Benchmarking Digital Marketing: Key Metrics for Success

These days, keeping track of how your marketing is doing is more important than ever. Let’s look at the metrics that really count and see how they can help you get the results you’re looking for.

Key Takeaways

• Understanding Digital Marketing Benchmarks
• Key Digital Marketing Metrics That Matter
• Industry-Specific Benchmarks
• Tools for Tracking and Analysing Digital Marketing Metrics
• Strategies for Improving Digital Marketing Performance
• Social Media Marketing Metrics
• Final Thoughts
  
  

Understanding Digital Marketing Benchmarks

Digital marketing benchmarks help you see how well you're doing compared to others in your industry. By tracking these benchmarks, you can find ways to improve and set realistic goals for your marketing campaigns.

Here are some important digital marketing benchmarks to keep an eye on:

• Digital advertising spending in the UK is worth £40 billion in 2024
• 72% of marketing budgets go to digital channels
• Email marketing gives back £36 to £40 for every £1 spent
• 53% of website traffic comes from search engines
• The average conversion rate across industries is 2.9%
• Companies spend about 12.9% of their marketing budget on social media
• Over 50% of website traffic comes from mobile devices
• The average click-through rate (CTR) for search ads is 3.17%
• 68% of UK marketers think AI will be important in digital marketing
• 41% of UK marketers weren't ready for changes in cookie tracking in 2023

Key Digital Marketing Metrics That Matter

Not all metrics are created equal—some matter a lot more than others. So, which ones should you focus on? These are some of the ones that can truly make a difference for your business.

Website Traffic and Engagement

• Sessions: This shows how many times people visited your website. More sessions usually mean more people are interested in your content.
• Average Session Duration: This tells you how long people stay on your site. Longer times often mean your content is more interesting.
• Engagement Rate: This combines different factors to show how people interact with your content.
• Bounce Rate: This shows how many people leave your site after only looking at one page. A lower bounce rate usually means your content is more interesting or relevant.

Conversion Metrics

• Conversion Rate: This is the percentage of visitors who do what you want them to do on your site, like buying something or filling out a form.
• Cost Per Acquisition (CPA): This shows how much you're spending to get each new customer.
• Lead-to-Customer Ratio: This measures how many of your leads actually become paying customers, helping you see if you're getting good leads.

Advertising Performance

• Click-Through Rate (CTR): This measures how many people click on your ad after seeing it. A higher CTR often means your ad is more relevant or interesting.
• Return on Ad Spend (ROAS): This shows how much money you're making for every pound you spend on advertising.
• Quality Score: This is specific to Google Ads and shows how good and relevant your ads and landing pages are.

Industry-Specific Benchmarks

Different industries have different standards for digital marketing performance. Here are some examples:

E-commerce - For online stores, conversion rates are really important. The average e-commerce conversion rate is about 2-3%, but the best performers can see rates as high as 5-10%. Cart abandonment rate is another key metric, with the average being around 69.8%.

Financial Services - In the financial world, trust is key. Email open rates for financial services average around 20-25%, while click-through rates are about 2-3%. The average cost-per-click (CPC) for financial services ads is higher than many other industries, often more than £3.

Healthcare & Pharmaceuticals - For healthcare businesses, engagement metrics are really important. People usually spend about 2-3 minutes on healthcare websites. The average conversion rate for healthcare landing pages is around 5.6%.

Technology & Software - In the tech industry, getting leads is often the main goal. The average lead conversion rate for B2B tech companies is about 2.5-3%. The average email open rate for tech companies is around 21%, with a click-through rate of about 2.5%.

Tools for Tracking and Analysing Digital Marketing Metrics

To keep a close eye on how your digital marketing efforts are doing, it's essential to have the right tools on hand. You may already be familiar with some of these, but each plays an important role in helping you track and improve your performance:

Google Analytics

This free tool from Google shows you detailed information about your website traffic, how people use your site, and conversions. It's great for tracking things like bounce rate, how long people stay on your site, and conversion rates.

SEMrush

SEMrush helps you analyze your search engine rankings and compare them to your competitors. It's really useful for keyword research and seeing what your competitors are doing.

HubSpot

HubSpot is a versatile platform designed to enhance digital marketing and customer engagement. It supports email marketing, social media management, and lead generation, with built-in tools to capture and nurture leads effectively. HubSpot also provides detailed analytics and tracking to monitor each stage of the customer journey, offering insights that help businesses optimise strategies and boost conversions, so its especially good for tracking the whole customer journey!

