How are you actually measuring whether your digital marketing is working?

I've noticed that it's pretty easy to get caught up in traffic numbers and rankings without really looking at whether those visitors are turning into actual leads or customers.

I've been trying to pay more attention to things like conversion paths, local search visibility, branded searches, and which pages are actually generating inquiries. I was talking about this recently with someone who had worked with Mack Media Group, and their approach was interesting because they were looking beyond just rankings and focusing more on how the different channels worked together.

Curious how other businesses handle this. Do you mainly track rankings and traffic, or do you have a way of connecting your SEO and marketing efforts directly to leads and revenue?