Is your business meeting its marketing objectives? It’s crucial to measure performance metrics in online marketing campaigns to determine whether you’re on the right track or not. That said, marketing campaign results can be difficult to measure if you haven’t established your business’s KPIs. These metrics can influence the effectiveness of your campaigns. It’s best to select which to track and measure their performance according to your business goals.
Marketing metrics measure the progress of marketing campaigns over a given period and encompass KPIs. On the other hand, KPIs are the most important metrics you’ve established specifically for your business. They help keep you on track and define what success means in your marketing plan.
For small businesses especially, establishing KPIs can drive business growth or brand awareness. For example, if one of your company’s KPIs is to build a following on Facebook, the metric to focus on will be audience engagement. It could be in the form of likes, comments, or shares. You can also track your brand mentions in online conversations using social listening tools like Brandwatch.
Did you know that marketing metrics vary according to which marketing channel you utilize as a business? For instance, you can measure your social metrics for SMM (social media marketing) and SEO metrics for search engine-related marketing efforts.
Now that you know what they are, let’s explore some of the most critical performance metrics in marketing. These metrics include ROI, website traffic, and click-through rate.
Many other marketing metrics can influence the outcome of your marketing campaigns; plus, it’s dependent on whether your KPIs or metrics match your business objectives or not.
Now that you know what marketing metrics are and have identified the most relevant KPIs, make appropriate adjustments to your marketing plan. That said, for your marketing strategy to be truly effective, you also need to develop SMART business goals.
Here are examples of SMART goals: ‘In three months, we’ll increase website conversions by 4%. In one month, we’ll ensure email subscriptions increase by 2%.’ In these two examples, your KPI is lead generation, whereby you’re looking to convert prospects into paying customers eventually. The metrics you’ll focus on include click-through rate, bounce rate, and cost per lead to name a few.
There are various tools (free and paid) that you can utilize to track and measure your metrics. Perhaps the most popular tool is Google Analytics. With this tool, you can analyse your traffic sources, know your audience demographics, check your page views, and so much more.
For social media marketing, social analytics can help you track your metrics. For example, on your Twitter account, you can use Twitter analytics to measure audience engagement with your social posts or whether your follower base is growing or not.
With relevant data from your analytics, carefully analyse the results to determine what’s working and where you need to make improvements. Finally, make suitable changes and continue to measure your progress over time.
We believe we’ve answered your questions regarding performance metrics and how you can measure their progress. Keep in mind that to achieve success in your marketing campaigns, you should:
What could you do if your business simply… worked?