First and foremost- do you know what a KPI is?
KPI- aka- Key Performance Indicator is the number one way to identify if your business goals are being met.
Understanding what’s working and what’s not working should be an imperative part of your business’ growth strategy.
Nowadays, brands are putting all kinds of effort into their marketing campaigns- but how can you be so sure that the blog you are publishing is getting enough views, or that your social campaign is actually making an impact? How do you know if you're even hitting your target market?
For example- let's say you're running a Google ads campaign, and the goal is to acquire new customers to purchase your product.
Without setting clear goals within that campaign, how will you know if it worked? Maybe it took $300 to convert ONE lead....That type of metric tells you that it's time to overhaul your campaign, or tackle a new channel. Maybe your target market is more engaged on Facebook or LinkedIn.
You won't know these answers unless you set up those KPIs before rolling out any type of marketing initiative so that you can identify what worked, what didn't, and also have more insights when it comes to budget planning and where those marketing dollars should go.
Marketing KPIs can come in many different forms, but they all tie in to how a company's marketing initiatives are performing.
The above example is just a small sampling of what you should be looking at.
Some other forms of KPIs are sales growth, leads, cost of customer acquisition, website traffic to website lead ratio, CTR or click through rate, brand mentions, downloads, SERP visibility, likes...comments...shares...conversion rates, email marketing performance.....the list goes ON.
What we're trying to say here is that there are so many KPIs, that you pretty much don't have an excuse. You always need to know WHY that campaign tanked, and why the other one performed super well.
All of your marketing efforts should always be measurable so that you can pivot, and see more success with them!
It can be easy to get caught up in all of the numbers and analytics that are out there to help measure your brands success. Make sure to focus on the KPIs that will provide the most valuable insights instead of drowning in too much data. Measure what makes the most sense for you and your brand.