Setting up a marketing strategy can necessitate extensive research, brainstorming, dozens of bad ideas, litres of coffee, and long hours. However, once the strategy is developed, the rest is a matter of implementation. Is the job finished? No, of course not. You must monitor the progress of the process and assess its success or failure. For that, you need KPIs. KPI, or ‘Key Performance Indicator’, will guide you.
What is a KPI?
The key performance indicator (KPI) is the metric that measures how well your marketing campaign is performing. It is used to assess how well you meet operational and strategic goals. KPIs have three primary characteristics:
There is no single KPI; instead, there are dozens of different indicators. Such as sales revenue, lead volume, cost per lead, pay-per-click performance, website traffic, and conversion rate… The KPIs to prioritize depend on your goals or priorities. As a result, every strategy necessitates a subjective viewpoint. There is no general rule that says ” You need to keep track of this number of KPIs,” though five to ten is ideal. Because if all data is important, none of it actually matters.
Why KPI is important?
The right marketing KPIs can help you determine whether you’re meeting your sales and marketing objectives, as well as which campaigns and tactics are having the most impact. It indicates where you should focus your attention if you are not heading in the right direction.
Following the right marketing, KPIs allow you to make the necessary adjustments to strategy and budgets.
Most used KPIs for digital marketing
Let’s examine the essential KPIs under certain headings:
Return on Investment (ROI): Everyone wants a positive return on their marketing investment. ROI compares how much you earn to how much you spend on a marketing campaign. In addition to financial ROI, there are also social network indicators such as the number of followers you have gained, the amount of interaction, and the number of newsletter subscribers. You can see your monthly and annual performance thanks to ROI; if there is no return on investment, you will not invest in an ineffective campaign. You can also monitor audience engagement and compare it to your sales.
Social media engagement: One of the main roles in marketing is social media. The key KPI here is interaction. This includes likes, shares, comments, messages, tags or mentions, follower growth, page visitors and traffic, leads, and conversions. These indicators can help you analyse the success of your social media posts and improve your strategies. You can evaluate how the interaction affects your business objectives.
Mobile traffic, leads, and conversion rates: How many people use mobile devices to visit your site, how much time do they spend there, which devices do they use, and how many of your followers tend to buy products? With queries like these, you can improve and update your content while also discovering prospective sales opportunities. Understanding how and what your mobile users perform on your website can help you improve the user experience and make it easier to optimize conversions. Essential metrics like traffic-to-lead ratio and lead-to-customer ratio can be considered in this context.
Organic traffic, most clicked pages, landing page conversion rates, SEO: Is your landing page converting visitors into leads? If it’s getting a lot of traffic but not converting, it means something on the page needs to be changed. How distinct is your online presence thanks to your SEO (Search Engine Optimization) strategy? Do people come to your website on their own by clicking on search engine results? If that’s the case, it means you have organic traffic that you don’t even pay for, and that’s why it’s so valuable. So, you want to make sure each page has a targeted keyword, that your pages are optimized, and that it directly answers the question your potential buyers are asking. You adjust your strategy as necessary. Well then, what are the top pages that bring visitors to your website? These pages are where the customer experience begins. You should make sure it is updated regularly and optimized for conversions.
It is entirely up to you to decide which KPIs to use based on your strategy, goals, and priorities!
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