When your business is not flourishing or sales have been decreasing continuously, it is important to evaluate the market strategy because marketing is equally important as the product of company is.
So what should a company consider while evaluating the marketing strategy?
Metrics are the key factors which plays considerable part to get success. Marketing evaluation consist long list of metrics and implementation of each metrics depend on which area company is targeting for evaluation.
In order to evaluate the digital marketing , it is very important for a company to decide what exactly they want, what the company trying to achieve? Whether looking to create awareness, drive sales or simply want to boost the engagement factor. Having understanding of KPIs and metrics is most crucial part of this job.
Significant knowledge about how traffic flows to your site can give an insight on how effective a particular digital marketing technique is. When measuring site traffic one should not just rely on the page views and number of visitors but also on how many active visitor website receives. The more active visitors website receive, the greater chance of getting potential customers.
Conversion metrics helps in measuring how many visitors actually get converted into leads or sale which makes is valuable and tangible metrics. Conversion rates also give an insight about what particular area will deliver the highest profit. In addition, conversion metrics also measure the rate of return visitors which gives an insight about what exactly entice the customer or if customers are not visiting again what area needs an improvement.
The success of your digital marketing can be measured by revenue metrics. It gives you an information about whether the marketing is profitable or not so you can make adjustments accordingly. The higher the conversation, the bigger revenue company achieves.
Return On Investment (ROI): The Return on Investment can be measured by website that traffic which eventually converts into new paying customers. This matric also helps in identifying which area of digital marketing is driving sales and revenues and which areas needs an improvement.
Coca-Cola thinks that all corporate websites are dead, in order to justify their thoughts, they have re-launched their website with the modification of high visual as humans are visual-oriented and when people see any images or videos they are more likely to influenced compare to any post or article which exclusively consists words. The content of website themed around pop culture, social media, marketing campaigns, career advice and brand history. This themes give a human impression to the website and makes it different from the traditional corporate website.
To develop a new website, Coca-Cola invested in testing and understanding to know about what types of content attracts most its targeted audience. Coca-Cola has also started posting stories in a blog post to engage more traffic. Website also provides an option of feedback on site, and through this options they interact with their consumers. By observing comments and feedback of consumers, Coca-Cola found that specific type of news or information about Coca-Cola have been most popular content among all. For instance, background on marketing campaigns, history of Coca-Cola or information about the designation of employee within the company, all had high level of readership. Which proves that company specific stories have a relevant place on the new website. Coca-Cola use these observations in their future content planning and each article or story has share buttons to promote content across a social media platform such as Blogger, Facebook and Twitter.
Digital marketing metrics gives an insight to the company and flexibility for making adjustments. By using these metrics for digital marketing, Coca-Cola has become a leader of the market and consistently proving that with the use of metrics how can a company evolve and create the brand image across social media platforms.
coca-cola company. (2016). [online] Available at: http://www.coca-colacompany.com/
coca-cola company. (2016). [online] Available at: http://www.coca-colacompany.com/coca-cola-unbottled/every-day-is-election-day/
Digital Marketing Philippines. (2013). 14 Most Important Metrics to Focus in Your Digital Marketing Campaign (Infographic). [online] Available at: http://digitalmarketingphilippines.com/14-most-important-metrics-to-focus-in-your-digital-marketing-campaign/
By: pravin chaudhari
student id: 215050842