Is your business meeting its marketing growth strategy? 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.
What are marketing metrics and KPIs?
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.
Types of Marketing Metrics
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 to think about as part of your digital marketing strategy. These metrics include ROI, website traffic, and click-through rate.
- Marketing ROI– Return on investment measures the monetary value of your cumulative marketing campaigns in terms of how much you’ve spent and what you’ve earned.
- Website traffic- Most businesses use their website as the primary anchor to their marketing efforts. This metric helps you gauge the number of users who visit your site through referral traffic, direct traffic, or SEO traffic. It also gives you insight into whether your website traffic is generating qualified leads or not.
- Click-through rate (CTR) – The higher your click-through rate, the higher your chance of generating new leads and conversions. Also, this metric indicates whether your paid ad campaigns are effective or not. Sometimes businesses utilize PPC ads to market their business as it’s cost-effective and doesn’t require you to rank in organic search results (on Google) to gain new leads.
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.
How Do You Measure and Achieve Your KPIs?
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.
Ready to Measure Your Performance Metrics?
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:
- Establish your KPIs
- Track and analyse relevant metrics
- Make changes where necessary
Don’t you have the time to sit down and analyse your performance metrics? Let us do it for you! Head to our website to book a FREE digital marketing strategies call to see how we can level up your business.
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