Building up a solid digital strategy isn’t simple and it requires focus, prioritization, and execution.
The most difficult part is to keep track of the success of that strategy. As it gets too easy to gather data around a digital project it’s simple to fall in the trap of overmeasuring things up.
Therefore, for the sake of building a solid digital strategy, this page will be enriched with simples tools that can be used to cut through the noise of keeping track of a successful business strategy.
We’ll focus on two key rations:
CTR Calculator: is your website performing well?
CTR or click-through rate is a very simple metric which tells you how many people are clicking through a digital campaign compared to the number of people that have seen it.
Indeed, an impression is just that, a view of a user for a digital campaign. When that user takes action and clicks on the campaign that is when the Clickthrout happens.
Therefore, the CTR rate is simply given by the number of clicks a campaign generate compared to the number of impressions it got.
It is expressed by a % number, and the higher the better.
What’s an average CTR? It depends on a few factors:
- Type of campaign (Paid, Organic)
- Type of marketing channel (SEO, SEM, SMM and so forth)
- Industry (Education, E-commerce, Finance, etc…)
Therefore based on the parameters above CTR rates might change slightly. That is why a metric won’t mean much unless compared to other players in the same industry, and for the same kind of marketing channel.
ROI Calculator: keep it simple and compute the impact
Deciding whether to go for a project or to focus on something else, it’s not a simple choice.
But to avoid to draw in too many details and data, a very simple way to compute the potential or actual ROI of a campaign is simply to look at how much you spent on a specific project (by isolating the spending for that single campaign) and how much is returned.
In this way you can have an idea of its ROI and whether it makes sense to go for it or give it up.
Putting it all together: CTR, and ROI
Imagine the case you wrote an article for your blog. It means you’re not paying Google to bring you traffic back to your website, but you are investing the time to create content that will bring potential customers.
Imagine you spent $200 for the article which on a keyword of 1000 searches per month has a 10% CTR, this means you get 100 visits back to your site.
Assuming you sell a product worth $300, with a conversion rate of 2% you acquired 2 customers for total revenues of $600.
Therefore your ROI will be given by how much it cost to produce the article ($200) and how much the article returned ($600), this means a %300 ROI!
Other business resources:
- What Is Business Model Innovation And Why It Matters
- What Is a Business Model? 30 Successful Types of Business Models You Need to Know
- The Complete Guide To Business Development
- Business Strategy: Definition, Examples, And Case Studies
- What Is a Business Model Canvas? Business Model Canvas Explained
- Blitzscaling Business Model Innovation Canvas In A Nutshell
- What Is a Value Proposition? Value Proposition Canvas Explained
- What Is a Lean Startup Canvas? Lean Startup Canvas Explained
- What Is Market Segmentation? the Ultimate Guide to Market Segmentation
- Marketing Strategy: Definition, Types, And Examples
- Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
- How To Write A Mission Statement
- What is Growth Hacking?
- Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas