Measuring Digital Marketing Performance & Making Smarter Decisions
The marketing world moves fast.
In today’s era of disruption, it’s more important than ever to keep track of your digital performance.
If you attended an executive meeting tomorrow, would you be able to prove the ROI of your digital marketing spend?
As CMO, you need to have the data to back up your success. Traditional metrics can be useful, but it’s important to see the big picture.
In this guide, we’ll explore two new digital marketing KPIs for 2022:
Digital Gap Score and Digital Market Share.
You’ll learn what they measure and why they matter.
Let’s dive in.
The Challenge to Measure Digital Marketing Performance
Digital marketing generates more data than ever before. Marketers can identify who sees their messaging, where they see it and measure what happens next.
But more data doesn’t always translate into better understanding.
Many CMOs struggles to measure the impact and ROI of their marketing efforts.
According to a recent CMO Survey, 65% of marketers cannot quantitatively demonstrate the impact of their marketing spend.
So how can marketers gain better insights into their digital performance?
By measuring their Digital Gap Score and Digital Market Share.
How to Measure Digital Marketing Performance in 2022
Digital Gap Score and Digital Market Share are the two most important metrics for CMOs looking to measure and calculate ROI.
Let’s look at what each digital marketing KPI measures and why it matters.
Digital Gap Score
Digital Gap Score is a value out of 100 that shows your brand’s digital performance compared to competitors in your category.
The score is generated by a machine-learning algorithm that analyses your performance and your competitors’ performance across various digital marketing channels.
Web scraping bots constantly collect relevant digital marketing performance data from digital channels to provide a real-time score.
Data is collected from across your website, SEO, paid search, social media, brand mentions, and more.
This data is then compared to your competitors so you can track the effectiveness of digital transformation and ROI compared to your category competitors.
Why Digital Gap Score Is Important
Digital Gap Score helps CMOs and executives to make smarter and faster decisions based on accurate data. It helps you see where you are outperforming your competitors and the areas you need to improve.
Your score is generated by a neural network and provides insights into the performance and ROI of your digital marketing, sales, and technology.
You can see your overall digital transformation performance and more granular channel insights to identify opportunities for increased market share and improved ROI.
Your Digital Gap Score can also help you identify trends and take action before you lose out to competitors. While nearly 90% of company executives believe digital will disrupt their industry, only 44% feel they are well prepared for digital disruption.
For example, you may discover that a competitor is gaining a greater share of social media reach. You can adapt your strategy to close the gap and avoid disruption using these insights.
Digital Market Share
Digital Market Share is a metric that shows your digital presence as a percentage of the total category. It shows your share of the digital market in comparison to your competitors.
This is a vital digital marketing KPI.
It shows how you are competing relative to the size of the overall market you operate in.
Your Digital Market Share shows the success of your advertising, products, and marketing in relation to your competitors. You can track the reach and visibility of your brand over time and in specific channels.
Why Digital Market Share Is Important
Understanding digital market share is essential for brands looking to secure sustainable growth and improve digital ROI. Digital Market Share is a key indicator of your brand’s competitive advantage.
In an era of disruption and constant threats to industry incumbents, being able to measure and understand Digital Market Share is incredibly important.
It can reveal opportunities to increase your customer base, highlight threats to your market share, and help you with everything from brand positioning to product development.
With customer experience at the heart of digital transformation, Digital Market Share provides insights into the success of your initiatives. For example, you can see how efforts to improve customer satisfaction, reduce churn, and inspire brand advocacy have a tangible impact on your business and increase your market share.
How To Make Better Marketing Decisions With Scoretize
Keeping track of digital marketing KPIs is a challenge. With so many channels and metrics, it’s hard to see the overall impact on your organization and demonstrate the ROI of your efforts.
With Scoretize, you can gain a holistic view of your digital marketing performance. You can see the impact of your efforts across your digital channels and how your organization compares to your competitors.
Our extraction APIs collect real-time data that is analyzed using machine learning algorithms to provide easy to compare category performance scores.
You can customize reports based on your specific needs and set up personalized alerts and news feeds to make sure you keep track of everything. It shows you what changed and why.
Start making smarter marketing decisions with Scoretize and accelerate growth at your company.
All the steps of an audit of your current digital marketing strategy, and how we can help