Modern marketing campaigns thrive on the foundation of statistics. They are used to keep up with trends, understand their company’s target audience and create inspirational campaigns.
Statistical analysis can help you identify your target market accurately and speak to them in a way that resonates with them. It can also give you a deeper understanding of your digital marketing strategies by measuring their effectiveness and uplift.
Conversion Rate
It’s easy to see why conversion rate is important: it measures how well your website and marketing campaigns are performing, especially when compared to competitors. It is also a good indication of the amount of user interest in your content and products. In other words, a higher conversion rate means that more people are responding to your campaign and are taking the action you want them to take.
To calculate conversion rates, you simply divide the number of conversions by your total traffic or visitor count over a given period. The type of content you’re measuring will determine what the numerator and denominator should be. For example, if you’re tracking subscriptions to your newsletter and have 100 signups in a given period, your conversion rate would be (100) / (visitors x 1000) = 20%. This is also the way you’d find the percentage of visitors that made a purchase on your site (product conversion rate), or how many of your visitors successfully completed a task (cart conversion rate).
There are a few things to keep in mind when calculating your conversion rate. First of all, it’s a relative metric that will fluctuate over time, so you need to look at your data over a long period of time. This will help you spot trends and make the most of them.
Also, keep in mind that your conversion rate will be different depending on what industry you’re in and the products or services you offer. For instance, an e-commerce store that sells Game of Thrones t-shirts will probably have a much higher conversion rate than a company that sells only pens. Also, your conversion rate will depend on how much friction is in the user experience, which can be anything from a confusing checkout process to a lack of clear pricing information.
Bounce Rate
The bounce rate is the percentage of visitors that leave your website after viewing just one page. A high bounce rate usually indicates that your content isn’t engaging or relevant to your audience, but it can also be caused by a number of other things, including slow site load times, poor design, and even bad SEO practices. It is important to note that all traffic that leaves your website (even if they click over to another page) counts as a bounce, so be careful when measuring this statistic.
If your Bounce Rate is above 70%, it’s a good idea to start looking at what may be causing it. According to ConversionXL, traffic from email and referrals typically has the lowest Bounce Rate, while social media and display ads tend to have the highest. It’s also important to understand that your Bounce Rate can vary by page type, with blog posts having a higher average than ecommerce pages.
Not all bounces are bad, though. If your page gives users exactly what they’re looking for, it can be perfectly fine to have a high bounce rate. For example, let’s say someone lands on a recipe page for baked eggplant and they find everything they need right there—ingredients, step-by-step instructions, pictures—and then they close their browser.
You can also adjust what Google Analytics considers an interaction, which can affect your Bounce Rate. For example, you can change the settings so that viewing a video doesn’t count as a bounce. This can help if you have a lot of videos on your site that are playing automatically. However, you’ll need to be cautious about adjusting this setting, as it can have a big impact on the results.
Time on Site
The time on site metric measures how long users spend on your website. It is an important metric because it can help you determine which pages are engaging visitors and which need improvement.
However, this metric should be used with caution because it is highly dependent on other metrics such as pageviews and bounce rate. For example, if a page has a high exit rate, it may be a sign that the content is not engaging or the website needs a better user experience.
To get a more accurate picture of your website’s performance, you should also look at other metrics such as the average session duration. This metric is similar to the time on page metric but it takes into account all activities that occur during a visitor’s visit, including searching, clicking on YouTube videos or Google Maps links, and reading articles.
As websites become more interactive, it is possible that the average time on site metric will continue to increase. For example, many websites now allow visitors to open lightboxes with additional content or click on buttons to view portfolio items or galleries without leaving the current page.
Another problem with the time on site metric is that it can be misleading when there are a lot of outliers in the data. For example, if a visitor keeps the website open while they go shopping or clean their house, it will show up in their Google Analytics data as an extremely high session duration.
Impressions
Impressions, also known as ad views, measure the number of times a piece of content — usually an ad — is shown to an audience. This metric is often used to measure brand awareness and recognition. A high number of impressions can indicate that your ad is getting enough exposure to reach your target audience.
However, it is important to note that impressions should not be confused with reach or clicks. While both metrics can help you understand how your audience is engaging with your content, they have different meanings and serve different purposes. Reach measures the number of unique individuals who see your content, whereas clicks indicate the amount of engagement that is happening.
Regardless, both metrics are important to evaluate when it comes to your marketing campaign. Having a clear understanding of how each one works can help you make better decisions and improve the performance of your campaigns.
In addition to evaluating the overall success of your campaigns, impressions can also be an indicator of the strength of your keywords. A strong keyword can help you achieve a higher level of visibility on search engines, as well as increase the quality of your leads.
While it can be tempting to focus solely on clicks, impressions are a critical metric to monitor when assessing the effectiveness of your campaigns. By taking the time to evaluate your impressions, you can make sure that your content is being exposed to the right audience and that you are getting a good return on your investment. If you are seeing a low number of impressions, it may be time to reconsider your ad copy or keywords.
Email Open Rate
Email open rate is an important metric for marketers to track because it tells you how many of your subscribers are willing to see your emails. It’s calculated by multiplying the number of unique opens by the total number of recipients. The higher the email open rate, the more likely your audience is to respond positively to your campaign.
There are several factors that contribute to email open rates. For one, the content of your email must be relevant to your subscriber base. Additionally, the time of day you send your email is also an important factor. Emails sent during business hours are more likely to be seen and opened than those sent after.
Another important factor is the subject line of your email. Whether or not your subscribers choose to open an email, mark it as spam, or send it to the trash is often determined by what they read in your subject line and preheader text (if there is any).
Finally, your email’s “From” name can have a big impact on your open rate. Using a personal email address like “Hey John” or a nickname can boost your open rate, while using a company or brand name may hurt it.
While industry benchmarks are a good place to start, it’s important to keep in mind that email open rates vary from industry to industry and even between types of emails. For example, transactional emails, such as password resets or receipts, usually have a much higher open rate than marketing emails.
To maximize the effectiveness of your email campaigns, use the email open rate in conjunction with other metrics such as click-through rates and conversion rates. By examining these statistics in detail, you can make informed decisions about your next steps.