If you do not keep track of your marketing efforts, how do you know they are working? Only then will key performance indicators or KPIs come into effect! KPIs can help you measure the most important metrics for your business, so you can continue scaling.
Let’s take a closer look at everything you need to know about tracking your digital marketing KPIs.
What are KPIs in terms of Digital marketing?
The Key Performance Index (KPI) is a quantitative metric that you use to measure a portion of your business performance. KPIs can be relevant to any part of your business, from employee performance to sales.
Digital marketing KPIs are metrics that are directly related to your digital marketing strategy, be it lead generation, sales growth strategy, brand awareness, or search engine optimization (SEO) strategy. They include your online sales revenue, website traffic, SERPs, conversion rate, page conversions, marketable leads (MQL), engagement rate, total revenue, basically your online marketing strategies, and any measurable value as part of the action taken. There are qualifications like data.
Your KPIs may come from marketing activities on your social media channels such as Facebook, Instagram, Pinterest, Quora, or from your PPC tools such as AdWords (now Google Ads) or your web analytics tools or lead conversion like Bing Ads, Google Analytics. Tool. Or even your sales team.
The video given below gives good knowledge of what KPIs is
Why track Key performance indicators – KPIs?
You need to keep track of your Key performance indicator KPIs to get a clear picture of what works and what doesn’t. You make a profit at the end of the day, but if you do not know where the profit is coming from and what part of your marketing strategy plays a role, you will never know where to invest. For example, the sole source of website traffic is driving all your deserving leads and sales, while at the same time throwing money at other marketing channels where you run nothing.
Almost everything can be tracked these days due to multiple platforms with the help of AI platforms like Google Analytics or Google Ads, so it’s easy to see where your customers are coming from, your lead cost, how much it costs to get customers, what digital marketing efforts worked best, etc.
The video below explains How to develop KPIs?
How to track the right KPIs?
Choosing the right KPIs for digital marketing is not a “one-size-fits-all” decision. The best KPIs for tracking for one company may not be the same for another company.
To choose the best KPIs for your business, you need to look at your goals and act backward. For example, if your lead follow-up is completed entirely by phone or interview, there is no need to track email marketing KPIs.
Although KPIs are highly valued by you for tracking, they must still meet SMART standards. KPIs you track:
S – Specific
M – Measurable
A – Attainable
R – Relevant
T – Timely
In other words, KPIs are required to provide a specific result that digital marketers can measure, determine when you achieve it, relate to your goals, and have a time limit or time frame applied to it.
Important Digital marketing KPIs
The specific combination of KPIs you track depends on your business and exactly what channels you are targeting with your digital marketing campaigns, many categories apply to most companies doing business online. These include:
- Search Engine Optimization – Learn here
- Social media marketing – Learn here
- Email marketing – Learn here
- Search engine marketing – Learn here
- Web design and development – Learn here
Just go through the video below explaining How to develop great KPI’s
How to measure KPIs?
Using the SMART Model all your digital marketing KPIs are time-bound, so you will know exactly what you want to achieve and for how long? You can also see how well you are developing before the KPI arrears. If you do not think you can beat your KPIs, it is important to update the other party regularly so that they do not get any unpleasant surprises. It is important to keep track of your progress during a recession because market volatility can have a huge ****** effect on your financial situation.
If you’re not on track and it’s not your fault, you should flag it as soon as possible. For example, if you are working on an SEO campaign and the developers do not implement any of your recommended changes (which will never happen) you should explain why this is a problem and How the effect will be?
As you can see, there are many things to consider when setting up your digital marketing KPIs during a recession, but it’s worth investing time in planning. Choosing the right KPIs is a key skill for digital marketers and requires lots of practice & perfection. You may not get it right every time, but taking the time to assess what you can achieve and then measure your performance can help you grow as a marketer.
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