A performance indicator or key performance indicator (KPI) is a type of performance measurement that evaluates the success of an organization. It is the ability to meaningfully measure and track the right data that directly affects your marketing objectives, however, this data is useless if it doesn’t relate to your business goals.
Thankfully, there are free tools like Google Analytics that can provide you with real-time, instant access to the actions, behaviors, demographics, interests, acquisitions, locations etc. of prospective customers visiting your website. There is also Marketing Automation software, a more robust tool that can trace attribution across channels like email, social media and events all at once.
Tracking the right KPIs for your business is indeed the beauty of digital marketing as this will help your management make more educated marketing decisions. For example, if you have a goal to increase your mobile app download, you will want to do a targeted mobile campaign in addition to applying a re-marketing/re-targeting dynamics to increase your chances of consumer downloads.
Based on my digital marketing experience handling clients from various industries, I have come to understand the key measurement metrics to focus on in order to improve and optimize my digital marketing campaigns and this, I will be sharing with you .
1. Volume KPIs: Are you making noise?
Sample KPIs such as Number of articles, subscribers, posts, visits, followers, etc. will help increase your brand visibility and reach but I think this KPI is still not enough to confidently say you are engaging or converting customers for your business.
2. Depth KPIs: Are you making the right noise in the important places? For most organizations this is broken down into three main areas:
- The perceived importance of the audience
Sample KPIs: Percentage Tier 1 media, Klout score, average daily reach, etc.
- The length of a placement or other instance of visibility or level of detail
Sample KPIs: number of 500 word+ features, cover stories, executive quote inclusions, company and executive profiles, etc.
- Degree to which the company’s core messages are conveyed
Sample KPIs: percentage or number of articles including key message, call to action etc.
3. Sentiment KPIs: Do people like your brand and offerings?
You will get the vibes and can monitor through sample KPIs such as the Percentage positive/neutral articles, comments in Twitter, number of negative @messages, company reviews etc.
4. Engagement KPIs: Are you compelling people to share your messages?
This can easily be tracked through sample KPIs such as the number of @mentions, retweets, social bookmarks, likes, shares, comments on articles/posts, organic media reactions, etc.
5. Conversion KPIs: Are you compelling people to buy, register, sign up, download or take up the cause?
Take note of sample KPIs such as the number of demo downloads, PDF downloads, orders from new customers, e-petitions filed, number of registrations etc.
While each business will undoubtedly have custom needs, the five KPIs listed above should unanimously help any digital marketers excel more especially in NigeriaL MEDIA . However, it is important to set and develop your KPIs before you commence any campaign in order to successfully benchmark your performance before, during and after the end of your digital marketing campaign.
That way, you can draw insights from your data to fine-tune your digital strategy and make better decisions. After all, the primary objective of every digital marketing plan is to add to the bottom-line of your organisation.