Social Media Analytics Tools

Each social media platform has its own analytics tools that show you how people are engaging with your content. Tools like Hootsuite or Sprout Social can help you manage and analyse multiple social platforms in one place, making it easier to oversee and optimise your social media strategy across various channels.

Strategies for Improving Digital Marketing Performance

Once you've measured your performance, it's time to make it better. Here are some ways to boost your digital marketing results:

• Search Engine Optimisation (SEO) - Make your website easier to find in search results by improving your content, making your site faster, and getting other good websites to link to yours. Focus on creating high-quality content that answers your audience's questions.
• Pay-Per-Click (PPC) Advertising - Use targeted PPC campaigns to get more traffic and conversions. Keep testing and improving your ad copy and targeting. Try using ad extensions to give more information and get more clicks.
• Social Media Marketing - Talk to your audience on social media, share useful content, and use paid social ads to reach more people. Make sure your content fits each platform's unique audience and features.
• Email Marketing - Build and segment your email list, create personalised campaigns, and test different subject lines and content to get more opens and clicks. Use automation to send timely, relevant emails based on how people interact with your emails.

Case Studies: Successful Digital Marketing Benchmarking

At ProfitSpring, we've helped many clients improve their digital marketing performance through effective benchmarking.

By comparing current performance metrics against industry standards and best practices, we identify opportunities for growth that are truly tailored to each client. Here’s a closer look at how we approach benchmarking and some examples of the positive impact it’s had for our clients.

Client Success Stories

Aqua Training Bag

After new ownership took over in 2024, ProfitSpring restructured the brand’s digital approach to target high-intent channels like Google and Amazon, capturing strong in-market demand. Campaigns were realigned by product price and top sellers, allowing better control over acquisition costs. This refined approach boosted revenue by 50.2% and increased ROAS by 17.1%. With a solid U.S. sales foundation, the strategy now supports growth into new markets, including Canada, as Aqua Training Bag continues to scale efficiently.

French Florist Franchise

With a high deal size and extended consideration periods, ProfitSpring crafted a specialised strategy for this franchise client. By setting up precise conversion tracking and targeting search terms tied to franchise opportunities, we captured leads during peak moments of intent. A complete overhaul of ad messaging highlighted the unique benefits of franchise ownership, effectively engaging potential franchisees. Post-click insights using tools like Microsoft Clarity enabled ongoing optimisation, making each interaction impactful and aligning closely with user behaviour.

Social Media Marketing Metrics

Social media platforms offer unique ways to connect with people. Key metrics include:

• Engagement Rate: How many likes, comments, and shares you get compared to your follower count
• Reach and Impressions: How many people see your content
• Social Media Conversion Rate: How many social media visitors become customers
• Follower Growth Rate: How fast your audience is growing
• Social Share of Voice: How visible your brand is compared to competitors

These metrics can help you compare how different social platforms are working for you and adjust your strategy. It's also good to look at what people are saying about your brand across social channels to understand how they feel about you.

What's Next For Digital Marketing Benchmarking

As digital marketing evolves, the ways we measure success and stay on top of things at Profit Spring evolve too. Here are some trends to keep an eye on:

Emerging Trends

We're seeing a move towards more complete, customer-focused metrics that go beyond just clicks and conversions. Metrics like Customer Lifetime Value (CLV) and Net Promoter Score (NPS) are becoming more important. There's also more focus on understanding how different marketing channels work together, as marketers try to understand the complex customer journey across multiple touch points.

The Role of AI and Machine Learning

Artificial intelligence and machine learning are changing how we collect and analyse marketing data. These technologies allow for more accurate predictions and personalised benchmarking.

AI can analyse huge amounts of data to find patterns and trends that humans might miss, leading to more precise and actionable insights. AI-generated facts will reach an even higher level of accuracy, making searches more precise and reliable than ever.

Final Thoughts on Continuous Benchmarking

Remember, benchmarking isn't something you do just once. It's an ongoing process that helps you constantly improve your digital marketing performance. By regularly comparing your metrics to industry standards and adjusting your strategies, you can stay ahead of the competition and get better results.

Set up a schedule for regular benchmarking reviews, and be ready to change your strategies as the digital world evolves.

At ProfitSpring, we're here to help you understand and improve your digital marketing performance. Whether you're just starting out or looking to do even better, our team of experts can provide the insights and strategies you need to succeed. Get in touch with us today to learn more about how we can help you benchmark and improve your digital marketing performance.