KPIs, or key performance indicators, are performance measurements. KPIs provide a clear goal, which is essential for developing a strategic plan. Common marketing KPIs include website traffic, conversion rates and campaign ROI. Identifying and tracking marketing KPIs is vital for your business. Why?
Consider this goal: Increase website traffic. With a vague goal like this, an increase of 1% would be considered a success. Compare it to this goal: Increase website traffic by 10% monthly for the following year. This goal is more specific, with a clear KPI. A team that tracks this KPI can quickly tell what efforts are and are not working. That means they can adapt faster and develop a strategic plan to achieve this goal.
Marketing KPIs look different for every business. For example, a new company will have bigger goals than a more developed one. It’s easy to see a significant increase in social media traffic when you’re starting at zero! But every business should have marketing KPIs to keep the company and the team on track. Below are four crucial marketing KPIs for your business.
4 Easy but Important Marketing KPIs for Your Business
Social media traffic
In the 21st century, social media is everywhere. Hundreds of millions of US customers use Facebook, Instagram, Twitter and TikTok daily. So naturally, these users expect to see businesses and brands in these spaces. And when you do social media right, it can even increase sales. More people interacting with your brand on social media, whether following or engaging with your posts, means more sales.
Return on investment is a great KPI to track. Search engine ad campaigns, social media campaigns and local integrated campaigns can be costly, and you should always see some return on that expense. By tracking campaign ROI, you’ll better understand what does and doesn’t work for your target audience. You can then adapt your future campaigns to reach even more people.
Most businesses sell their goods and services online. A website that answers users’ questions and provides information about your services can increase sales. Website traffic is one way to tell how your website is performing. If your website is well-designed and well-written, the search engine algorithms will show your site to more customers. Increased website traffic means increased sales.
Conversions are how many people scheduled an appointment or purchased a good from your business after engaging with your social media, ads or website. A high conversion rate shows that your goods, services, website and social media successfully attracted customers.
What Tools Do You Need for Marketing KPIs?
After you identify what KPIs you want to track, you have to choose the tracking tools you’ll use. There are many tools for monitoring your marketing KPIs, and each tracks something different. For example, your Google Ads account can tell you engagement rates and conversion rates, along with campaign-specific ROI. Likewise, your social media accounts can show you engagement rates, follower increases and more.
The appropriate tracking tools for your business depend on the size of your operation, the KPIs you want to track and other factors. Luckily, the expert team at Duneland Media can help you determine which tools are best for you. Additionally, we can manage the tracking for all of your marketing KPIs. So contact our team to get started today!