For instance, if your goal is to increase engagement with a product, you’ll not only want to know how many people visit the product information page, but also how many people download additional product information, and register for product updates or product trials.
You should have a scorecard developed by your analytics expert (in the planning phase) that lists the KPIs (key performance indicators) tied directly to your business objectives. KPIs should help you both evaluate the relative success of your campaign, and diagnose possible opportunities for improvement.
There is, however, another element which is the “why”. In a case where you want people to download a product trial, look at those who exited the registration or download. What stopped them from following through with the process, and at which point did you lose them?
Let’s look at an example from a well-known consumer brand promoting a coupon offer. KPIs for the initiative included the number of visitors who registered, as well as the number who actually printed the coupon.
Here’s what they found: consumers were willingly registering on the site to get the coupon; however, 80% of those registrants did not actually follow-through with the action. Why? We found that people did not want to download software to print a coupon, even if they were interested in the product, or it was a well-known brand.
Now that you have an idea of what, when, and how to measure your online initiatives, you can be confident that your interactive dollars are being spent wisely. You can prove that your campaign achieved ‘x’ registered users, who downloaded a trial and then purchased the product online. If they did not purchase online, check the increase in offline sales through a survey to follow-up with those registered consumers (although surveying is a whole other article in itself). Who knows where your budget will go if you can actually prove Return On Interactive.