increases sales and speeds up purchases.
Virtual reality is in no way inferior to augmented reality. The VR market reached $12 billion last year and will increase to $16 billion in 2023.
Metaverses
The reality technologies discussed above have a significant impact on the growth of metaverses (digital spaces that create models of the real world). Marketing specialists will continue to attract target audiences in virtual trading objects, sell products using advertising in metaverses.
This format is especially effective for communication with young people who gain new experience in the metaverse. Thus, users have already spent more than $500 million on virtual real estate.
The most popular brands invest in metaverses and develop their projects there. For example, Nike has been investing in the digital space for a long time. Its developers announced the creation of their own metaverse at the end of last year. Fans of this brand were given the opportunity not only to buy their favorite models of sports shoes, but also to take part in their development.
The amount of time users spend in the metaverse will soon begin to grow rapidly. According to forecasts, by 2026, 25% of the planet's inhabitants will spend at least an hour there every day. The trend of online education also contributes to the increase in the number of visitors to the metaverse. Many universities are already thinking about the possibilities of working in the virtual space.
Download a useful document on the topic:
Checklist: How to Achieve Your Goals in Negotiations with Clients
Mistakes in Digital Marketing
Working without strategy
Marketing will not produce the desired results if you do not have goals and plans to achieve them.
The first step in the process of digital promotion of a product, service or brand should always be the development of a digital marketing strategy. This approach is especially important when working with complex products.
A basic digital marketing strategy includes:
study of the market niche, companies competing with you and their products;
detailed analysis of the target audience, its needs and preferences;
defining the main channels of communication with the target audience;
development of the most important components of a digital marketing strategy: budget, key indicators, responsible employees, etc.
What tasks does a properly designed digital marketing strategy solve, taking into account the specifics of the business?
Ensure rational spending of funds on digital promotion.
Increase sales profits.
Reducing the outflow of loyal consumers.
Increasing the value of orders and increasing the number of purchases.
An unprofessionally developed strategy or its absence are the reasons for situations when sales volumes become unpredictable. Even if local success is achieved, it will be short-lived.
Ill-considered allocation of budgetary resources
In digital marketing, it is as important to correctly breakdown expenses by areas as it is to professionally set up an advertising campaign. Without planning expenses, a company risks:
Spend significant financial resources without achieving the expected effect.
Constantly faced with the need to stop projects due to lack of money.
The above risks complicate the process of promoting a company or its product and do not allow you to focus on other important issues.
Lack of a target audience profile
One of the main factors for the success of a digital marketing strategy is understanding your target audience and constantly studying the interests of consumers. It is important not only to know the pains and needs of potential buyers, but also to speak their language. It is necessary to describe in detail the portrait of the target audience representatives. Try to find out what customers strive for, what their goals in life are, how they meet their needs, etc. Having received answers to such questions, you will better understand your buyers, which means you will be able to build more effective relationships with them.