Monday, November 19th, 2018
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Being marketers, you might get caught up in the nuances of the emails opened, specific campaigns, calls-to-action clicked, events attended, forms filled out, and even more. However, at times, you might not see that forest for the trees. Even though there are various prospective measurements, some of the digital marketing companies metrics will help you with the results across the strategy. In this blog we are going to check one such metrics. This is the buyer journey conversions. The journey of each contact to make it through the ultimate decision to buy the good and services is hardly the same.
The question is how to understand which path is the best to get customers for moving forward in the buying journey. Even though it is valuable to understand which campaign and content is making the maximum impact on the customers within the buying journey, you should know that buying journey is the most exclusive. Thus, you require a key marketing metric for measuring the performance along the journey even if the individuals are using exclusive paths.
Buyer Journey Velocity
How can you track the progress for optimum outcome and how can you align the optimum communication for reaching out to the audience where they are within the journeys?
The answer to this question is actually a flexible approach tracking the tools which are used for measuring the forward progress of the contacts and which enable you to compare the communication impact with the status of the campaign. The digital marketing companies metric which is being referred to is the funnel velocity or the buyer journey velocity. This is measured by comparing the time in the buying stage along with the types of content consumed and the amount.
This metric will help you detect where the bottlenecks exists within the marketing process and the sales. It will ascertain the overall campaign effectiveness across communication efforts and that too within the particular segments. This will help the digital marketing companies to optimize the marketing mix. Funnel velocity will help you to identify the weakness and strength within the approach.
Starting with the Buyer Journey Tracking
The first step to get this digital marketing companies metric set up is to identify all the standard stages of the buyer journey both before and after the sale. You can leverage the previous knowledge of wins; work with the sales team to know the stages which makes the maximum sense in the company. Make sure that you start with the general buyer journey and develop more specific journeys over time if this turns out to be apparent that the some of the audiences or industries require their own tracking. Most of the companies are capable of understanding the central journey for the standard product lines and also the products to start.
Benchmark for Defining a Baseline
A certain part of the leveraging marketing metrics like the buyer journey velocity is actually the tracking of the initial results. For this you have to establish the benchmark with the help of the results obtained previously. Buyer journey velocity is like an industry and also a metric that is specific for one company so it is essential to co-operate with the marketing peers of the other companies for establishing an initial baseline. When setting the benchmarks, it is necessary to identify the conversion criteria which tightly match the definition for proceeding on to the next stage of the journey states digital marketing companies.