Before creating any new marketing campaigns, it’s important to review and assess previous campaigns to determine exactly how successful they were (or weren’t), and why. Without this information, you’ll be clueless as to what you should be spending time and money on to achieve your end goal.
What are KPIs?
A Key Performance Indicator (KPI) is a measurable value that demonstrates how well a company is achieving its business goals. In marketing, KPIs can be used to track and monitor the success of you campaigns in relation to the form of campaign you’re running. For example, a KPI can tell you exactly how many visitors are opening your email campaigns and whether it’s been a successful campaign or not. In other words, they simply help you to understanding how well your marketing is performing.
Why KPIs are important to your business
The world of business is a competitive place. Trying to attract the attention of your target audience is becoming increasingly difficult, especially as we are bombarded with marketing messages everyday – it’s very easy for all your hard work to go unnoticed. However, using KPIs can help you to make sure that isn’t the case, simply by reviewing what’s working.
Creating content with no strategy in place, no specific goal or target audience is going to get you nowhere. Setting this goal, audience and strategy are the most important steps, but setting up your measurements are a very close second.
How to choose a KPI(s)
When it comes to choosing the right KPIs for your business, you should start by considering what it is exactly that you want to find out. This may mean that you need a series of different KPIs to track different performances, or maybe you’ll only need one, depending on the marketing you are doing and what your goal is. KPIs need to be specific, they need to serve your goal (meaning if your target is to increase social engagement, your KPI shouldn’t be email opens) and they need to be able to be continuously measured and reviewed.
Examples of Marketing KPIs
Sales: Track how much revenue your marketing campaign has bought your company. How much did you sell through clicks on your paid ads or emails?
Social Media Traffic: Utilise analytics to track social media engagement. How many likes and comments did your posts get? How many followers have you gained?
Organic Website Traffic: Monitor your organic traffic through a program like Google Analytics. How many views are you getting in a time frame, and of which pages?
Landing Page Conversions: Find out if your landing pages are working by measuring conversions. How many people filled in your form?
Email Engagement: Measure what email campaigns are opened, and by whom.
Whilst KPIs themselves won’t make you successful, they do play an extremely important part in helping you to be. By understanding your marketing performance, you are then in a far better position to work on improving your results.