A key performance indicator (KPI) is used by marketers to measure their marketing channel success and defining your KPI’s is an important factor in digital marketing. It’s very important for marketers to have a good idea of what marketing campaigns are successful therefore understanding what is working and what is not, especially when it comes to digital marketing, is crucial to the overall success of a business.
Besides the obvious ones, there are a number of KPI’s that you should be tracking such as sales revenue, leads and conversation rates. Regardless of which digital marketing KPI’s your company keeps track of, this should be a must when it comes to achieving your growth objectives.
It’s a great idea to complete a digital marketing course to make sure you understand the entire digital marketing techniques as well as knowing which KPI’s are important to measure and track. In short, keeping an eye on your digital marketing KPI’s is vital.
The point of KPI’s
Remember the saying…if it can’t be tracked, then it can’t be measured. This is basically the whole point of digital marketing KPI’s. There’s not much point in having a list of KPI’s that must be measured if they are not closely monitored. By monitoring these KPI’s your digital marketing efforts will be a success and you will quickly learn what works and what doesn’t.
KPI’s also will provide you with a clear insight into what forms of digital marketing strategies are likely to pay off for your organisation in the future.
Knowing what KPI to measure
Now you understand the importance of regularly measuring your digital marketing KPI’s and are determined to make this task a priority, but which KPI’s should you be measuring when it comes to your digital marketing campaigns.
Here are a few KPI’s that have proved to be very important to measure.
- Leads volume – It’s important to know how many leads come through your site. Measuring this KPI lets you know how effective your site is when it comes to lead generation.
- Cost per lead – Once you know how many leads are being generated by your site, it’s also very important to know the cost per lead generated.
- Drop off rate – Knowing exactly where your site visitors drop off is essential to improving that page and strengthening its call to action to stop visitors from leaving you site.
- Mail subscribers – Are visitors to your site signing up as a subscriber? This is crucial to growing your database of consenting subscribers.
- Email open rate – Do you even know if your emails are being opened? Keeping track of what emails are being opened more than others is a great point to base your future email marketing campaigns on.
- Email click through rate – There’s not much point, besides brand awareness, of your great email marketing campaigns if it fails to bring potential customers to your site. If a certain type of mail isn’t resulting in click throughs to your website then it’s time to revamp your email and evaluate your email content.
Be careful not to monitor too many KPI’s
Digital marketing has fast become a specialised field and it’s often a tough call to get your brand noticed online and to turn your target audience into customers. With this in mind, a good point to keep in mind is not to try and measure every single digital marketing KPI out there. It’s better to focus on key KPI’s and to monitor them effectively. Remember tracking and then interpreting KPI’s can be difficult and time consuming.
One of the most important KPI’s to measure is sales growth and is the best way to determine whether your digital marketing campaigns are a success or not. However, it’s important to keep in mind that this is a long term measurable KPI.
Tracking leads is not a long term KPI and should be done regularly. However, it’s crucial that leads are split into two categories, namely, a marketing qualified lead and a sales qualified lead, as both are very different.
Knowledge is power
Once you have mastered the art of defining your KPI’s and the skill of successfully tracking and measuring them, this data will be of valuable importance to how your digital marketing campaigns are designed and carried out.
What Nutrition is Good For You?
