The upside of digital compared to traditional marketing is that you can better track the clicks, calls, and conversions that happen online.
The amount of data you can use to monitor performance, report on attribution, and make decisions based on results is a gamechanger for equipment dealers—but with hundreds of data points to choose from, how do you cut through the noise, narrow in on key performance indicators (KPIs), and ultimately understand your lead generation results?
Essential Digital Marketing Metrics
There are a variety of metrics and KPIs you custom-fit to the needs and goals of your business. But to measure the success of your lead generation channels, what really matters is connecting your marketing efforts to business outcomes to see how they’re truly impacting your bottom line. To move beyond standard reporting metrics and connect your pipeline all the way from clicks to conversions, here are the digital marketing and lead generation KPIs equipment dealers should track monthly.
- Users: The number of new visitors to your website.
- Sessions: The total number of visits to your website, including sessions from new and repeat users.
- Avg. Session Duration: The average amount of time actively spent on your website.
- Bounce Rate: The amount of users who left your site after viewing only one page. And remember, a high bounce rate may not be a bad thing. If users can find what they need and convert in one page, a higher bounce rate isn’t a problem. Consider bounce rate on a case-by-case basis to determine if there are opportunities to further engage users and send them deeper into your website.
- Clicks: The number of users who clicked on your ad.
- Impressions: The number of times your ad was shown in search results or on a site within the Google Network.
- Cost-Per-Click (CPC): The amount you pay each time a user clicks on your ad.
- Click-Through-Rate (CTR): The ratio of users who click on your ad when they see it.
- Search Impression Share (SIS): The number of impressions your ad received out of the potential impressions it’s estimated that you could have received. SIS helps you understand market capture by providing the number of searches you’re missing out on due to rank or budget.
- Conversions: The number of people who called, chatted, or submitted a form to your business. Note that not all digital advertising providers count conversions in the same way. It’s important to understand what is being tracked as a conversion within your marketing campaigns.
- Cost Per Conversion: The amount you spent for a conversion. In our case, it’s a call, form-fill, or chat.
- Conversion Rate: Conversions divided by clicks. A high conversion rate means your digital marketing and website are successful, because you’re bringing high-quality traffic to your site and converting them into leads.
The above metrics are important to monitor performance and overall trends; the only problem is, they don’t go deep enough. Aggregate numbers can’t tell you whether your lead generation channels are actually generating leads, because a conversion is not the same as a sales prospect. If you consider every form, chat, and phone call a lead, you could be artificially inflating your numbers with bots, solicitors, wrong numbers, job seekers, and other non-relevant conversions.
When the goal of digital marketing is lead generation, the success of your marketing channels should be tied to quality and the number of true leads generated. To get to this level of reporting and understand the number of conversions that are actually interested in sales, service, or rentals, you need to layer in user-level tracking.
User-level analytics monitor specific actions taken by individual users on your website to determine whether or not they should be considered a lead. Online activity is analyzed in real-time to separate qualified leads from the rest, and the subsequent insights allow you to see what kind of leads your marketing campaigns are generating. When you integrate with your CRM, you can track how many of these leads result in new sales, service, or rentals business, connecting results all the way from first click through final conversion.
- Lead Actions: The total number of calls, forms, and chats.
- Qualified Sales Prospects (QSPs): The number of unique leads generated by your marketing channels that are confirmed to have buying intent.
- QSPs that Converted: The number of Qualified Sales Prospects that resulted in a sale, rental, or service conversion.
Better Reporting, Better Results
All together, these metrics can form the basis of your monthly reporting and help you understand the success of your digital marketing and lead generation efforts. To learn more about establishing a comprehensive reporting framework, reach out for a free digital analysis.
Want to see more qualified leads enter and complete your sales funnel? Adpearance can work with you to run the most competitive digital advertising campaigns and provide visibility into what every call, form, and chat lead did on your website. In addition to monitoring trends, sums, and averages, you can review insights for each individual lead and connect online activity with offline sales—finally.