Key performance indicators (KPIs) are important for any campaign; they help determine how a campaign is performing and help businesses measure results. However, sometimes it can be a bit tricky choosing a KPI to measure. Most of the time, marketing departments are required to inform the head of sales and other leaders in the company of the KPIs being tracked and their performance. If you’re in need of KPIs to measure, here’s a list for you.
Website Visitors
Measuring the amount of traffic your company’s website gets, and tracking where visitors go on the site, are important marketing KPIs. This can help to show how well efforts such as SEO and content creation have been. You can use analytics tools such as Matomo or Google Analytics to track KPIs like these.
One specific KPI to measure is bounce rate. This is the rate at which visitors go to one page of your site, then leave without moving on. If the bounce rate is high, this means that it’s likely that your marketing team needs to work on making the website more engaging. If the bounce rate is low then that’s generally good and you’ll want to learn about what made the page(s) with a low bounce rate attractive to visitors. It’s always a good idea to compare pages that have a low bounce rate against pages with a high bounce rate to get an idea of what is resonating with viewers.
Click-Through Rate (CTR)
Click-through rate is an important KPI for areas such as email marketing and digital ad marketing. This shows the rate of people clicking an ad or email versus how many viewed an ad or email. Regarding email, it can help show how engaging your email titles are. If an email has a low click-through rate, then more focus should go towards improving the email’s title. If the click-through rate is high, then that’s a good opportunity to learn about what worked.
Regarding online ads, CTR can indicate how effective your ad copy and possibly images and/or video were.
Customer Lifetime Value (CLV)
“Customer lifetime value (CLV) is a measure of the average customer’s revenue generated over their entire relationship with a company.” (Read more here.) Customer lifetime value is important because it tells a story about customer retention. You need to be able to measure and identify a data point before you can improve it. This is especially important for small businesses. You can never have enough repeat customers. CLV has become a matter of building relationships and a good life experience in order to evaluate the value of customers in numbers. Knowing your CLV makes it possible to predict customer behavior and it can be used to help decide how much to invest in maintaining your existing customer base and new customer reach.
Other KPIs that you should keep in mind include:
-Social media performance (likes, views, reach, reactions, etc.,)
-CPL (Cost Per Lead) (Cost of generating leads/total leads acquired)
-CPA (Cost Per Acquisition)
-CPC (Cost Per Click)
-ROAS (return on advertising spend – This is maybe represented as, 10 to 1 (10:1) for example.)
-Coupon usage (when giving out promotion coupons)
(Read more here)
Of course, if you want someone to worry about these digital marketing KPIs for you, especially if you’re expanding in APAC, please contact us at Mondo Marketing to get started.