KPI (i.e. Key Performance Indicator) is a data point that can be pre-own to measure the success or failure of a project or campaign. A marketing KPI assists you to determine how much a particular action has occurred. This could be the aggregate of organic traffic, sales, click, opens, and so on. KPI assists an individual to see at a glance, whether a strategy or change that you have made to your business had the effect you desired or not.
How one can use KPI marketing?
Are you A/B testing a landing page, perception influencer engagement, or tracking pop-up conversions? Whatever you are measuring to reckon your success, you will need to build a strong digital marketing KPI strategy to know the leverage points of your target audience. Here are some of the steps by the benefit of which one can use KPI marketing such –
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. Identifying the right KPIs
If you are trying to boost engagement on an email marketing campaign. You may start by testing two different newsletter formats (one format for half of your list and the other format for the other half). The KPIs of this A/B test maybe –
. Email open rate
. Email click rate
. Demos booked per email
It is far easier to monitor all your email marketing KPIs when they are collated in a slick-looking analytics dashboard. With your KPIs neatly formulated, you can quickly examine which campaigns are leading the way. The KPIs you track should relate to the outcomes you want to accomplish.
. To drive brand awareness through your blog, you need to cynosure on unique visitors.
. To drive brand growth through your blog, you need to focus on a low bounce rate.
. In order to drive lead generation through your blog, you need to focus on leads generated by each article.
. To drive sales through your blog, you need to focus on leads converted where source = blog.
To wrap this point up, one needs to focus on the KPIs that directly reflect the progress you are making toward your marketing goals, and not just the most apparent sign of success.
. Setting up your metrics
Most often your metrics attribute to a time-bound rate, such as the volume of sales per month. You can pick metrics that are budget bound too, as these may be metrics such as the number of webinar registrants per $100 Ad budget.
. Targeting marketing campaigns to KPIs
Once you have enough data to draw actionable conclusions, you should take action instantly. For example, let us say you have tested seasonal advertisements against generic Ads, with the general KPI of “checkout conversion rates”, and are confident that seasonal campaigns are a winning strategy for your business growth.
Marketing Key Performance Indicators (KPIs)
Marketing Key Performance Indicators (KPI Marketing) are specific, numerical marketing metrics that measure development toward a definite goal within marketing channels. Some of the examples of these marketing key performance indicators are such as –
. Unique website visitors
. Cost per lead
. Form conversion rate
. Marketing qualified leads generated
. Marketing generated sales qualified leads
. Customer retention
. Cost per sales qualified lead
. Marketing return on investment
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How one can track Marketing KPIs?
One of the simplest ways to track your KPIs is to set up a spreadsheet in Excel or Google Sheets. Now manually add the number at the same time each week using various sources such as Google Analytics and various other marketing tools such as your email marketing platform or social media manager. One also needs to pay a virtual assistant to pull data, so that you do not need to spend much time gathering the numbers. Apart from this, you can also work with your tech team to set up an automated dashboard that grasps the numbers on autopilot. You will also need to decide how often you can track your KPI Marketing. Some of the good rules of thumb to do this are such as –
. Track KPIs weekly when they are a very crucial part of the business, and you can change the strategy week-to-week in response to the numbers.
. Track KPIs monthly when you can change your monthly strategy to affect these numbers, and when you require to see a percent growth month-over-month often due to investors.
. One needs to track KPIs quarterly when you require to wait for a few months to see whether your strategy is working or not.
These KPI Marketing are not the only indicators you should be tracking. Every business needs to map the key performance indicators to the marketing strategy they engage in. Otherwise, you need to end up with a long list of numbers but not much value.